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MetLife gets regulatora[euro](tm)s nod for bank deposit business sale.

MANews-(C)2009-2012

13 December 2012 - US insurer MetLife Inc (NYSE:MET) said it had received a conditional approval by the domestic Office of the Comptroller of the Currency for the divestment of the bank deposit business of its unit MetLife Bank NA to General Capital, a unit of US conglomerate General Electric Company (NYSE:GE).

The sale, which was agreed in December 2011, is part of the insurera[euro](tm)s plan to exit the banking business and focus on its insurance and employee benefits operations. Financial terms were not revealed.

Back in October, MetLife inked a deal to sell the mortgage servicing portfolio of its banking unit MetLife Bank NA to JPMorganChase Bank NA, part of financial major JPMorgan Chase & Company (NYSE:JPM). It had previously sold the bank's warehouse finance business to EverBank and the reverse mortgage servicing rights to Nationstar Mortgage Holdings Inc (NYSE:NSM) and ceased writing residential mortgages. The firm's entire retail banking operations, including mortgages, accounted for less than 2% of its overall operating earnings in 2011.

The divestment of the USD6.5bn (EUR5bn) bank deposit business remains subject to closing conditions. Upon completion, it will be folded into GE Capital Retail Bank, a unit of GE Capital, whereas the vendor will take steps to deregister as a bank holding company, MetLife said.Country: USASector: Banking/Financial ServicesTarget: MetLife Bank NA's bank deposit businessBuyer: GE Capital Financial Inc, General Electric CompanyVendor: MetLife Bank NA, MetLife IncType: DivestmentStatus: Agreed

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Publication:M & A Navigator
Date:Dec 13, 2012
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