MetLife Inc. took a step closer to exiting the banking business Tuesday by announcing that it is selling the bulk of its deposits to GE Capital Finance Inc.

The insurance giant said in a news release that GE Capital intends to buy about $7.5 billion of its roughly $10.7 billion of deposits, which consist of mostly of certificates of deposits and money-market funds. The deal does not include about $3 billion in custodial deposits associated with MetLife's mortgage business and certain other deposits that MetLife said would be transferred out of its MetLife Bank over the next six months. The companies did not disclose a sale price.

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access