NORWALK, Conn. (AP) — MetLife will sell its U.S. retail deposit business to GE Capital as it moves away from being a bank holding company.
Financial terms were not disclosed. MetLife Inc., which offers insurance and employee benefit programs, said in July it was exploring the sale of its banking operations to focus on its other business.
GE Capital's banking business, GE Capital Financial, will acquire $7.5 billion in deposits. About $3 billion in other deposits will be transferred in the next six months.
GE Capital says the deal fits its plans to launch a U.S. deposit platform.
MetLife Bank began operating in 2001, offering retail savings products via the Internet.
The deal is expected to close in the second quarter.
MetLife shares rose 39 cents to $31.49 in morning trading.