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GE enters retail banking deal with MetLife Thursday 5 January 2012 | 02:39 PM CET

US multinational conglomerate corporation General Electric (GE) has entered into retail banking business by acquiring MetLife’s online banking business.

According to media outlet moneynews.com, GE has revealed plans to start taking bank deposits from consumers in December 2011. The financial terms of the deal have not been disclosed yet. The transaction is expected to finalise in mid-2012.

MetLife has selected the Deutsche Bank as its financial adviser and Wachtell, Lipton, Rosen & Katz as legal adviser.

Life insurer MetLife has been trying to sell its online banking business since July 2011. The company has been blocked from paying dividends or buying back stocks by the FED in October 2011.

Keywords: GE, MetLife, retail banking, online banking

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