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NORWALK, Conn. — MetLife announced Tuesday that it had agreed sell the bulk of its retail bank deposits business to GE Capital, as it seeks to focus on its core insurance business.
Under the terms of the deal, GE Capital will acquire about $7.5 billion of MetLife’s deposits. The rest, about $3 billion in deposits, will be transferred over the next six months, MetLife said in a statement.
MetLife is swiftly dismantling its banking business to ward off increased regulatory oversight.
