MetLife (MET.N), the largest life insurance company in the United States, put its banking operations up for sale to avoid "too big to fail" regulatory scrutiny analysts say it is likely to receive. MetLife said on Thursday it was looking at the sale of MetLife Bank's depository business, which comprises savings accounts and money markets, among other products. The company said it will continue to write home mortgages. As of June 30 MetLife was the seventh-largest bank holding company in the United States by total assets, according to the Federal Reserve. The bank generated about 2 percent of the company's operating earnings in the first quarter. "We do not believe it is appropriate for the overwhelming majority of our business to be governed by regulations written for banking institutions," MetLife Chief Executive Steve Kandarian said in a statement.
MetLife, Inc. (MetLife) is a provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 60 countries. Shares of MET remained unchanged at $40.89. In the past year, the shares have traded as low as $35.38 and as high as $48.72. On average, 7298360 shares of MET exchange hands on a given day and today's volume is recorded at 600.
