MetLife Inc has closed the sale of its deposit-taking business to General Electric Co, a move that allows the largest U.S. life insurer to start the process of dropping registration as a bank holding company.For GE, the deal will allow its GE Capital unit to rely less on borrowing by providing it with an alternative source of funding for its lending.The deal, in which GE will take on about $6.4 billion in bank deposits had been in the works for more than a year, with regulatory review the main reason for the delay.MetLife is not disclosing any other financial terms, said MetLife spokesman Chris Breslin.
MetLife, Inc. (MetLife), is a provider of insurance, annuities and employee benefit programs, serving 90 million customers in over 50 countries. Shares of MET fell by 0.96% or $-0.35/share to $35.99. In the past year, the shares have traded as low as $27.60 and as high as $39.55. On average, 11192200 shares of MET exchange hands on a given day and today's volume is recorded at 2362188.
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