Green Dot Corp plans to acquire the Wal-Mart branded pre-paid debit card business from General Electric Co's GE Capital unit, the U.S. Federal Reserve said in a statement on Friday.The Fed said it has approved the deal, which includes $276 million in total deposits, more than doubling the total deposits at Green Dot's Utah-based bank unit.Green Dot plans to offer more features to Wal-Mart Stores Inc cardholders, including automated bill payment and check-writing.GE said this month that it plans to sell its retail lending arm, as part of its plan to scale back exposure to financing businesses.
Green Dot Corporation (Green Dot) is a bank holding company. Shares of GDOT traded higher by 2.54% or $0.58/share to $23.43. In the past year, the shares have traded as low as $11.25 and as high as $26.61. On average, 655606 shares of GDOT exchange hands on a given day and today's volume is recorded at 352234.
Wal-Mart Stores, Inc. (Walmart) operates retail stores in various formats around globally. Shares of WMT traded higher by 0.94% or $0.74/share to $79.60. In the past year, the shares have traded as low as $67.37 and as high as $79.96. On average, 6193720 shares of WMT exchange hands on a given day and today's volume is recorded at 2666979.
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