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December 28, 2011

GE Deposit Deal De-Banks MetLife .

General Electric Co.’s finance arm agreed to buy the U.S. retail-deposit business of insurer MetLife Inc., in a deal that matches the life insurer’s desire to get out from under federal regulation with GE’s pursuit of a more-reliable funding source.”

“The acquisition will bring GE Capital $7.5 billion in deposits as well as MetLife’s online-banking platform. The deal will speed GE’s new effort to attract more individual savers and further reduce its reliance on potentially volatile financial markets for funds.”

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