GE Capital Retail Bank, an operating unit of the
General Electric Company
), recently closed the acquisition of the deposit base and online
deposits business of
). Although the detailed financial terms are yet to be disclosed,
the deal is likely to accretive to General Electric earnings in
GENL ELECTRIC (GE): Free Stock Analysis
METLIFE INC (MET): Free Stock Analysis Report
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Over the years, GE Capital Retail Bank has offered a plethora of
customized credit programs to retailers and consumers. The recent
deal will add deposits worth $6.4 million for GE Capital Retail
Bank and help offer diverse online saving products to varied
customers to consolidate its position as one of the established
online banking platforms in the world.
The strategic acquisition would also enable GE Capital Retail
Bank to leverage its existing infrastructure and capabilities to
seamlessly integrate the online deposit business of MetLife and
thereby better serve its existing customers. The acquisition,
therefore, is a lateral expansion on GE Capital Retail Bank's
part to reinforce itself as the premier financial solutions
provider for consumers and businesses.
General Electric is one of the largest and the most diversified
technology and financial services corporations in the world. With
products and services ranging from aircraft engines, power
generation, water processing, and security technology to medical
imaging, business and consumer financing, media content and
industrial products, the company serves customers in more than
100 countries and employs more than 287,000 people worldwide.
Its segments include Energy Infrastructure, Aviation, Healthcare,
Transportation, Home & Business Solutions and GE Capital,
Healthcare Financial Services. With more than 75 years of
experience in consumer financing, GE Capital's Retail Finance
business is one of the most successful retail lenders in the U.S.
General Electric currently has a Zacks Rank #3 (Hold). We have a
long-term Neutral recommendation on the stock.