Prepaid Card Provider,
Green Dot Corporation
) recently declared that its banking arm has been granted
regulatory approval from the Board of Governors of the Federal
Reserve System and the Utah Department to acquire
Wal-Mart Stores Inc.
) MoneyCard Portfolio from GE Capital Retail Bank. The
transaction is expected to be sealed during the first quarter of
In June this year, Green Dot Bank, the subsidiary bank of
Green Dot Corp., entered into a definitive agreement with
GE Capital Retail Bank,
General Electric Company
) subsidiary. This enabled Green Dot to acquire reloadable
prepaid cards bearing the marks of the world's largest retailer -
Per the agreement, GE Bank transferred all the deposits
underlying the prepaid card, at face value, to Green Dot Bank. In
turn, Green Dot Bank assumed certain liabilities of GE Bank,
including its obligation to Walmart under a previously amended
and restated prepaid card program agreement dated May 27,
Post the deal, Green Dot Bank and Walmart, operating as team,
launched many new products in the market. Towards the beginning
of the month, they released six new cards to broaden their
portfolio of Walmart MoneyCard re-loadable prepaid debit cards.
Following this expansion, GreenDot's Walmart prepaid card
portfolio now includes nine cards.
Green Dot Bank is headquartered in Provo, Utah, while its
parent Green Dot Corporation is based in California. Green Dot
provides low-cost banking and payment solutions. Its main
objective is to reinvent personal banking for the masses through
a portfolio of financial services available across a nationwide
array of retail locations.
Green Dot currently carries a Zacks Rank #3 (Hold). Also
belonging to the same industry,
) holds a Zacks Rank #2 (Buy).
GREEN DOT CP-A (GDOT): Free Stock Analysis
GENL ELECTRIC (GE): Free Stock Analysis
MASTERCARD INC (MA): Free Stock Analysis
WAL-MART STORES (WMT): Free Stock Analysis
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