Goldman Sachs Group has secured approval of the Federal Reserve to complete its acquisition of US online deposits of GE Capital Bank.
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Under the deal, announced in August 2015, Goldman Sachs Bank USA (GS Bank) would acquire about $17bn of GE Capital Bank’s $18.2bn in deposits.
"GS Bank also would acquire certain technology and intangible assets used by GE Capital Bank to manage its online retail deposit-taking platform; these assets represent approximately 1% of the total assets of GE Capital Bank," Federal Reserve said in a statement.
GS Bank would retain certain employees of GE Capital Bank supporting the deposit platform.
Following the completion of the transaction, Goldman Sachs would control nearly $95.1bn in deposits through its GS Bank unit.
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