Goldman Sachs Bank has wrapped up the acquisition of GE Capital Bank’s US online deposit platform, giving the company about $16bn in accounts and certificates of deposit.
Under the deal, GE Capital Bank has transferred about $8bn in online deposit accounts and $8bn in brokered certificates of deposit to GS Bank. Customer account of GE Capital Bank will now be serviced by Goldman Sachs.
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GE Capital chairman and CEO Keith Sherin said: "With this sale, we are now in a position to fully exit the U.S. banking system by extinguishing our final U.S. bank charter and terminating our FDIC insurance, which we are targeting to complete by the end of this week. We’re pleased to transfer these deposits and our deposit platform employees to Goldman Sachs."
The sale forms part of GE’s strategy to shed its financial operations through the sale of most GE Capital assets and focus on its industrial businesses. Under this strategy, GE will retain the financing units that directly relate to its industrial businesses.
The company has inked agreements worth about $166bn in ending net investment (ENI) since announcing the strategy.
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