Goldman Sachs Group has secured approval of the Federal Reserve to complete its acquisition of US online deposits of GE Capital Bank.
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.