METLIFE COMPLETES SALE OF METLIFE BANK DEPOSIT BUSINESS TO GE CAPITAL (2024)

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METLIFE COMPLETES SALE OF METLIFE BANK DEPOSIT BUSINESS TO GE CAPITAL? ›

(NYSE: MET) announced today that it has completed the sale of MetLife Bank , N.A.'s deposit business to GE Capital Retail Bank , FSB, a subsidiary of GE Capital . As a result, approximately $6.4 billion in bank deposits have been transferred to GE Capital Retail Bank .

MetLife Bank was sold to GE Capital in 2013, and MetLife exited the banking business.

In 2013 Synchrony purchased MetLife's direct bank platform and infrastructure, subsequently rebranding it to Synchrony Bank.

Interactive chart of historical net worth (market cap) for MetLife (MET) over the last 10 years. How much a company is worth is typically represented by its market capitalization, or the current stock price multiplied by the number of shares outstanding. MetLife net worth as of April 23, 2024 is $52.03B.

– January 14, 2013 – GE Capital Retail Bank, a Federal Savings Bank, announced today that it finalized the acquisition of MetLife's deposit base and online deposits business.

All existing MetLife home and auto insurance policies are now completely handled by Farmers Insurance.

Synchrony traces its roots to 1932. GE Capital Retail Bank was started during the Great Depression, providing customers with a line of credit to purchase GE appliances. The lending arm remained GE Capital Retail Bank until it was spun off from its parent company in June 2014.

*Note: On June 2, 2014, GE Capital Retail Bank changed its name to Synchrony Bank and is part of the GE Capital Retail Finance business.

Another Synchrony Bank class action lawsuit 2021 that got a victorious ruling was filed by California debtors whose complaint was that they were receiving frequent harassing calls from Synchrony Bank collections.

Today, MetLife Insurance Company USA is Brighthouse Life Insurance Company, licensed in 49 states.

Is MetLife still in business? ›

In 1996, MetLife expanded operations into PNA, becoming the only international insurer in both locations. Today, we are positioned as one of the leading providers of individual and group life, health, personal accident, and medical insurance products in both markets.

Established by MetLife in 2017, Brighthouse Financial sells life insurance and annuities to individuals. In contrast, MetLife focuses primarily on employee benefits. You can only purchase a policy from Brighthouse Financial with the help of a financial professional, such as an advisor.

On July 21, 2016, MetLife announced it would rebrand the business as Brighthouse Financial and on March 6, 2017 the company began selling annuity and life insurance under the Brighthouse Financial brand. On August 4, 2017, Brighthouse Financial completed its separation from MetLife.

We have separated part of our U.S. business from MetLife to become its own company, called Brighthouse Financial, Inc. As a separate company, Brighthouse Financial focuses on retail products for consumers. Learn more about Brighthouse Financial.