GE Snaps Up MetLife's U.S. Banking Unit

NEW YORK ( TheStreet) -- General Electric ( GE) said early Tuesday its GE Capital unit has agreed to acquire MetLife's U.S. banking unit, which consists of roughly $7.5 billion in deposits and an online banking platform.

GE Capital expects the deal to close in mid-2012. MetLife noted that the transaction doesn't include about $3 billion in custodial deposits related to its forward mortgage business, and certain other assets.

GE shares closed Friday at $18.23, flat year-to-date, while MetLife's stock finished at $31.10, down more than 30% on the year.

-- Written by Michael Baron in New York.

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