MetLife, the largest U.S. life insurer, said it will sell about $7.5 billion in MetLife Bank deposits to General Electric's GE Capital Financial unit.
Financial terms of the deal were not disclosed.
The company said around $3 billion in custodial deposits associated with MetLife's forward mortgage business were not included, but will be transferred out of MetLife Bank over the next six months.
Shares of MetLife closed at $31.10 on Friday, while General Electric shares finished at $18.23 on the New York Stock Exchange.
© 2013 Thomson/Reuters. All rights reserved.