General Electric Capital Bank to sell online deposit platform to Goldman Sachs, price not yet disclosed
Goldman Sachs will buy General Electric Capital Bank’s online deposit platform and assume US$16 billion worth of deposits from the industrial conglomerate, the companies announced Thursday. Financial terms of the deal were not disclosed. The transaction will shift from GE Capital Bank to Goldman US$8 billion in online deposit accounts and US$8 billion in brokered certificates of deposits, Goldman said.
“This transaction achieves greater funding diversification and strengthens the liquidity profile of GS Bank by providing an additional deposit gathering channel,” said Goldman treasurer Liz Beshel Robinson.