Gen­eral Elec­tric Cap­i­tal Bank to sell online de­posit plat­form to Gold­man Sachs, price not yet dis­closed

The China Post - - WORLD BUSINESS -

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.

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