Filed Under:Your Practice, Regulatory

MetLife refiles bank sale so that deal must please OCC, not FDIC

MetLife has reset the clock on its hoped-for bank sale. (AP Photo/Mark Lennihan, file)
MetLife has reset the clock on its hoped-for bank sale. (AP Photo/Mark Lennihan, file)

Metropolitan Life Insurance Company (NYSE: MET) has restructured its bank sale deal with GE, so that it will no longer have to fight for approval of the sale from the FDIC, but instead hope for the warmer embrace from another—in this case, the Office of the Comptroller of the Currency (OCC).

According to an analyst comment, which favored the switch, the change will be positive toward getting the deal approved but that the timing would likely come in 2013, not by year’s end, as MetLife has hoped with the FDIC.

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Nichole Morford

Nichole Morford
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