Reuters: Regulatory News: GE aims to close MetLife deposit deal by year end -CFO

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GE aims to close MetLife deposit deal by year end -CFO Oct 19th 2012, 16:35 BOSTON | Fri Oct 19, 2012 12:35pm EDT BOSTON Oct 19 (Reuters) - General Electric Co aims to close its pending acquisition of $7 billion in bank deposits from MetLife inc by the end of this year, GE's chief financial officer said on Friday. "Our objective is to try to get regulatory approval this year," CFO Keith Sherin said in an interview after GE reported third-quarter results. "We don't control that timetable, but that's still our objective and we're having constructive discussions around that." GE, which is the largest U.S. conglomerate, and MetLife agreed last month to change the structure of their deal, making it subject to approval by the Office of the Comptroller of the Currency, rather than the Federal Deposit Insurance Corp, a move analysts saw as intended to speed approvals. GE in December reached an accord to buy the deposits, which it sees as a way to make its GE Capital finance arm less dependent on short-term borrowing.

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