MetLife Puts $15.6B Bank Business On Auction Block

Law360, New York (July 21, 2011, 12:54 PM EDT) -- MetLife Inc. said Thursday that it planned to shed its $15.6 billion depository bank business so as not to run afoul of increasingly strict regulations for the banking industry, following in the footsteps of fellow insurance giant Allstate Corp.

"In a highly competitive global insurance marketplace, it is imperative that MetLife be able to operate on a level playing field with other insurance companies," said MetLife President and CEO Steven A. Kandarian.

MetLife said it is "exploring the sale" of MetLife Bank NA, the insurance giant's...
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