Goldman Sachs completes GE Capital online deposit platform acquisition

Source: Goldman Sachs

Goldman Sachs announced that Goldman Sachs Bank USA (“GS Bank”) has acquired the online deposit platform of GE Capital Bank (“GECB”), and assumed approximately $16 billion of deposits.

Our new customers and those who would like to learn more about us are welcome to visit www.gsbank.com to get an in-depth look at our deposit offering.

“We are committed to providing our new online deposit customers the high level of service they have come to expect,” said Esta Stecher, Chief Executive Officer of GS Bank. “GS Bank will continue to offer smart, simple savings products backed by the skilled and knowledgeable team joining us from GE Capital Bank.”

The closing of the transaction, including the transition of customer deposits, followed regulatory approvals from the US Federal Reserve Board, the New York State Department of Financial Services and the Utah Department of Financial Institutions.

“This transaction increases the funding diversification and strengthens the liquidity profile of Goldman Sachs and GS Bank,” said Robin Vince, Treasurer of The Goldman Sachs Group, Inc. “We are pleased to add the capability for accepting online deposits, a strategic priority for the firm and for GS Bank.”
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