Fed OKs Goldman Sachs Request to Buy GE Capital Bank Assets

A Goldman Sachs request to purchase assets held by a bank owned by the General Electric financing arm has been approved by the Federal Reserve, which played down the acquisition’s effects on competition.

The Fed announced it will allow Goldman’s banking subsidiary to assume around $17 billion of GE Capital Bank’s deposits. GE Capital Bank, based in Holladay, Utah, is the industrial bank subsidiary of General Electric Capital Corporation.

Under the transaction, the Goldman subsidiary would also acquire certain technology and intangible assets used by GE Capital Bank to manage its online retail deposit-taking platform.

The deal was announced in ...