Goldman Sachs Bank USA Completes Acquisition of Online Deposit Platform from GE Capital Bank
NEW YORK – Today, April 18, 2016, 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.”
To learn more, visit www.gsbank.com or call 1-855-730-SAVE (7283).
ABOUT GS BANK
GS Bank is a New York State-chartered bank that is a wholly-owned, direct subsidiary of The Goldman Sachs Group, Inc. GS Bank is a member of the FDIC and Federal Reserve System and is subject to the regulation and supervision of the Federal Reserve, the New York State Department of Financial Services and the Consumer Financial Protection Bureau. GS Bank’s deposits are insured by the FDIC up to the maximum amount permitted by law. The Goldman Sachs Group, Inc. is a leading global financial services firm founded in 1869 and headquartered in New York.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
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Dane E. Holmes
Tel: +1 212 902 0300