Metlife Announces it is Seeking to Sell Metlife Bank

Published on Thu, 07/21/2011 - 12:52
By FNNO Staff in General Interest, MET, business, income, investment, market, met, news, shares, stocks, trade, News Update
business, income, investment, market, met, news, shares, stocks, trade

Metlife (NYSE:MET) said Thursday that it is seeking to sell MetLife Bank in an effort to prevent new banking regulations that the company declared would influence its central insurance business.

Steven A. Kandarian, MetLife's chief executive, said in a statement Thursday, "MetLife Bank represented just 2 percent of MetLife Inc.'s first quarter 2011 operating earnings, and we do not believe it is appropriate for the overwhelming majority of our business to be governed by regulations written for banking institutions."

MetLife (NYSE:MET) has a potential upside of 33.3% based on a current price of $41.76 and an average consensus analyst price target of $55.67.

By FNNO Staff
fnnonline@gmail.com

Most Popular Video News

  •
    01:10 PM MIDWEEK MARKET WRAP UP:New Report Expected to Shakeup Libor

    From FNNO.com, this is the Financial News Network. I’m Cleo
    Stiller-Farrell and this is your Midweek Market Wrap Up. The British
    Bankers’ Association, which has the supervisory role of setting the
    influential Libor rates, announced that it would be willing to give up
    its...

    +
  • 11:04 AM What's in the News for September 26, 2012

    The Wall Street Journal reports that home prices showed their best year-to-date gains since 2005, up 5.9% through July, signaling the housing market's steady march toward recovery. Also from the Wall Street Journal, IBM (IBM) will increase its efforts to sell so-called cloud computing services...

    +
  • 11:04 AM Yahoo Makes Ken Goldman New CFO

    CEO Marissa Mayer is bringing in some more new blood to Yahoo!, tapping Ken Goldman as the company's new Chief Financial Officer. Goldman's appointment will take effect on October 22nd.

    Goldman served as CFO at his most recent employer, Fortinet, having worked at Siebel Systems, Sybase,...

    +
More