GE’s MetLife Deal Delayed
MetLife Inc.’s small banking arm is creating big headaches.
The insurer’s pact to sell the banking business to General Electric Co. has fallen further behind schedule, leaving in limbo its bid to spend some of its excess capital on dividend increases and stock buybacks, as regulators continue to question GE’s plans for the unit.
The Federal Deposit Insurance Corp.’s board met yesterday and failed to take action on the deal, according to people knowledgeable about the approval process. GE needs to win the support of the FDIC, which regulates the industrial conglomerate’s banking unit that is seeking to acquire the …