Green Dot to acquire GE Capital's prepaid Wal-Mart cards

Friday, 22 Nov 2013 | 1:48 PM ET

NEW YORK, Nov 22 (Reuters) - Utah-based bank Green Dot Corp plans to acquire the Wal-Mart branded pre-paid debit card business from General Electric Co's GE Capital unit, the U.S. Federal Reserve said in a statement on Friday.

The Fed said it has approved the deal, which includes $276 million in total deposits, more than doubling Green Dot Bank's total deposits to make it the 30th largest bank in the state.

Green Dot plans to offer more features to Wal-Mart Stores Inc cardholders, including automated bill payment and check-writing.

GE said this month that it plans to sell its retail lending arm, as part of its plan to scale back exposure to financing businesses.

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