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MetLife puts banking operations up for sale

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(Reuters) – MetLife (MET.N), the largest life insurance company in the United States, has put its banking operations up for sale to avoid the “too big to fail” regulatory scrutiny that analysts have said was likely.

MetLife said on Thursday it may sell MetLife Bank’s depository business, which includes savings and money market accounts. The company said it will still write home mortgages; life insurers tend to like mortgages as part of a diversified investment portfolio.

As of June 30 MetLife was the seventh-largest bank holding company in the United States by total assets, according to the Federal Reserve.

Full story: MetLife puts banking operations up for sale | Reuters