MetLife, the largest life
insurer in the US, has put up a ‘for sale sign’ on its banking
unit, MetLife Bank.

The move indicates MetLife
wants to avoid potentially stricter regulation of large banks which
it would face because of its status as one of the US’ 10 largest
bank holding companies.

A comparatively small bank,
MetLife Bank had total assets of $15.6bn, including $9.3bn in
deposits, as at 31 March. On the same date MetLife’s total assets
stood at $751bn.

MetLife president and CEO
Steven A Kandarian said: “MetLife Bank represented just 2% of
MetLife Inc’s first quarter 2011 operating earnings.

“We do not believe it is
appropriate for the overwhelming majority of our business to be
governed by regulations written for banking
institutions.

“In a highly competitive
global insurance marketplace, it is imperative that MetLife be able
to operate on a level playing field with other insurance
companies.”

MetLife Bank was established
in 2001, and began by offering retail savings products through the
internet.

The bank entered the
residential mortgage market in 2008 following the acquisition of
EverBank’s reverse mortgage business and certain assets of First
Tennessee Bank.

MetLife noted that it will
continue to offer residential mortgages through its MetLife Home
Loans business.