March 21, 2016 / 3:01 PM / 4 years ago

Fed approves Goldman acquisition of GE Capital's U.S. online deposits

March 21 (Reuters) - Goldman Sachs Group Inc received permission on Monday to complete its $17 billion acquisition of GE Capital Bank’s U.S. online deposits.

The deal, which was approved by the Federal Reserve, had been pending since August 2015.

Goldman would control around $95 billion in deposits through its GS Bank unit following the acquisition, according to a statement from the Federal Reserve.

The Federal Reserve had extended the initial comment period for the deal and had received feedback from 84 individuals and organizations that both opposed and supported it, it said.

The deal gives Goldman a more stable source of funding to help it better weather future crises.

Approval from the states of New York and Utah are still needed for the transaction to close, Goldman said in a statement. (Reporting by Olivia Oran in New York; Editing by Nick Zieminski)

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