Bloomberg News

MetLife Says Bank Sale ‘On Track,’ Backup Plan Is to Wind Down

October 28, 2011

Oct. 28 (Bloomberg) -- MetLife Inc., the life insurer looking to sell its bank to reduce government oversight, said the process is “on track” and that the company may wind down the unit if it can’t find a buyer.

“Probably Plan B, though I think this would be an extreme scenario, is we would wind it down,” Chief Financial Officer William Wheeler said in a conference call today. “But I think a sale is much more likely.”

--Editors: Dan Kraut, David Scheer

To contact the reporter on this story: Maryellen Tighe in New York at mtighe6@bloomberg.net

To contact the editor responsible for this story: Dan Kraut at dkraut2@bloomberg.net


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