March 23, 2016 / 6:58 PM / in 2 years

New York banking regulator gives blessing to Goldman, GE bank deal

A Goldman Sachs sign is seen above the floor of the New York Stock Exchange shortly after the opening bell in the Manhattan borough of New York January 24, 2014. REUTERS/Lucas Jackson

WASHINGTON (Reuters) - The New York Department of Financial Services on Wednesday approved Goldman Sachs Group Inc (GS.N) acquisition of GE Capital Bank’s U.S. online deposits.

The Federal Reserve earlier this week gave permission for the $17 billion deal which gives Goldman control of around $95 billion in deposits through its GS Bank unit.

With approval from the Federal Reserve and New York, the transaction needs support of Utah regulators.

Reporting By Patrick Rucker; Editing by Chris Reese

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