|
Source: AP
09 Feb 2011
Discover Financial Services will take over Allstate Corp.'s banking business under a multi-year distribution and marketing agreement, the companies said Tuesday. Financial terms of the deal were not disclosed.
Under the deal terms, Discover Bank will buy all of Allstate Bank's deposits and provide banking products and services to Allstate customers. Allstate will no longer provide banking products or services after the deal closes. Its affiliates and agents will offer personal savings and money market accounts, CDs and individual retirement account CDs through Discover.
The deal allows Allstate to focus on insurance, retirement and investment products.
Posted Wednesday, February 09 2011 2:09 PM
|
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only.
It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional
in your state. By using this blog site you understand that there is no broker client relationship between
you and the blog and website publisher.