Allstate Corp no longer in the banking business

The personal lines insurer Allstate Corp is no longer involved in the banking business as its deposits amounting to $1.1 billion was purchased by Discover Bank, one of the divisions of Discover Financial Services. Discover Bank then will be in charge of providing banking products and services to the customers of Allstate, as well as handling the loans of the said company’s agents. Allstate claims that the transaction will be closed by the middle of the year after it receives approval. The company further states that this deal was made…

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