Walmart-branded prepaid cards bought by Green Dot

Agreement is subject to closing conditions

According to an SEC filing, Green Dot is in the process of acquiring GE Bank’s Walmart-branded reloadable cards.

Under terms of the agreement it is reported that Green Dot will transfer the deposits currently underlying the cards from the existing Walmart programme. Moreover, it will also assume certain liabilities from GE Bank.

“The consummation of the transaction is subject to closing conditions, including, among other things, receipt of required regulatory approvals,” the filing read. “If approved by regulatory authorities, the transaction is expected to close in the second half of 2013.” 

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