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.