Great-West Lifeco’s American subsidiary is buying U.S. Bank’s 401(k)defined contribution business for an undisclosed amount.

The business has about 195,000 participants and more than US$9 billion in retirement plan assets.

“This acquisition moves us significantly closer to our goal of becoming one of the top retirement plan providers in the United States,” says Great-West’s president and CEO, Raymond McFeetors.

Following this purchase, the company will provide products and services for approximately 21,000 plans representing nearly 3.5 million participants in the United States with more than $104 billion in assets.

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