Tags: US | GE | Turkish | Bank

GE May Sell $3.1 Billion Stake in Turkey Bank

Thursday, 25 Feb 2010 03:05 PM

 

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General Electric Co. is considering the possible sale of its $3.1 billion stake in Turkey's Garanti Bank.

GE paid $1.55 billion for a quarter of the bank in 2005, one of Turkey's largest privately owned banks. The industrial and financial conglomerate now owns about 21 percent of Garanti Bank.

GE says the move is part of its efforts to shrink the size of its GE Capital financial division, which includes some bank holdings. GE Capital's profits have been hit hard by the financial crisis and recession.

GE's top Turkish executive says the company still considers Turkey to be investment location for its industrial units.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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