GE considers selling Garanti stake in parts -paper

ISTANBUL, July 9 (BestGrowthStock) – General Electric (GE.N: ) is
looking at selling its 20.85 percent stake in Turkish lender
Garanti Bank (GARAN.IS: ) in parts, after an unsuccessful attempt
at a block sale, Sabah newspaper said on Friday.

Few banks came forward to publicly declare their interest in
the stake after GE said it was up for sale earlier this year.

Analysts speculated that the size of the stake, valued at
around $3.8 billion but not giving control of the bank, had
limited interest in the sale.

“The block sale of the 20.85 percent stake didn’t look very
possible. Therefore, GE gave a message that it might sell the
stake in parts. So that method is also being talked about now,”
said the unnamed source.

The bank is just under 50 percent publicly traded, while
Turkish conglomerate Dogus Group owns 30.5 percent and has first
refusal on the stake. It has declined to clarify its intentions.
(Editing by Simon Jessop)

GE considers selling Garanti stake in parts -paper