GE To Sell Its Stake In Garanti Bank (GE, STD)

General Electric Company (NYSE: GE) is planning to offload its stake in Turkish company Garanti Bank. GE (GE) currently holds a 20.85% stake in the bank. General Electric is currently in talks with Banco Santander (NYSE: STD) for the deal.

The Turkish banking sector is in good health and the deal will provide Banco Santander (STD) with an opportunity to gain a foothold in the market. Garanti Bank in particular, has had a great run in recent years. It is one of the most successful ventures in the sector. Its stock appreciated by 143% in 2009.

Investment firm, Dogus Group is expected to increase its stake in the bank. Dogus Group currently owns a 30.5% stake. GE bought a 25.5% stake for $1.6 billion in 2005.