Report Says Ge May Sell 20.85% Stake In Garantı In Parts
General Electric Co. (GE) may sell its 20.85% stake in Garanti Bank AS (GARAN.IS) in parts, instead of a block sale, Turkish daily Sabah reported Friday.
Sabah didn't name its sources.
In February, General Electric said it is assessing strategic options for its 20.85% stake in Garanti Bank.
In April, Sabah reported, without citing sources, that four potential buyers are interested in General Electric's stake in Garanti, including Qatar Investment Authority, National Bank of Kuwait, Volkswagen Financial Services--affiliated with Volkswagen Dogus Finans (DOAS.IS)--and Spanish Banco De Sabadell SA (SAB.MC).
At 0715 GMT, Garanti shares were trading 0.7% lower at TRY7.30, amid a 0.6% lower overall Istanbul market.
(YC-YC-E-ENG)