General Electric Co. (GE) confirmed it is looking into the possibility of selling its 20.85% stake in Garanti Bank AS, a Turkey-based lender, according to a report in the Wall Street Journal .
A spokesperson for GE Capital in Norwalk, Conn. told the Journal that Garanti had been a “successful investment” and that now was the right time “to consider monetizing.”
The company purchased a 26% stake in Garanti for $1.55 billion back in 2005, and GE’s current stake, which it sold part of earlier, is now worth $3.3 billion, the paper said.
Shares of GE rose 14 cents or 0.88% on Friday to close at $16.06 a share. The stock rose a penny in after-hours trading, Friday.
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