General Electric Co.'s finance unit is in talks to sell its 75% stake in BAC-Credomatic GECF Inc. of Panama as GE shrinks assets to focus on commercial lending, two people with familiar with the plans said.
Several possible buyers have emerged since discussions began in January, said one of the people, who asked not to be identified.
Unloading the stake would support GE Capital's goal of shedding smaller businesses. Michael Neal, GE Capital's chief executive, said on June 4 that possible sales by GE include its 21% holding in Turkiye Garanti Bankasi AS, Turkey's biggest listed bank.
GE Capital's global banking unit bought a 49.99% stake in BAC-Credomatic in 2005 and increased it in January 2009 to a mandated 75%. BAC-Credomatic had about $7.5 billion in assets and $4.7 billion in deposits.