GE Consumer Finance

, one of the largest consumer lending businesses in North America, plans to acquire a 49.99% stake in

BAC International Bank

, a privately held retail bank and credit card issuer based in Panama City, Panama.

The unit of

General Electric

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expects to close the transaction in the next few months. The terms were not disclosed by the company, but

The Wall Street Journal

said the pact was valued at about $500 million.

Founded in 1952, BAC has about $1.9 billion in deposits and $1.7 billion in consumer credit card loans, mortgages, and auto, small business, corporate and commercial loans. GE Consumer Finance has more than $151 billion in assets.

Shares of GE were up 1 cent at $36.20.