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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


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.