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
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.