GE to Buy Stake in Turkish Bank

The deal is valued at $1.56 billion.
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GE Consumer Finance, the consumer lending unit of

GE

(GE) - Get Report

, agreed to buy a 25.5% stake in Garanti Bank, Turkey's third-largest private bank, for about $1.56 billion.

According to Garanti's Web site, GE Consumer Finance will acquire the stake from Dogus Group, which owns about half of the bank.

Garanti currently serves 5 million customers through 419 branches in Turkey. As of June 30, total assets were $24.9 billion, total loans were $11.3 billion and deposits were $15.4 billion.

Shares of GE rose 9 cents to $33.63 in premarket trading.