3/11/2009

GE Turkey chief plans to keep Garanti stake

Reuters - General Electric said on Tuesday that it has no plans to sell its stake in Garanti Bank, Turkey's third-biggest lender, while it remains profitable. GE also plans to keep its energy projects in Turkey, despite increased difficulty in obtaining financing, according to Kursat Ozkan, Head of GE's Turkish unit, told reporters. GE is not considering changing its financial portfolio in Turkey, said Ozkan, adding that it considers Istanbul-based Garanti as one of its most reliable investments.