GE to Re-invest in Turkey After Garanti Sale, Hurriyet Says

General Electric Co. (GE) plans to invest in Turkey again after selling 18.6 percent stake at Turkish lender Turkiye Garanti Bankasi AS for $3.78 billion, Hurriyet said, citing GE’s vice chairman John Rice.

GE may announce a new investment within two weeks in infrastructure, Rice said, according to the Istanbul-based newspaper. GE is planning investment in energy and railways as well as seeking opportunities in neighboring countries with Turkish partners, he said.

GE, which agreed to sell its Garanti stake to Banco Bilbao Vizcaya Argentaria SA (BBVA) in November, had bought half of Ankara- based Gama Enerji AS in 2007 and announced plans to invest at least $3 billion over five years to build power plants in Turkey and the Middle East.

To contact the reporter on this story: Ercan Ersoy in Istanbul eersoy@bloomberg.net.

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.