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General Electric aims to sell Credomatic for $1.5 billion

Thursday, June 10, 2010

General Electric is trying to sell BAC-Credomatic GECF, its Latin American bank and credit card issuer, as it looks to pare back its global finance unit.

The company has been looking at selling its investment in the business since last year. The business could fetch some $1.5 billion in the current market.

Founded in 1952, BAC International Bank has operations across Central America, including Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama. Credomatic is a debit and credit card issuer.

Original source: Reuters