General Electric Co. plans to sell its 20.85% stake in Turkish lender Garanti Bank, the most actively traded stock on the Istanbul exchange, as a result of which it has started its talks with Spanish Banco Santander. GE Money is part of the U. S.-based conglomerate's GE Capital division.

"GE Money is selling its stake in Garanti Bank in line with its global reduction strategy", a GE Money source said.

The sale of the $3.3 billion stake in Garanti, the Turkey's largest lender would offer a rare chance to buy into Turkey's durable banking sector.

Dogus Group, with an already 30.5% stake in the bank is expected to increase its holding.

Other suitors could come from the Middle East.

A report in the Turkish newspaper Haberturk stated that Dogus was entitled to a first chance to buy the shares, but that it and GE had failed to agree a sale in talks last week as JPMorgan & Chase Co. had been hired to sell the shares.