GE Capital Global Banking, the
recently formed banking unit of General Electric, has increased its
ownership stake in BAC-Credomatic GECF, from 49.99 percent to 75
percent. BAC-Credomatic owns the retail bank BAC International Bank
and the BAC and Credomatic operations throughout Central America.
Terms were not disclosed.

“Our partnership with BAC-Credomatic has
performed very strongly over the last four years,” said Dmitri
Stockton, president and CEO of GE Capital Global Banking.

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“We have a great deal of confidence in the
management team at BAC-Credomatic and we look forward to continuing
our productive relationship.”

BAC International Bank has operations across
Central America, including Costa Rica, El Salvador, Guatemala,
Honduras, Nicaragua and Panama, with approximately $7.5 billion in
assets, and $4.7 billion in deposits.

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