General Electric (GE) is planning to float shares of its Czech Republic retail banking business, GE Money Bank, on the Prague Stock Exchange.

Plans are on to offer bulk of the shares to institutional investors, Prague-based GE Money Bank said in a statement.

GE Capital would retain a significant minority stake in the bank for a minimum of six months following the flotation under proposed lockup arrangements.

The stake would be gradually reduced as the bank shifts to full independence.

The latest move forms part of GE’s strategy to retreat from its financial services businesses, and instead focus on industrial operations.

GE Money Bank CEO Tomas Spurny said: "This is an exciting moment for GE Money Bank as we embark on the next stage of our growth in the Czech Republic.

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"We are committed to supporting our retail and commercial customers across the country to achieve their own ambitions and to further support the development of the Czech economy and its capital markets. I am confident that our focused strategy, broad distribution network and strong capitalisation place us in a competitive position to do so."

The Czech lender operates from 229 retail branches, serving a customer base of about 1.17 million at the end of December 2015.