BofA could sell non-US wealth unit to Julius Baer-report
June 18 |
June 18 (Reuters) - Bank of America Corp is close to a deal to sell its non-U.S. wealth management operations to Swiss private banking giant Julius Baer, CNBC reported on Monday.
Terms of the deal are still being finalized, but Julius Baer could pay $1.5 billion to $2 billion, CNBC reported.
Reuters reported in April that Bank of America had put its wealth management business outside the United States up for sale. [ID: nL6E8FHACU] The business, which manages some $90 billion for rich clients, is not large enough to generate enough money for the U.S. bank, sources told Reuters.
Bank of America declined to comment on the CNBC report. A Julius Baer representative could not be immediately reached for comment.
Bank of America has been selling off non-core business units under Chief Executive Brian Moynihan to build capital. The second-largest U.S. bank by assets has trailed rivals in recovering from the financial crisis, largely because of huge losses and lawsuits tied to its 2008 acquisition of subprime mortgage lender Countrywide Financial.
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