(Reuters) – Royal Bank of Canada (RY.TO) and Credit Suisse (CSGN.VX) are among suitors who have put in initial bids to buy the non-U.S. wealth management business of Bank of America (BAC.N) in a deal that could be worth about $2 billion, sources said
(Reuters) – Royal Bank of Canada (RY.TO) and Credit Suisse (CSGN.VX) are among suitors who have put in initial bids to buy the non-U.S. wealth management business of Bank of America (BAC.N) in a deal that could be worth about $2 billion, sources said.
Swiss bank Julius Baer (BAER.VX) was also keen to bid for some of BofA’s units in Europe, the Middle East, Latin America and Asia excluding Japan, the sources, who had knowledge of the matter, told Reuters. It was not clear whether Switzerland’s third-biggest bank had submitted an initial bid.
The deal would be the biggest in the wealth management industry since ING Group (ING.AS) sold its private banking assets in Europe and Asia in 2010 to Julius Baer and Singapore’s Oversea-Chinese Banking Corp (OCBC.SI), respectively, for a total of about $1.9 billion.
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Bank of America, which the sources said has already received non-binding bids, is auctioning off the businesses, Reuters reported last month, as its non-U.S. wealth division is too small to produce meaningful profits.
To read the full story, visit reuters.com
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