The auction for the global private wealth management arm of Bank of America’s Merrill Lynch unit is under way with the final bidders including Wells Fargo and three Swiss banks, Credit Suisse, Bank Julius Baer and UBS, according to people familiar with the matter
The unit, which has $90bn under management for clients in Europe, Asia and Latin America, could fetch more than $3bn, these people add.
The auction for the non-US operations of the division comes at a time when banks are torn between their need to shed non-core assets to raise capital and their desire to grow their non-capital intensive, fee-earning businesses and are increasingly focused on managing the money of their wealthiest clients.
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