Bank of America to sell its asset management business in Mexico
Bank of America has agreed to sell its asset management business in Mexico to Grupo Financiero Santander Serfin, the Mexico subsidiary of Madrid-based Grupo Santander. The business, which currently has approximately $1.8 billion in assets under management, is comprised of wealth management and mutual fund operations.
Terms of the deal, expected to close no later than the end of first quarter 2006, were not disclosed but Bank of America said it will work with Grupo Santander to ensure a smooth transition. Bank of America said it decided to sell the Mexico asset management business because it did not have sufficient synergies with the company's corporate and investment banking and cash management businesses in Mexico.
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Allianz SE (Allianz) is one of the leading global financial services providers, offering a range of banking, asset management and insurance services. The company was formerly known as Allianz AG. Allianz is the parent company for the Allianz Group of companies. The company is one of leading insurance providers in the property and causality, and life insurance in the global market. Allianz is one of the major players in the German insurance market. The company, combined with its subsidiaries, serves over 75 million customers in more than 70 countries across Europe, Asia-Pacific, America and Africa. The company's banking operations are conducted through Dresdner Bank AG and its subsidiaries. Global Markets Direct’s Allianz SE - Financial and Strategic Analysis Review is an in-depth business, strategic and financial analysis of Allianz SE. The report provides a comprehensive insight into the company, including business structure and operations, executive biographies and key competitors. The hallmark of the report is the detailed strategic analysis of the company. This highlights its strengths and weaknesses and the opportunities and threats it faces going forward. Reports Buy online from $125
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