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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