Leading American bank sells international wealth management business to Swiss private banking group



International Wealth Management Businesses outside the United States to be Sold to Julius Baer Group

Bank of America Corporation announced today that it has agreed to sell its international wealth management businesses based outside of the U.S. to Julius Baer Group, the leading Swiss private banking group, for an estimated 1.2% of client assets. Consideration received will be comprised of up to $250 million in new Julius Baer shares, and the remainder in cash. As of 30 June 2012, the businesses to be sold had client assets of $84 billion. The final purchase price will be dependent on assets under management at completion of the sale. The transaction is expected to close in stages starting in the fourth quarter of 2012 or in early 2013 and is subject to regulatory approvals.

Internationally, Bank of America will focus its management and financial resources on continuing to build its leading Global Banking and Markets business. Related to this, Julius Baer and Bank of America Merrill Lynch have agreed to enter into a cooperation agreement whereby Bank of America Merrill Lynch will provide certain products and services to Julius Baer including the provision of global equity research, product offerings, and structured and advisory products. In addition we have agreed there will be cross-referral of clients between both organizations.

The sale does not include Bank of America’s Japanese joint venture, Mitsubishi UFJ Merrill Lynch PB Securities or international wealth management offices based in the United States. The transaction will have an immaterial impact on Bank of America’s balance sheet, financial results and capital ratios.


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