BofA to move South American wealth management clients

24 October 2006

Bank of America (BofA) is to transfer part of its wealth management business to Santander Private Banking, based in South America, it has been announced.

The deal, struck between BofA and Grupo Santander, will mean that some clients of BofA's wealth management business will have their accounts moved to Santander, with around 6,000 clients expected to be affected – around $3.5 billion worth of business.

Prior consent of the clients involved will be required, however.

"We are very pleased to have the opportunity to work with this select group of clients and are confident that our services will meet and exceed their expectations," commented Jose Manuel Maceda, Santander Private Banking's managing director.

"We have a proven track record of dedication and commitment to our clients and have always provided them with the highest standards in the industry."

BofA said that the agreement was in line with its aim of moving international clients to regional providers in order to give them a better level of service.

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