Bank of America will sell its asset management business in Mexico to Grupo Financiero Santander Serfin, the Mexico subsidiary of Grupo Santander, citing complications with the company’s corporate and investment banking businesses as the reason for the sale, which will be completed no later than the end of first-quarter 2006.
Bank of America said that Madrid-Based Grupo Financiero Santander Serfin submitted the most competitive bid among all participating institutions, and that it will work with Santander Serfin to implement a smooth transition for Mexico asset management customers affected by the sale.
The Mexico-based asset management business being sold formerly operated under the BankBoston name and was acquired as part of Bank of America’s acquisition of FleetBoston Financial. The business, which currently has approximately US$1.8 billion under management, is comprised of wealth management and mutual fund operations.