Bank of America Merrill Lynch has sold its private wealth management division in Korea to South Korean securities firm Woori Investment & Securities.

Woori Investment acquired Merrill Lynch's Global Wealth Management operations for an undisclosed price, according to a report in Dow Jones Newswires. 

"Following a detailed strategic review of our businesses, Bank of America Merrill Lynch has agreed to sell its Korea Global Wealth Management business to Woori Investment & Securities," Bank of America said in a statement. "Bank of America Merrill Lynch is committed to Korea and is focused on growing its leading institutional and corporate businesses in the country."

Bank of America Merrill Lynch did not immediately return calls.