Bank of America transfers Latin American clients

FWR Staff

30 October 2006

Spanish Santander Private Banking adopts 6,000 private-banking customers. Bank of America has agreed to transfer part of its wealth management portfolio to Spain's Santander Private Banking. The deal involves the shift of around 6,000 Latin American client relationships and $3.5 billion in assets and deposits.

The financial details of the transaction weren't disclosed.

Adios

"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," says Jose Manuel Maceda, managing director of Santander's private bank.

Santander Private Banking is part of Madrid-based Grupo Santander, which, by market value, is the largest bank in the eurozone and the fourth largest in Europe overall. Its private banking division manages around $30 billion in assets for 20 million customers in Latin America.

The transfer, which requires permission from the effected B of A clients, is in line with the bank's "goal of transferring its international wealth management business to select wealth-management providers to better serve the needs and wishes of those customers," according to a pres release. Earlier this year BNP Paribas bought about 2,000 B of A-managed investment accounts owned by non-U.S. private clients based in the U.S. -FWR