SAO PAULO — Bank of America Merrill Lynch has closed its private banking unit in Brazil, in order to concentrate its efforts in areas where it is more competitive here, the Valor Economico reported on Thursday.
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The bank will, however, continue with its investment banking activities in Brazil, according to the report, which didn't reveal where it got the information.
The private banking unit of the bank had 40 employees in Brazil and managed accounts for wealthy clients.
The bank's officials weren't immediately available for comment.
