Santander Central Hispano SA announced Monday that it has agreed to take over a portion of Bank of America Corp.'s wealth management portfolio.
Under the agreement, certain Latin American wealth management clients in the United States are to be transferred, with their consent, to Santander Private Banking.
Santander, of Madrid, said in a press release that the agreement will affect about 6,000 client relationships of Bank of America, accounting for approximately $3.5 billion in business.
Santander did not say how much it would pay Bank of America for these assets.
In 2003, Santander sold a 24.9% stake in its Mexican unit, Serfin, to Bank of America for $1.6 billion. The deal was part of an agreement to offer cross-border banking services to customers in the United States and Mexico.
