Credit Suisse and Julius Baer bid for BofA wealth arm - reports

Credit Suisse, Julius Baer, and the Royal Bank of Canada are believed to be among bidders for the wealth management arm of the Bank of America, which could fetch $2bn.

BofA put its non-US wealth management units up for sale last month, according to reports, as was too small to produce meaningful profits. The arm has around £90bn split between European, Middle Eastern, Latin American and Asian units. A sum of $3bn was initially calculated to be the value of the deal, said Reuters, but $1bn-2bn is a more likely figure, based on a multiple of about 2% of client assets under management. Royal Bank of Canada and Credit Suisse are believed to have put in initial bids for the entire non-US wealth management business, while Julius Baer is understood to h...