Bank of America is to sell its Mexican asset management business to Grupo Financiero Santander Serfin, the Mexico subsidiary of Madrid-based...

Bank of America is to sell its Mexican asset management business to Grupo Financiero Santander Serfin, the Mexico subsidiary of Madrid-based Grupo Santander. Terms of the transaction were not dislosed. Bank of America said it decided to sell the Mexican asset management business because it did not have “sufficient synergies with the company's corporate and investment banking and cash management businesses in Mexico”. The Mexico asset management business being sold was formerly operated under the BankBoston name and was acquired as part of Bank of America's acquisition of FleetBoston Financial. The business, which currently has approximately $1.8 billion under management, is comprised of wealth management and mutual fund operations.