Bank of America Merrill Lynch will serve Nigerian clients through its unit in London, New York and Johannesburg offices after the firm had asked these customers to close certain accounts as part of a strategic review, according to BusinessDay.

The publication said that BoA Merrill Lynch will now serve Nigerian clients through its global banking and markets arm instead.

The firm did not respond to a request for comment from WealthBriefing at the time of going to press.

The move was part of a change by the bank to how it books wealth management business in countries around the world. BoA Merrill Lynch is consolidating its wealth management business outside the US as part of an efficiency drive that will see it cease to manage client money outside 20 “core” regions that cover 77 countries.

“The Global Wealth and Investment Management (GWIM) business of Bank of America Merrill Lynch is focusing its client coverage in fewer markets as part of a strategic international initiative, following an in-depth review of client requirements and the resources necessary for GWIM to effectively service these clients,” the publication quoted a BoA Merrill Lynch spokesperson as saying.

“However, BoAML continues to be active in the West African space, particularly Nigeria, through its Global Banking and Markets business – maintaining strong relationships and an active dialogue in country. BoAML’s GBAM team continues to provide dedicated coverage of its top Nigerian clients from its London, New York and Johannesburg offices,” the spokesperson added.

In October last year, global wealth and investment management at Bank of America reported a net income of $347 million for the three months ended 30 September - 29 per cent more than for the same period last year. At the same time, the bank’s wealth and investment division logged a net income of $506 million in the previous quarter in 2011.

Bank of America Merrill Lynch has had a presence in Africa since 1946.