Royal Bank of Canada, Credit Suisse Group AG Among Bidders For Bank of America Corporation's Wealth Units-Reuters

Reuters reported that Royal Bank of Canada and Credit Suisse Group AG are among suitors who have put in initial bids to buy the non-U.S. wealth management business of Bank of America Corporation in a deal that could be worth about $2 billion. Swiss bank Julius Baer Gruppe AG was also keen to bid for some of Bank of America's units in Europe, the Middle East, Latin America and Asia excluding Japan. It was not clear whether Switzerland's Julius Baer had submitted an initial bid. Bank of America is auctioning off the businesses, as its non-U.S. wealth division is too small to produce meaningful profits. The units manage about $90 billion of an estimated $2 trillion that the wealth division oversees.