×

BREAKING NEWS FROM CNBC’S KATE KELLY: BANK OF AMERICA LIKELY TO SELL OVERSEAS WEALTH UNIT TO JULIUS BAER

When: Today, June 18, 2012

Where: CNBC’s “Squawk on the Street

Following is the unofficial transcript of breaking news from CNBC's Kate Kelly. All references must be sourced to CNBC.

KATE KELLY: MELISSA THANKS SO MUCH. BOFA HAS BEEN LOOKING TO SELL ITS OVERSEAS WEALTH MANAGEMENT UNIT FOR SEVERAL MONTHS NOW AND I AM TOLD THEY ARE VERY CLOSE TO A DEAL AND ARE IN ADVANCE TALKS WITH JULIUS BAER, THE PRIVATELY HELD SWISS BANKING GIANT. THIS WOULD BE A MAJOR DEAL FOR BAER I AM TOLD THIS WOULD INCREASE THEIR PRESENCE PARTICULARLY IN LATIN AMERICA AND ASIA. THE TERMS OF THE DEAL STILL BEING FINALIZED BUT THE TWO PARTIES ARE IN AN EXCLUSIVE NEGOTIATION PERIOD AND THEY ARE LOOKING AT SOMEWHERE BETWEEN $1.5 AND $2 BILLION DOLLARS IN TERMS OF A PRICE TAG I AM TOLD. NEITHER COMPANY WOULD COMMENT FOR THE RECORD BUT I WILL BE TRACKING THIS AS DETAILS COME TOGETHER. I AM TOLD THE DEAL COULD COME ANNOUNCED WITHIN THE NEXT WEEK TO TWO WEEKS.

About CNBC:

With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD+, CNBC is the recognized world leader in business news providing real-time data, analysis and information to more than 390 million homes worldwide. The network's 16 live hours a day of business programming in North America (weekdays from 4:00 a.m.- 8:00 p.m.) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide. CNBC.com and CNBC Mobile Web (mobile.cnbc.com) offer real-time stock quotes, charts, analysis and on-demand video.

Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site at http://www.nbcumv.com/mediavillage/networks/cnbc/