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.
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