The sale follows the announcement made in August 2012 of the bank’s strategic decision to sell all of its other non-US based wealth management businesses to Julius Baer Group.

Following completion, Bank of America intends to focus its Japan management and resources on the further development of its leading global banking and markets business, providing companies, government organizations, and institutional investors with a range of products and services including equity and debt capital markets, advice on mergers and acquisitions, credit and trade finance, and fixed income, equities, foreign exchange and commodities.

Jiro Seguchi, Bank of America Merrill Lynch’s Japan country executive commented, "As one of the world’s leading financial institutions with a truly global reach, we see Japan as key to our long term success.

"We are totally committed to serving our local and international client base in Japan by continuing to invest in our core businesses of corporate and investment banking and global markets."