BNP Paribas has transferred its Brazilian wealth management operation to regional rival Banco Bradesco, reported Reuters citing the securities filing and a letter to investors by the French bank.

The financial terms of the agreement were not disclosed.  

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The Paris-headquartered lender decided to pull the plug on its private bank in Brazil following a “constant review of portfolio”.

The migration to Bradesco’s private bank is set to take place in the coming month.

Bradesco said in a statement that the BNP customers who migrate to its Private Bank will be offered access to a range of products and services, including advisory on succession and foreign assets, advice on non-financial assets and structured operations.

The bank said: “The referral agreement entered into with Bradesco is in line with BNP Paribas’ objective of guaranteeing its clients the continuity and excellence of the services currently provided.”

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Bradesco oversees approximately $73.14bn (BRL380bn) in assets and has about 400 employees.

BNP will retain its local asset management unit and other banking activities in its Brazilian subsidiary.

Other moves by BNP

In April, BNP Paribas Asset Management wrapped up its previously announced acquisition of a majority stake in Dutch asset manager and specialist lender Dynamic Credit Group.

This March, Global wealth and fund solutions firm ZEDRA acquired BNP Paribas Jersey Trust.

Last year, the bank submitted an application with China Securities Regulatory Commission to set up a securities company in the country. It first revealed its plans to enter the securities trading business in China in 2019.