According to Seeking Alpha, the deal could be worth US$2 billion for the non-U.S. Merrill Lynch business.
The other banks that are in the fray for the acquisition include Credit Suisse Group and the Royal Bank of Canada.
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The US$90 billion assets that Merrill manages mainly includes wealthy European clients.
Bank of America reasons that the AUM was not profitable for them to focus on in relation to their other business interests.
Meanwhile, Julius Baer is also looking to gain scale to offset declining margins and the deal could add almost 50% to Baer’s AUM.
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