B of A in Talks to Sell Overseas Wealth Operations

Bank of America (BAC) is in "advanced, exclusive discussions" about possibly selling its non-U.S. wealth management unit to Julius Baer for $1.5 billion to $2 billion, CNBC reported Monday.

It was reported in April that the Charlotte banking giant was soliciting bids for its non-domestic wealth management divisions and was looking to fetch up to $3 billion. Bank of America expects to retain its Japanese division, CNBC reported.

The deal would strengthen Julius Baer's operations in Asia and Latin America. It manages roughly $187 billion of assets and is Switzerland's largest private bank, CNBC said.

Spokespeople for Julius Baer and Bank of America declined to comment, CNBC reported.

Bank of America has sold off several business units and stakes in other companies over the last year as it works to streamline its operations and bolster its capital levels.