Bank of America, a provider of banking and other financial services, has completed the sale of First Republic Bank, a provider of private banking and wealth management services, to a consortium of investors.
The consortium is led by First Republic’s existing management and includes investment funds managed by Colony Capital and General Atlantic.
The management team includes First Republic’s chairman James H. Herbert, and chief operating officer Katherine August-deWilde (pictured).
The transaction is valued at approximately USD1bn.
As of 30 September 2009, First Republic had USD19bn in total assets, USD16bn in deposits, and USD15bn in wealth management assets under management.
The sale will enable Bank of America to raise capital and divest a banking unit that does not fit well into its retail banking franchise.
