Bank of America to sell First Republic Bank to private equity investors for more than $1B
Bank of America Corp. said Wednesday it has agreed to sell First Republic Bank, a private bank it inherited from Merrill Lynch & Co., to a group of investors.
The buying group is led by private-equity firms General Atlantic LLC and Colony Capital. As part of the deal, the bank's top management, including founder and chairman James Herbert II, will stay on board.
The Charlotte, N.C.-based did not disclose terms of the deal. The Wall Street Journal reporte
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