B of A agreed to sell 20 Argentine branches.
Pending government approval, 10 of the branches will be sold to Citibank and 10 to Bank of Boston, Bank of America said. Sale of the branches, which it called “marginal,” is in line with the financially troubled company’s strategy of focusing international activities on such wholesale customers as businesses, corporations and governments. Separately, the bank said it sold leasing rights for a 10-story office building in downtown San Francisco to Bank of San Francisco. Terms were not disclosed.
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