B of A completed its Italian bank sale.

San Francisco-based Bank of America closed the sale of its 98.3% ownership position in Banca d’America e d’Italia to Deutsche Bank AG for $603 million. The Italian subsidiary is primarily a retail bank, with 98 branches throughout Italy and assets of $4.2 billion. The sales agreement was announced in early December as part of the troubled bank’s effort to shed unwanted assets and return to profitability.