BankAmerica expects to realize a $70-million pretax...

BankAmerica expects to realize a $70-million pretax gain in the fourth quarter on the sale of its 41% interest in the Swiss parent of United Overseas Bank. The interest was sold to Dresdner Bank and Banque Nationale de Paris, its partners in the Geneva-based holding company. A. W. Clausen, B of A chairman and chief executive, said the sale was part of its strategy to concentrate on the "top tier" of the international wholesale banking business. The sale also fits a pattern in which the San Francisco-based firm has sold millions of dollars worth of assets in the past two years to cope with large losses from its primary subsidiary, Bank of America.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World
71°