Bank of America has agreed to shift about 6,000 Latin American high net worth clients to Spain's Grupo Santander. The move means the US firm has now divested itself of $5.5bn (€4.4bn) of non-core wealth management business so far this year.

Santander Private Banking, the Spanish bank's $30bn wealth division, will gain around $3.5bn worth of assets and deposits from Bank of America, although no client will be moved without consent.