SG Corporate & Investment Banking, a subsidiary of Societe Generale Group, today agreed to acquire the structured investments unit of Bank of America Corp. Terms were not disclosed. The B of A unit provides financing and structured products to hedge fund-of-funds managers. B of A sales, marketing and support staff in New York and London will join SG CIB's existing equity derivatives group, said Jim Galvin, an SG CIB spokesman.
The deal diversifies SG CIB's structured products lineup, expands its U.S. client base and adds an expert team, Christophe Mianne, global head of equity derivatives, said in a statement.
Melissa Fox, a B of A spokeswoman, said the bank decided to sell the unit after a strategic review determined that it was a non-core activity in its equity financial products business. She stressed that B of A remains strongly committed to other structured equity vehicles and services.