Amex to sell private banking business
21/08/2007
American Express has put its private banking business up for sale according to reports, after a protracted anti-money-laundering case with the US Dept. of Justice was settled earlier in the month.
It is thought that Amex were previously considering a sale of the unit, but the unsettled suit would have made it extremely difficult.
The unit, which provides services to around 6,000 wealthy individuals outside of America, has an estimated worth of between $400m and $500m.
The bank has 24 offices worldwide and more than $22bn of assets under management.
Likely bidders are thought to include American financial services giant Citigroup.
