BofA sells Merrill Lynch overseas unit

Bank of America announced Monday that it has agreed to sell Merrill Lynch's overseas wealth management lines to a Swiss private bank.

The Julius Baer Group will pay 1.2 percent of the total client assets for the businesses, which currently amount to $84 billion. About $250 million will be paid in new Julius Baer common stock, and the rest in cash, Bank of America said. The Swiss bank said it would pay up to 860 million Swiss francs, or about $880 million.

Bank of America said it will now focus on commercial lending overseas. The Charlotte bank also announced a "cooperation agreement" with Julius Baer to provide services to its new clients.

The sale does not include Bank of America's joint Japanese venture with Mitsubishi or international wealth management units based in the U.S. Bank of America said the sale would have an "immaterial" effect on the bank's finances.