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American Express to Sell its Private Banking Unit, Report Says
By Brian Orsak
printAmerican Express Co. plans to sell its troubled private banking unit in the next few weeks, Reuters reported on Monday. The financial and travel services company will sell the unit to a "global institution," according to Reuters, which cited a person familiar with the matter. A spokesperson for New York-based American Express would neither confirm nor deny the report. The private banking unit is overseen by the company's Miami-based American Express Bank International (AEBI), and has been plagued by anti-money laundering (AML) related regulatory trouble for more than a decade. In April, the company said it had set aside $60...
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