Wells Fargo & Co. said Tuesday it would sell its commercial insurance businesses to privately-held USI Insurance Services.
The businesses being sold by the San Francisco lender include its insurance brokerage and consulting practice, as well as employee benefits and property and casualty practices, among other business divisions.
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The bank said it wasn't selling its personal insurance business. The decision to sell "reinforces Wells Fargo's focus on core banking product and services," Wells Fargo wholesale-banking executive Perry Pelos said in a statement. Terms of the transaction, expected to close in the fourth quarter, weren't disclosed.
Wells Fargo's chief financial officer John Shrewsberry has said the bank is considering a range of divestitures. Early last year, it sold its crop insurance business to Zurich Insurance Group AG for roughly $1 billion.
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(END) Dow Jones Newswires
June 27, 2017 10:21 ET (14:21 GMT)