Spain's Grupo Santander is taking over management of about $3.5 billion of assets and deposits from Latin American high net worth clients of Bank of America. Terms of the deal were not disclosed.

Although Bank of America has a focus on high net worth clients to whom it can provide a broad range of services, in countries where its overall product offerings are limited its strategy is to transfer wealthy clients' accounts to other banks.

The deal will affect about 6,000 clients, whose accounts will only be moved with consent.

Santander acquired Coutts' Latin American private banking business two years ago.