Bank of American has confirmed that it will sell its corporate banking business, including its flagship bank in the US, to CITI Banking in a deal valued at $3 billion.
The bank said it will receive a share of the transaction, which will see CITi take control of the company, and the transaction will be completed by the end of 2019.
The deal comes after the bank announced last year that it was to buy out its struggling financial services business, and then went on to sell the business.
The bank has since seen a drop in its profits and has struggled to get out of its financial crisis, though its total assets have climbed to $3 trillion.
The Bank of Americas will pay $5.8 billion for the bank, while CITA will receive $1.5 billion, according to Reuters.
CITIC will take over a portfolio of financial services assets, which include the assets of its US-based financial services unit and the US subsidiary of its retail bank.
The US subsidiary will be managed by the New York-based investment bank Lazard, while the US-listed bank will be run by the Australian bank UBS.
The announcement comes after Citi announced last December that it would buy out the bank.