Wells Fargo said to explore sale of insurance brokerage unit

Wells Fargo said to explore sale of insurance brokerage unit

Wells Fargo & Co. is weighing a sale of its insurance brokerage business, which could fetch about $2 billion, according to individuals familiar with the matter. The bank has begun reaching out to private equity firms to gauge interest in Wells Fargo Insurance Services USA Inc., they said. If Wells Fargo fetches $2 billion for the insurance services unit, it would be the company’s largest divestiture on record, topping the $1.05 billion sale last year of its crop insurance business to Zurich Insurance Group AG.

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