(Bloomberg) -- Wells Fargo & Co. is weighing a sale of its insurance brokerage business, which could fetch about $2 billion, people familiar with the matter said.
The San Francisco-based lender has begun reaching out to private equity firms to gauge interest in Wells Fargo Insurance Services USA Inc., said the people, who asked not to be identified because the matter isn’t public.
While the company is planning to move forward with a sale, it hasn’t set a timeline for holding a formal auction, one of the people said.
|Would be company's largest divesture
If Wells Fargo fetches $2 billion for the insurance services unit, it would be the company’s largest divestiture on record, topping the sale last year of its crop insurance business to Zurich Insurance Group AG, according to data compiled by Bloomberg. In 2014, USI Insurance Services bought 40 of Wells Fargo’s insurance brokerage and consulting offices.
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