WASHINGTON: The Bank of America said Wednesday that it had agreed to sell its long-term asset management business Columbia Management to Ameriprise Financial for approximately one billion dollars.

"The transaction is expected to close in the spring of 2010, subject to regulatory approvals," said the bank in a statement from its headquarters in Charlotte, North Carolina.

Joe Price, Bank of America's chief financial officer, said the move was spurred by the 50-billion-dollar purchase of investment bank Merrill Lynch, a purchase criticized by some BoA shareholders for over-extending the bank.

"The acquisition of Merrill Lynch provided an opportunity to look at our entire portfolio of businesses with an eye toward strengthening our capital position while ensuring that we continue to offer the broadest possible solutions to our customers and clients," Price said.