The T. Rowe Price Group has agreed to sell its banking unit to the investor Jacob Safra.

T. Rowe will receive book value of $24 million for the Baltimore-based ban it said Wednesday in a filingwith the Securities and Exchange Commission. Safra plans to move the bank to New York City and rename it M.Y. Safra Bank following the acquisition, which is expected to close in the fourth quarter, pending regulatory approval. A spokesman for Safra could not comment further on the investor’s plans for the bank, citing the pending transaction.

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