T. Rowe Price is selling off its subsidiary, T. Rowe Price Savings Bank, to Jacob Safra for some $24 million in cash, the firm revealed today in a filing.

The deal is expected to close in the fourth quarter whereby the name of the bank will change to M.Y. Safra Bank and its location moved to New York.

"To continue to offer those FDIC-insured products to a small number of bank clients was not enough to offset the impact of the higher regulatory burden would have on our ability to manage the firm and continue performing for our clients," said spokesman Brian Lewbart, in an interview.

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