CHARLOTTE, NC – Bank of America has signed an agreement to purchase financial services provider, KeyCorp's, prime indirect automobile loan portfolio, consisting of $990 million and 89,000 customers, according to Datamonitor.

The deal follows on from KeyCorp's revelation in January that it was exiting the indirect automobile lending business, said Datamonitor. KeyCorp is a Cleveland-headquartered bank-based financial services company with assets of approximately $91 billion.

Bank of America Dealer Financial Services provides retail loan financing and a range of commercial banking services to dealers primarily in the automobile, marine and recreational vehicle industries across the U.S.