The financial terms of the deal, expected to close in the fourth quarter, were not disclosed by the companies.

The deal comes at a time when the bank is recovering from a sales scandal last year that damaged its reputation. Wells Fargo has doubled its cost-cutting target after expenses soared in the aftermath of the scandal.

The sales abuses in the bank's branch banking operation led to a $190 million regulatory settlement, launches of other government probes, the firing of several bankers and the departure of CEO John Stumpf.

Wells Fargo plans to reduce expenses by another $2 billion through the end of 2019, on top of a $2 billion cost-cutting target the management previously announced.

The bank said on Tuesday its personal insurance business will report into consumer lending to serve retail customers.

(Reporting by Diptendu Lahiri in Bengaluru; Editing by Sriraj Kalluvila and Arun Koyyur)