Wells Fargo to buy a Comerica retirement business

NEW YORK (Reuters) - Wells Fargo & Co (WFC.N), which will soon learn whether it will be required to raise more capital, said on Monday it agreed to buy a retirement plan record keeping business from Comerica Inc (CMA.N).

The fourth-largest bank is acquiring Comerica Bank's proprietary retirement services business, which provides record keeping services to 250 retirement plans with nearly 100,000 participants, and manages $3.4 billion of assets.

Wells Fargo's own institutional retirement group serves about 3.7 million workers and pensioners and more than 10,000 companies and manages more than $176 billion of assets.

The terms were not disclosed. The transaction is expected to close by the end of June. Comerica will stop offering its own defined contribution and 401(k) product, but will distribute third-party products.

Wells Fargo is one of 19 U.S. banks undergoing government "stress tests" to see how it would fare in a deep recession, and how much more capital it might need.

Regulators have told Wells Fargo to shore up its finances, the Associated Press said on Monday, citing two people familiar with the matter. Analysts expect several of the 19 banks will need to raise more capital.

Wells Fargo is based in San Francisco and Comerica in Dallas.

(Reporting by Jonathan Stempel; Editing by Andre Grenon)