(Bloomberg) -- Wells Fargo & Co. is weighing a sale ofits insurance brokerage business, which could fetch about $2billion, people familiar with the matter said.

The San Francisco-based lender has begun reaching out to privateequity firms to gauge interest in Wells FargoInsurance Services USA Inc., said the people, who asked not tobe identified because the matter isn’t public.

While the company is planning to move forward with a sale, ithasn’t set a timeline for holding a formal auction, one of thepeople said.

Would be company's largest divesture

If Wells Fargo fetches $2 billion for the insurance services unit,it would be the company’s largest divestiture on record, toppingthe sale last year of its crop insurance business to Zurich Insurance GroupAG, according to data compiled by Bloomberg. In 2014, USI Insurance Services bought 40 of Wells Fargo’sinsurance brokerage and consulting offices.

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