(Updates to add Bank of America's comment in fifth paragraph)

Bank of America (BAC) is working with Thai Beverage on a potential sale of the company's KFC restaurant franchise business in Thailand, Bloomberg reported Friday, citing unnamed people familiar with the matter.

The report said the business is operated through ThaiBev subsidiary QSR of Asia, which runs more than 500 KFC restaurants across Thailand.

Deliberations are ongoing and may not result in a transaction, Bloomberg reported.

KFC is owned by Yum! Brands (YUM), which also owns the Taco Bell and Pizza Hut restaurant chains.

Bank of America declined to comment, while ThaiBev did not immediately respond to MT Newswires' requests for comment.

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