Bank of India re-enters mutual fund business

The bank was in the mutual fund business in 1990

May 29, 2012 1:58 IST | India Infoline News Service
On 28th May, Bank of India (BoI) re-entered the mutual fund business by forming a joint venture with AXA Investment Managers. The bank was in the mutual fund business in 1990.
In the new joint venture—BoI-AXA Investment Managers Pvt Ltd—BoI will have 51% stake and AXA Investment Managers will have 49% state. However, the bank did not disclose the transaction size.
The bank has acquired 25% stake from Bharti Enterprises and 26% from Axa Investment Managers Asia Holdings. With the acquisition, Bharti Enterprises has made an exit from the asset management business.
Launching its new logo, Finance Minister Pranab Mukherjee said, “BoI-AXA Investment Managers Pvt Ltd will facilitate investment in debt and equity and also promote financial literacy.''

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