Business Daily from THE HINDU group of publications
Thursday, Jul 03, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, Jul 03, 2008 ePaper | Mobile/PDA Version | Audio |
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Money & Banking
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Public Sector Banks Markets - Mutual Funds Our Bureau Kolkata, July 2 Bank of Baroda’s mutual fund joint venture with Italian company Pioneer Global Asset Management is expected to begin operations this month, according to Mr M.D. Mallya, Chairman and Managing Director of the bank. Pioneer Global Asset Management will hold 51 per cent stake while the remaining will be held by the bank. The joint venture will have an equity base of Rs 200 crore. The insurance venture of the bank with Legal and General and Andhra Bank is expected to commence operations in the first quarter of the next fiscal (2009-2010), Mr Mallya said speaking to newspersons on the sidelines of Banking Conclave 2008, organised by FICCI here. “The formalities of the deal are expected to be completed by March 2009 and we will start distributing the policies by the first quarter of the next financial year,” he said. The bank plans to open ten overseas branches in 2008-09. “We plan to convert the representative office in China into a full-fledged branch. We already have the RBI approval and are waiting for approval from the Chinese authorities,” Mr Mallya said. International operations, which grew by 25 per cent in 2007-08, currently account for 20 per cent of the bank’s business. Mr Mallya said the bank would sustain the growth in overseas operations at 25 per cent this year. On the domestic front, the bank plans to add 91 branches by September. New initiatives to usher in best practices More Stories on : Public Sector Banks | Mutual Funds
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