Comments
Public sector lender Bank of India today said it is in talks with Bharti Axa and two asset management companies for an entry into the mutual funds business and hopes to seal the deal before end September.
“We are in talks with Bharti AXA and two other companies ...we will announce it before end of the next quarter,” Chairman and Managing Director, Mr Alok Misra, told reporters.
Bharti, which exited life insurance business earlier this month by selling its stake in Bharti Axa Life Insurance to Reliance Industries, is also tipped to be looking at options of exiting other non-core businesses, to concentrate on telecom and retail.
A senior Bank of India official said it makes sense to acquire an operational business than start something which will take two years to build up.
The Mumbai-headquartered Bank of India has appointed consultancy firm Ernst and Young for advising it on the takeover, the official added.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.