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Bank of India (BoI) on Thursday said it will purchase 49 per cent stake each in BOI AXA Investment Managers Pvt Ltd (BAIM) and BOI AXA Trustee Services Pvt Ltd (BATS) from AXA investment Managers Asia Holdings Pvt Ltd (AXA IM).
Pursuant to this transaction, BoI shall hold 100 per cent equity shares in BAIM and BATS. Currently, BOI AXA Mutual Fund is a joint venture between BoI (51 per cent stake) and AXA IM (49 per cent).
BoI had acquired a 51 per cent stake in the then Bharti AXA Investment Managers Pvt Ltd on May 7, 2012.
The bank said the acquisition is expected to be completed by end of December or such other extended date mutually agreed between BoI and AXA 1M.
As of September, 30. BOI AXA Mutual Fund has ₹2,251 crore worth of assets under management. It offers 14 different open ended schemes and 2 close ended schemes.
BoI said the strategic acquisition of 49 per cent stake of AXA IM in BAIM and BATS shall enable it to have complete control of BAIM and BATS and grow the Asset Management business by leveraging on the BOI brand and distribution strength.
The bank entered into a share purchase agreement with AXA IM on December 2 to buy the latter’s entire 49 per cent equity shares in BAIM and entire 49 per cent equity shares in BATS.
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