Money & Banking

CCI approves BOI’s acquisition of 49% stake each in BOI AXA Investment Managers, BOI AXA Trustee Services

Our Bureau. New Delhi | Updated on February 10, 2021

The Competition Commission of India (CCI) has approved Bank of India’s acquisition of 49 per cent stake each in BOI AXA Investment Managers Pvt Ltd (BAIM) and BOI AXA Trustee Services Pvt Ltd (BATS).

Pursuant to this transaction, Bank of India will hold 100 per cent equity in BAIM and BATS.

Prior to this transaction, BOI AXA Mutual Fund was a joint venture between BOI (51 per cent stake ) and AXA Investment Managers Asia Holdings Pvt Ltd (AXA IM), which held 49 per cent stake each in BAIM and BATS.

It maybe recalled that Bank of India had, in May 2012, acquired a 51 per cent stake in then Bharti AXA Investment Managers Pvt Ltd.

BOI had, on December 2 last year, entered into a share purchase agreement with AXA IM to buy the latter’s entire 49 per cent equity shares in BAIM and entire 49 per cent equity shares in BATS.

Meanwhile, the CCI has approved the acquisition of 100 per cent shares and sole control of Varian Medical Systems by Siemens Healthineers.

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Published on February 10, 2021
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