The business venture relates to asset management carried out by Bharti Axa Investment Managers (BAIN), with its initial partner, Bharti Ventures, selling its 25% stake. Bank of India will acquire a 25% stake in BAIM. Under the terms of the agreement, Bank of India will subsequently acquire a further 26%.
The rationale is to combine Axa IM’s investment expertise with Bank of India’s distribution capabilities through its 3,750 branch network.
The bank currently has 45 million customers.
BAIM has operated in India for the past three years, with €25m in assets under management across equities, debt and money market funds for more than 30,000 investors.
Dominique Carrel Billiard, chief executive of Axa Investment Managers, added: “Asia is a strategic priority for Axa IM and we are committed to the Indian market as a long-term growth engine for the asset management industry.”
