Bank of India has completed the formalities for has acquiring 51 percent stake in Bharti Axa Mutual Fund.
The equity stake covers Bharti AXA investment Managers and Bharti AXA Trusteeship Services, the bank stated.
The Axa Group keeps the remaining 49 percent stake. will be with the Axa Group. However, the bank did not disclose the transaction size.
With the acquisition, Bharti Enterprises, which had about 25 per cent stake in the fund house, has made an exit from the asset management business.
The bank has acquired 25 per cent stake from Bharti Enterprises, while 26 per cent from the Axa Investment Managers Asia Holdings.
In December, 2011 BoI had said the name of the fund house will be changed to Bank of India AXA Investment Managers after the acqisition is complete.
With the stake transfer, BoI is re-entering mutual fund business. The bank was in the mutual fund business in 1990.
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