Bharti Enterprises exits from the mutual fund business as Bank of India makes a re-entry.
State-run Bank of India (BOI) has re-entered the mutual fund industry by buying 51% stake in Bharti AXA Investment Managers for an undisclosed sum.
BOI has acquired 25% stake from Bharti Enterprises (which will exit the fund house) and 26% from AXA Investment Managers (Asia). The remaining 49% stake will be held by AXA Group, according to our sources.
The fund house will be renamed ‘BOI AXA Investment Managers’.
PSU banks have been able to leverage their extensive branch network for distributing mutual funds. BOI will also look at utilising its strong all-India presence to boost its MF business.
