Choice Wealth Management to acquire MF distribution business of Bank Bazaar

Choice International Limited's step down subsidiary M/s. Choice Wealth Management Private Limited has acquired mutual fund distribution business of "Bank Bazaar".

In 2016, Bank Bazaar had forayed into online mutual fund distribution space from select asset management companies using a proprietary research methodology for investors.

The said acquisition of the mutual fund distribution business of "Bank bazaar" was an complete cash-deal, with a win-win situation for both the entities. The users of Bank Bazaar shall be in position to access the research tools available on Choice's online platform for investing in mutual funds through our application "Investica", which facilitates investors to attain financial freedom.

The said acquisition is part of Investica's inorganic growth strategy through which we shall continue to grow our share and size in the Fintech mutual fund distribution business.

The acquisition of the mutual fund distribution business of "Bank bazaar" shall enable "Investica" to rapidly grow its AUM and number of clients and push it towards the category of large Mutual Fund Investment platforms with complete focus on wealth creation for it's clients.

Shares of CHOICE INTERNATIONAL LTD. was last trading in BSE at Rs.108 as compared to the previous close of Rs. 108.05. The total number of shares traded during the day was 10028 in over 247 trades.

The stock hit an intraday high of Rs. 109.8 and intraday low of 108. The net turnover during the day was Rs. 1090463.

Source : Equity Bulls

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