BOB to sign MOU with Pioneer Global Asset Management to form a JV in Asset Management Business

Bank of Baroda (BOB) has announced that on February 14, 2007 the Bank will be signing an Memorandum of Understanding (MOU) with M/s. Pioneer Global Asset Management, an Italian Investment Management Company and member of Uni Credit Group, to form a Joint Venture (JV) with a view to enhance its presence in the area of Asset Management.

The Bank proposes to disinvest a portion of its shareholding in M/s. BOB Asset Management Company Ltd (a wholly owned subsidiary of the Bank ) in favour of M/s. Pioneer Global Asset Management for the purpose of converting the its Asset Management Company into a Joint Venture. The Bank and M/s. Pioneer Global Asset Management propose to hold 49% and 51% of equity share capital and 30% and 70% of total paid-up capital respectively in the proposed JV.

The Bank and M/s. Pioneer Global Asset Management will leverage on respective joint expertise in building a leading asset management platform in India through the proposed Joint Venture.

Source : Equity Bulls

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