State-run Bank of India (BoI) will pick up a majority 51% stake in Bharti Axa Mutual Fund for an undisclosed amount to run the latter's asset management business.
"Bank of India and Axa Investment Managers Asia Holdings (a subsidiary of Axa Investment Managers, part of the Axa Group) have agreed to enter into a joint venture in asset management business carried on by Bharti Axa Investment Managers," a joint statement from the companies said here.
Bharti Axa Investment Managers is the asset management arm to Bharti Axa Mutual Fund, which is owned by telecom major Bharti Airtel and French financial services giant Axa Group.
"Under the proposed joint venture, BoI will acquire 51% equity and the balance will be with the Axa Group," the statement added.
Ernst & Young India was the advisor to the transaction.