Bank of Baroda fell 2.64% to Rs 88.4 on reports P.S. Jayakumar ended his term as the bank's managing director and chief executive on Saturday, 12 October 2019.
According to reports, a replacement for the position will be announced in a day or two. Jayakumar received a one-year extension after his initial three-year term ended on 12 October 2018.Meanwhile, Bank of Baroda (BoB) informed after market hours on Friday, 11 October 2019, that it has entered into binding transaction documents with BNP Paribas Asset Management Asia in relation to merger of Baroda Asset Management India with BNP Paribas Asset Management India and merger of BNP Paribas Trustee India with Baroda Trustee India.
The average assets under management (AAUM) for quarter ended March 31, 2019 for Baroda Asset Management India was Rs 11319.69 crore and BNP Paribas Asset Management India was Rs 10072.60 crore (including PMS/ Advisory).
The bank said that the merger will allow both the companies to leverage BNP Paribas' global asset management know-how and BOB's experience in running Indian retail networks to further grow the business.
Further, consolidation of schemes of Baroda Mutual Fund and BNP Paribas Mutual Fund would create a more complete range of schemes as well as larger sized schemes. Finally, stronger balance sheet and net worth will help meet capital needs for future growth and expansion.
Meanwhile, the S&P BSE Sensex was up 49 points or 0.13% to 38176.01.
On the BSE, 19.37 lakh shares were traded in the counter so far compared with average daily volumes of 21.11 lakh shares in the past two weeks. The stock hit a high of Rs 90.95 and a low of Rs 87.15 so far during the day.
The stock hit a 52-week high of Rs 143.6 on 28 May 2019. The stock hit a 52-week low of Rs 85.7 on 07 Oct 2019.
Bank of Baroda's net profit rose 34.4% to Rs 709.87 crore on 63.1% rise in total income to Rs 20,860.90 crore in Q1 June 2019 over Q1 June 2018.
Bank of Baroda is one of the leading commercial banks in India. Government of India holds 69.232% stake in the bank (as on 30 June 2019).
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