Axis Bank, India's third largest private sector bank, has entered an agreement to sell 25% of the share capital of its wholly owned subsidiary, Axis Asset Management Company (Axis AMC) to Schroder Singapore Holdings, a wholly owned subsidiary of Schroders. This transaction is subject to regulatory approval and is expected to be completed during 2012.
The above transaction provides Axis AMC access to Schroders’ global distribution network and to advise overseas funds invested in Indian securities.
Schroders is a global asset management company with £187.3 billion under management as at December 31, 2011.
Axis Bank is the third largest private sector bank in India. Axis Bank offers the entire spectrum of services to customer segments covering large and mid-corporate, SME, agriculture and retail business.