Bank of Baroda has entered into an agreement with UniCredit S.p.A. to acquire their 51% stake in Baroda Pioneer Asset Management Company, thus increasing its shareholding to 100%. Its foreign partner Pioneer Investments will exit the venture.
The agreement is subject to approval from regulatory authorities. The move comes on the back of the acquisition of Pioneer Investments by Amundi earlier this year. Amundi already has a presence in an Indian AMC.
Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services.
