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Bank of India to acquire 49% stake each in BOI AXA Investment Managers, BOI AXA Trustee Services

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Bank of India holds 51% fairness shares each in BAIM and BATS.

State-owned Bank of India on Thursday stated it is going to acquire 49% stake each in BOI AXA Investment Managers Pvt Ltd and BOI AXA Trustee Services Pvt Ltd.

Following the transaction, each the entities – BOI AXA Investment Managers Pvt Ltd (BAIM) and BOI AXA Trustee Services Pvt Ltd (BATS) – will turn out to be Bank of India’s totally owned subsidiaries.

“Bank of India has amongst other parties entered into a share purchase agreement (SPA) with AXA Investment Managers Asia Holdings Pvt Ltd (AXA IM) on December 2, 2020 whereby the bank has agreed to purchase AXA IM’s entire 49% in BAIM,” the financial institution stated in a regulatory submitting.

Besides, it has additionally entered a SPA to buy your complete 49% fairness shares in BATS, it added.

Bank of India holds 51% fairness shares each in BAIM and BATS.

“Pursuant to this transaction, Bank of India shall hold 100% equity shares in BAIM and BATS. The transaction is done at arms-length basis,” Bank of India stated.

The closure of these transactions are topic to numerous regulatory approvals, it added.

BAIM had a complete turnover of ₹ 25.45 crore in the final fiscal 12 months. While, BATS had a complete turnover of ₹ 0.12 crore.

Bank of India stated the strategic acquisition of 49% stake of AXA IM in BAIM and BATS shall allow it to have full management of BAIM and BATS and develop the asset administration enterprise by leveraging on the BOI model and distribution power.

The transaction, to be completed on a money foundation, is proposed to be accomplished by finish of December 2020, or one other prolonged date mutually agreed between the lender and AXA IM, it stated.

AXA IM is a promoter of BAIM and BATS. AXA IM is an funding arm of AXA Investment Managers – one of the world’s main asset managers, backed by the AXA Group.

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