Bank of India has amongst other parties entered into a Share Purchase Agreement (SPA) with AXA investment Managers Asia Holdings (AXA IM) on 2 December 2020, whereby Bank of India has agreed to purchase AXA IM’s (a) entire 49% equity shares in BOI AXA Investment Managers (BAIM); and (b) entire 49% equity shares in BOI AXA Trustee Services (BATS).
After the captioned acquisitions, both BAIM and BATS will be wholly owned subsidiaries of Bank of India.
Prior to this, Bank of India holds 51% equity shares in BAIM and BATS. Pursuant to this transaction, Bank of India shall hold 100% equity shares in BAIM and BATS, the exchange filing said.
According to the exchange filing, strategic acquisition of 49% stake of AXA IM in BAIM and BATS shall enable Bank of India to have complete control of BAIM and BATS and grow the Asset Management business by leveraging on the BOI brand and distribution strength. Assets under management (AUM) of BOI AXA Mutual Fund is over Rs 2,200 Crore.
The transaction is proposed to be completed by end of December 2020 or such other extended date mutually agreed between Bank of India and AXA IM.
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