BANK OF INDIA TO HAVE 51% STAKE IN JV WITH AXA

Bank of India said that it would have a majority stake of 51 per cent in its proposed asset management joint venture with AXA Investment Managers. French financial services firm AXA currently has 74 per cent stake in an asset management joint venture, Bharti Axa Investment Managers, with Indian telecom major Bharti. According to senior bank officials, AXA would acquire Bharti's 26 per cent stake in the firm and then transfer 51 per cent of its holdings to the bank. AXA
will hold the remaining 49 per cent stake in the joint venture. Bharti Axa Investment Managers is currently the asset management company to Bharti AXA Mutual Fund.