BoB asset management, arm of Bank of Baroda has formed joint venture with France based pioneer company.
Bank of Baroda has decided to form joint ventures (JVs) with France and UK based companies for undertaking the business of mutual fund and life insurance.
Bank of Baroda, Andhra Bank and UK based Legal and General Company are also focusing new joint venture company to be known as BoB Legal and General for undertaking the business of life insurance.
The new company is registered as BoB Pioneer Asset Management Company, in which BOB holds 51% equity shares and rest are owned by the France based company.
In this new joint venture, Bank of Baroda will be owner of 44% share, Andhra Bank 30% and rest 26% will be with Legal and General Company.