Bank of India with 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 entire 49% equity shares in BOI AXA Investment Managers (BAIM) and also entire 49% equity shares in BOI AXA Trustee Services (BATS).
Currently, BOI AXA Mutual Fund is a joint venture between BOI (51 per cent stake) and AXA IM (49 per cent). After the deal BOI shall hold 100% equity shares in BAIM and BATS.
BOI acquired a 51 per cent stake in the, then Bharti AXA Investment Managers Pvt Ltd on May 7, 2012. The Bank said, “The acquisition is expected to be completed by end of December or such other extended date mutually agreed between BOI and AXA IM.”
BOI AXA Mutual Fund has ₹2,251 crore worth of assets under management. It offers 14 different open-ended schemes and 2 close-ended schemes.
The Bank entered into a share purchase agreement with AXA IM on December 2 to buy the latter’s entire 49% equity shares in BAIM and entire 49& equity shares in BATS.
