State-owned Bank of Baroda Saturday said it has fully acquired its mutual fund and trustee business by buying the entire 51 per cent stake held by its joint venture partner UniCredit.
Pursuant to the acquisition, Bank of Baroda will hold 100 per cent equity share capital in both Baroda Pioneer Asset Management Company Limited and Baroda Pioneer Trustee Company Private Limited, the bank said in a filing to stock exchanges.
The bank completed the acquisition on September 28, 2018.
The move comes on the back of the acquisition of Pioneer Investments (subsidiary of UniCredit) by Amundi earlier this year.
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