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Bank of India has purchased the shareholding of AXA Investment Managers Asia Holdings (AXA IM). The PSU bank purchased the entire 47.07% equity shares in BOl AXA Investment Managers (BAIM) and entire 49% equity shares in BOI AXA Trustee Services (BATS). After the acquisitions, both BAIM and BATS have become wholly owned subsidiaries of Bank of India.
"Subject to the terms of the Share Purchase Agreement, Bank of India has paid Rs 900/- towards purchase of equity shares of BAIM and Rs 100/- towards purchase of equity shares of BATS," said the bank, referring to the two holding companies through which the MF operations is owned.
The acquisition will 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.
BAIM's revenue fell to Rs 19.22 crore in FY21 from Rs 25.42 crore in FY20 and Rs 57.17 crore in FY19.
BATS's revenue stood at Rs 0.12 crore in FY21, Rs 0.12 crore in FY20 and Rs 0.22 crore in FY19.
BOl AXA Mutual Fund is a joint venture between Bank of India and AXA Investment Managers, a part of AXA Group. Asset under management (AUM) of BOI AXA Mutual Fund is over Rs 2730 crore as on 30 November 2021. It offers 15 different open ended schemes and 2 close ended schemes.
AXA IM is an investment arm of AXA Investment Managers, which is one of the world's leading asset managers, backed by the strength of the AXA Group with assets under management (AUM) of EUR 896 billion as on 31 March 2021. AXA IM employs over 762 employees that operate across 19 countries in Europe, the Americas, Asia and the Middle East (as at 31 March 2021).
Bank of India is a public sector bank. The Government of India held 81.41% stake in Bank of India as on September 2021.
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