Bank of India picks up 51% in Bharti-AXA Investment Managers

With Bank of India entering the asset management business, there has been a re-alignment of ownership in Bharti-AXA Investment Managers.

Bank of India has picked up a 51 per cent stake in the company, buying out Bharti's 25 per cent stake and picking up another 26 per cent from AXA.

With this AXA's shareholding comes down to 49 per cent and Bharti has completely exited the joint venture it entered into in 2008.

It is believed that the re-branding process of the new entity is underway.

Ernst & Young were the advisors to this transaction. The transaction is subject to regulatory approvals, said a press release by the French global insurance group AXA.