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BoI In Talks With Bharti AXA For MF Business

Bank of India is in discussions with Bharti Axa and two other asset management firms for entering the mutual funds business.

    Bank of India(BoI)is in discussions withBharti Axaand two other asset management firms for entering the mutual funds business,Economic Timesreports. The public sector lender seeks to close the transaction before the end of September 2011.

    The Mumbai-based bank has also appointedErnst and Youngto advise it on the takeover of an existing player. BoI expects to boost its non interest income through an entry into the mutual fund market and it will use its network of over 3,500 branches nationally to distribute its products.

    Click here for the story fromEconomic Times.

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