Bank of Baroda has entered into an agreement with UniCredit SPA, Baroda Pioneer Asset Management Company Ltd and Baroda Pioneer Trustee Company Pvt Ltd to acquire a 51% stake in both the asset manager and trustee company.
In a notice to the stock exchanges, the bank said it will acquire the stake from its joint venture partner UniCredit SPA, becoming the single largest shareholder in Baroda Pioneer Asset Management and Baroda Pioneer Trustee.
The bank also said the transaction is subject to regulatory approvals.
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