Bank of India ( BoI ) plans to start MF business by next financial year

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PUBLIC sector lender Bank of India is hopeful of starting its asset management business next financial year and at present is waiting for regulatory approvals, a top official said on Monday.

Bank of India (BoI) recently bought 51 per cent stake in the mutual fund business of Bharti Axa, which is a joint venture between telecom company Bharti Enterprises and Axa Investment Managers of France.

At present, we are waiting for necessary approvals from the regulator. We can't give any time frame but are hopeful of starting our operation in the next financial year.

BoI had started its mutual fund business in 1990. Of the six schemes launched by the fund, four had been redeemed and two schemes transferred to Tauras Mutual Fund after giving exit option to investors in 2004.

 

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