BoB TO VENTURE WITH FOREIGN COMPANIESPTI

Vadodara: 100-year-old city based Bank of Baroda will form two joint ventures with Italy and UK based companies for undertaking the business of mutual fund and life insurance, its chairman and manging director M D Mallya said. He said that BOB asset management, a subsidiary of Bank of Baroda has formed joint venture with Italy based pioneer company and the new company is registered as BOB Pioneer Asset Manageemnt Company, in which BOB has share of 51 per cent and rest are of the Italy based company. Bank of Baroda, Andhra bank and UK based Legal and General Company are also in the process of forming new joint venture company to be known as BOB Legal and General for undertaking the business of life insurance,he added. In this new joint venture, BOB's will have 44 per cent shares, Andhra Bank 30 per cent and rest 26 per cent shares will be with Legal and General Company. Malliya also announced the launch of two more branches in Gandhinagar and Kota Rajasthsn taking the total number of branches to five across the country.

Source: The Economic Times