BOI acquire 51% stake in Bharti-AXA mutual joint venture.

Bharti AXAIndia’s fifth largest state possessed bank, Bank of India, will acquire 51% stake in the mutual fund joint venture between Bharti Enterprises and AXA Investment Managers, a statement said.

As per a press release, Bank of India (BOI) and AXA Investment Managers Asia Holdings, a subsidiary of AXA Investment Managers, part of AXA Group has agreed to enter a joint venture in asset-management business carried on by Bharti AXA Investment Managers (BAIM).

The bank’s net profit for the quarter has refused 20.38% at Rs 491.10 crore as compared to Rs 616.78 crore for the corresponding quarter of the preceding year.

The bank’s total income has increased by 34.63% at Rs 7728.16 crore for the second quarter of the recent fiscal from Rs 5740.05 crore for the equivalent quarter of the preceding year.

The government of India holds 65.86% stake in Bank of India. The Bank’s total customer base is more than 49 million with a universal business mix of Rs 5.20 lakh crore as of November 2011.

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