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Baroda and BNP Paribas announce India merger

Merging_blocksIndia’s Baroda Asset Management and BNP Paribas Asset Management India have agreed to a merger, subject to regulatory and legal approvals. According to BNP Paribas Asset Management’s Asia Pacific chief executive, Ligia Torres, the joint venture “reinforces both our local footprint and global outreach in Asia Pacific”, adding that “India is a key market for the region” for the French asset manager. State-owned Bank of Baroda’s chief executive and managing director, P S Jayakumar, welcomed the partnership, praising BNP Paribas Asset Management’s “robust investment and risk management processes”. “This joint venture will allow us to create a stronger, more competitive asset management company in the Indian mutual fund industry with the large distribution network of Bank of Baroda and the expertise of BNP Paribas coupled with the benefit of the firm’s ability to source offshore funds,” said Jayakumar. There is no cash consideration in the proposed transaction and Baroda and BNP Paribas Asset Management India will hold 50.1% and 49.9% respectively of the paid-up share capital of the new company. ©2019 funds global asia

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