(1888PressRelease)
February 15, 2007 - To form a Joint Venture For its Asset Management Company
Mumbai/Milan: February 14, 2007 – Bank of Baroda and Pioneer Global Asset Management have signed today in Mumbai a Memorandum of Understanding with the aim of entering into a joint venture in asset management in India.
The MOU has laid out a framework for a partnership between the two parties with the aim of building a leadership position in India’s mutual fund industry.
“This is an important step towards the development of our banking group and is in line with our strategy of providing a wide range of products and services to our customers. Additionally, it is a key point in the development of the Indian mutual fund industry – said Dr Khandelwal, Chairman and Managing Director of the Bank of Baroda -. “Pioneer Investments has longstanding investment experience and an investment process which is recognized for its quality and ability to deliver consistent results. With the strength of a global player and its successful experience in working with large banking networks, we will leverage on our joint expertise in building a leading asset management platform in India”.
“We are proud to have come together on this MoU with one of India’s best known and longest established banks - said Dario Frigerio, Chief Executive officer of Pioneer Investments - which outlines our ambition of becoming a strategic player in India. Bank of Baroda, with its widespread position both in India and overseas, will bring us the possibility of expanding our presence in one of the most rapidly growing markets, where we see strong long term growth potential both for our retail and institutional business”.
