Bank of India (BoI)is in discussions with Bharti Axa and two other asset management firms for entering the mutual funds business, Economic Times reports. The public sector lender seeks to close the transaction before the end of September 2011.
The Mumbai-based bank has also appointed Ernst and Young to advise it on the takeover of an existing player. BoI expects to boost its non interest income through an entry into the mutual fund market and it will use its network of over 3,500 branches nationally to distribute its products.
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