Bank of Baroda to merge mutual fund business with BNP Paribas.

Bank of Baroda, a leading state-owned bank is set to merge its mutual fund business with BNP Paribas Asset Management Asia, a subsidiary of the banking giant BNP Paribas. Financial terms were not disclosed. Baroda Asset Management India will merge with BNP Paribas Asset Management India, while BNP Paribas Trustee India’s merger with Baroda Trustee India. The transaction is subject to regulatory approvals. The merger will help in growing BoB’s mutual fund business further by leveraging on both BNP Paribas’ global asset management know-how and the public-sector lender’s experience in running Indian retail networks to further grow the business.