Bank of India plans asset management re-entry

Source :Reuters / Mumbai May 25, 2010, 9:38 IST

State-run Bank of India is planning a re-entry into asset management business five years after scrapping its solo venture and is looking for a foreign partner, a newspaper reported on Tuesday.

Senior Bank of India officials could not be immediately reached for comment.

The bank would retain majority 51 per cent stake in the venture and wants a partner with proven expertise in handling the business, the paper quoted an unidentified senior official with the bank.

The bank has identified five or six players, who can bring offshore funds, and would make a shortlist before starting dialogue, the paper quoted the senior official as saying.

The whole process is likely to take two months and the lender has appointed consultant Ernst and Young to identify a partner, it said.

Bank of India had 3,207 branches and 820 automated teller machines as on March 31, it added.