BoB signs MoU with Pioneer Global to form a JV for its AMC

Mumbai, Feb 14 (UNI) Bank of Baroda (BoB) and Pioneer Global Asset Management have signed a Memorandum of Understanding (MoU) with an aim of entering into a joint venture (JV) in asset management in the country.

Briefing the media after signing the MoU, the bank CMD, Dr Anil Khandelwal, said that ''Pioneer investments has a longstanding investment experience and an investment process which is recognised 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 the country.'' Dario Friegerio, CEO of Pioneer Investments, said that 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''.

In reply to a media query on the impact of subsequent hikes in CRR by the RBI on his bank, Dr Khandelwal accepted that his bank might have incurred a loss worth Rs 80-90 crore due to the central bank's move. The board of directors of the bank is meeting here this evening to discuss post CRR-hike scenario and the measures to be taken by the bank in the direction of deposit and interest rates. He hinted that banks have come under psychological compulsion to take some harsh measures.

UNI