The bank has decided to merge its asset management arm Baroda Asset Management with BNP Paribas Asset Management India, a wholly-owned unit of BNP Paribas AMC Asia.
Shares of Bank of Baroda (BoB) declined 4 percent on BSE on October 14 after P.S. Jayakumar had ended his term as the bank's managing director and chief executive officer of the bank on October 12 while uncertainty over his replacement persisted.
The stock came under pressure as there was no clarity on whether the government would give him an extension or find his replacement.
As per a report by Mint, a replacement for the position will be announced in a day or two.
Jayakumar’s term has ended at a time when Bank of Baroda is still in the process of integrating Dena Bank and Vijaya Bank with itself.
Meanwhile, the bank has decided to merge its asset management arm Baroda Asset Management with BNP Paribas Asset Management India, a wholly-owned unit of BNP Paribas AMC Asia.
The merger will allow both the companies to leverage each other's strengths and offer products for retail and institutional clients, Bank of Baroda said giving any financial details of the deal.The stock traded 1.43 percent down at Rs 89.50 on BSE around 10:15 hours IST.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.