Bank of Baroda, India’s fourth largest bank, is ready to sign asset management and insurance joint ventures with European partners as early ...

Bank of Baroda, India’s fourth largest bank, is ready to sign asset management and insurance joint ventures with European partners as early as the end of this month, according to a report in the Financial Times. Anil Khandelwal, chairman and managing director of the state-owned bank, told the FT that it would allow its foreign partner in the asset management business to take majority control. Bank of Baroda had previously been in talks with Nippon Life but these were scuppered by regulatory issues in Japan. Last October Mr Khandelwal told a conference in India that Baroda is looking for partners for its wealth management and stockbroking services expansion, as well as looking for joint venture partners for life insurance, asset management company and cards businesses. At the time he said that although discussions are on, nothing had been finalised so far. Bank of Baroda has 2,696 branches in India and 57 branches in 19 countries globally.