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Bank of Baroda signs a memorandum of understanding with Pioneer Investments

Bank of Baroda signs a memorandum of understanding with Pioneer Investments

Aim is to establish an Asset Management Business Partnership

Bank of Baroda and Pioneer Investments* have signed today in Mumbai a Memorandum of Understanding with the aim of entering into a joint venture in asset management in India.

The MOU has laid out a framework for a partnership between the two parties with the aim of building a leadership position in India's mutual fund industry.

"This is an important step towards the development of our banking group and is in line with our strategy of providing a wide range of products and services to our customers. Additionally, it is a key point in the development of the Indian mutual fund industry - said Dr Khandelwal, Chairman and Managing Director of the Bank of Baroda -. "Pioneer Investments has longstanding investment experience and an investment process which is recognized 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 India".
"We are proud to have come together on this MoU with one of India's best known and longest established banks," said Dario Frigerio, Chief Executive officer of Pioneer Investments. "This outlines our ambition of becoming a strategic player in India. 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".

About Bank of Baroda
Bank of Baroda is one of the leading public sector banks in India, with over 99 years of banking experience and a strong brand identity, The Bank has a network of over 2700 branches throughout India and 60 branches/offices spanning 21 overseas countries across 5 continents, serving over 29 million customers around the globe. In India, the Bank functions as a Full Service One-Stop Bank - its products to retail products and rural banking.

With the proposed joint venture with Pioneer Investments for Asset Management, the bank is well poised to offer wide choice of investment products to its customers.

About Pioneer Investments
Pioneer Investments is a global investment management group, founded in 1928 with over €230 billion of total assets under management as at end of January 2007. We provide a wide range of investment solutions including mutual funds, alternative investments and structured products to clients that include institutions, corporations, intermediaries and private investors around the world.

* Pioneer Investments is the trading name of the Pioneer Global Asset Management S.p.A. group of companies

Press Contacts:
For Bank of Baroda: Umakant Swamy
Bank of Baroda
Asst. General Manager - Marketing and PR
Baroda Corporate Center
Bandra Kurla Complex, Mumbai
022-6698 5344

For Pioneer Investments:
Camilla Pedraglio
Head of Media Relations
Mob: +39 335 1000507