Axis Bank today sealed an agreement to sell a 25 per cent stake in
Axis Asset Management Company Ltd (Axis AMC) — its wholly owned subsidiary — to
Schroder Singapore Holdings Private Ltd.
Schroder Singapore is a wholly owned subsidiary of global asset
management firm Schroders, which had funds worth £187.3 billion under
management as of December 2011.
The deal is subject to regulatory approval and is likely to be
completed this year.
The deal provides Axis AMC access to Schroders’ global
distribution network.
Profit surges
Axis Bank has clocked a 20.3 per cent rise in net profit at Rs
1,277.27 crore for the fourth quarter ended March 31 against Rs 1,020.11 crore
in the same quarter last fiscal.
Total income grew to Rs 7,647.94 crore from Rs 5,817.06 crore a
year ago.
Interest income improved to Rs 6,060.32 crore from Rs 4,366.6
crore last year.
The bank has proposed a dividend of 160 per cent, or Rs 16 per
share, for 2011-12.
For the entire fiscal ended March, net profit grew 25 per cent to
Rs 4,242.21 crore from Rs 3,388.4 crore last year.
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