Bank of Baroda agreed to acquire UniCredit SpA's 51% stake in Baroda Pioneer Asset Management Co. Ltd. and Baroda Pioneer Trustee Co. Pvt. Ltd.

The Indian bank will become the sole shareholder of the two companies and the sole sponsor of the Baroda Pioneer Mutual Fund following the acquisitions. The bank did not disclose financial details of the transaction in its Dec. 28 statement

Pioneer Investments, the bank's partner in Baroda Pioneer Asset Management, will exit the joint venture. The move came after UniCredit sold Pioneer Investments to Amundi SA in July. Amundi already owns a stake in an asset management company in India.

The transaction is subject to the approval of regulators in India.

P.S. Jayakumar, CEO and managing director of Bank of Baroda, said the bank will consider inducting a strategic partner in the future for the asset management company.