Pioneer Investments has signed an agreement to acquire a 51% stake in India’s Bank of Baroda and also is in the process of launching an asset management firm in Russia, which it hopes to debut in December.

The Bank of Baroda, the fourth-largest state-owned bank in India, with 29 million customers and 2,700 branches, will be renamed Baroda Pioneer Asset Management. At the outset, it will offer locally domiciled Indian stock and fixed income mutual funds. It is expected to launch in the first quarter of next year.

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