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.

“We are one of the fastest-growing asset management companies over the last 10 years and already a leading global player,” said Pioneer CEO Dario Frigerio. “Our commitment is to foster growth. A significant presence in countries such as India and Russia is thus essential. This is a further step in this direction, and once again, we have demonstrated that we can be innovative in creating our business opportunities.”

Pioneer’s goal is to make the company one of the top five players within three years.

Pioneer also recently began the process of establishing an asset management firm in Russia, where regulators have approved three funds. As in India, the goal is to become one of the top five players within three years, starting by offering local funds and then expanding into international funds.

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