Bank of Baroda has decided to form two joint ventures (JVs) with Italy and UK based companies for undertaking the business of mutual fund and life insurance.

BoB asset management, arm of Bank of Baroda has formed joint venture with Italy based pioneer company.

The new company is registered as BoB Pioneer Asset Management Company, in which BOB holds 51% equity shares and rest are owned by the Italy based company.

Bank of Baroda, Andhra Bank and UK based Legal and General Company are also focusing new joint venture company to be known as BoB Legal and General for undertaking the business of life insurance.

In this new joint venture, Bank of Baroda will be owner of 44% share, Andhra Bank 30% and rest 26% will be with Legal and General Company.

Shares of the bank closed down Rs 0.95, or 0.38%, at Rs 251.3. The total volume of shares traded at the BSE was 163,669 (Monday).