Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels,  15.05.2020  
C(2020 ) 3324 final  
PUBLIC VERSION  
To the notifying parties  
Subject : Case M.9780 — BNP P aribas /Bank of Baroda /JV 
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 14 April 2020 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger  Regulation by which  the 
undertakings BNP Par ibas Asset Management Asia ("BNPP AM Asia", Hong -Kong), 
belonging to the group BNP Paribas ("BNPP", France) , and Bank of Baroda ("BOB", 
India)  acquire  within the meaning of Article 3(1)(b)  and Article 3(4)  of the Merger 
Regulation  joint control of the whol e of a joint -venture  consisting of BNP Paribas 
Asset Management India Priv ate Limited ("BNPP AMC", India ) and Baroda Trustee 
India Private Limited ("BOB TC" , India ) (together the "JV", India) . The concentration 
is accomplished by way of contract or any other means.3 
2. The business activities of the undertakings concerned are:  
 BNPP: banking group listed on Euronext Paris and headquartered in Paris, 
active in a large number of countries. It has three core banking business: retail 
banking, corporate and inves tment banking as well as asset management 
services; BNPP is active in India through its subsidiary BNPP AM Asia,  
 BOB: state -owned bank, mainly active in India where it offers a variety of 
banking services for individuals, medium, small and micro enterprise s and 
corporates,  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout th is decision.  
2  OJ L 1, 3.1.1994, p.  3 (the ‘EEA Agreement ’). 
3  Publication in the Official Journal of the European Union No C  131, 22.04.2020, p. 17.  

2  BNP Paribas Asset Management India Private Limited ("BNPP AMC", India): 
asset management company setting up and managing mutual funds, as well as 
providing portfolio management services in India,   
 Baroda Trustee India Private Limited ("BOB TC" ,  India) :  dedicated trustee 
company for the mutual funds managed by BNPP AMC  . 4 
3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (a) of the  Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .5 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agre ement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  Under Indian law, the Securities and Exchange Board of India (Mutual Funds) Regulations of December 
9, 1996 (last amended on December 1, 2015), each Asset Management Company requires a dedicated 
Trustee Company, which reviews the activities carried out by the Asset Management Company and 
ensures that the transactions entered into by the Asset Management C ompany are conducted in accordance 
with the applicable regulations and in the best interest of investors.  
5  OJ C 366, 14.12.2013, p. 5 .