Union Bank of India to undertake asset management

UBI ties up with a Belgian company to engage in mutual fund business within 4 months.

M V Nair, Union Bank of India (UBI) chairman and managing director, on Sunday, said the lender is set to start its asset management company (AMC) by May.

The AMC, where the bank will hold a 51 percent stake, and KBC, a Belgian AMC, will hold the rest, is intended to embark on mutual fund business.

"We have already identified the chief executive officer and other senior management," Nair said in a report in Financial Chronicle.

The AMC is expected to compete with other banks' AMCs such as SBI Mutual Fund, Canara Robeco Mutual Fund, HDFC Mutual Fund and ICICI Prudential Mutual Fund, among others.

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