Union Bank of India has informed that Union KBC Asset Management Co. and Union KBC Trustee Company are joint ventures established between Union Bank of India and KBC Asset Management NV in 2009 with 51% & 49% holding respectively. The Board of Directors of Union Bank of India in its meeting held on August 26, 2015 has approved in principle subject to regulatory approvals the purchase of 49% stake in Union KBC Asset Management Co., and Union KBC Trustee Company from KBC Participations Renta (a group Company of KBC Asset Management NV) a shareholder of the said Companies and authorized the initiation process of acquiring the shareholding in the Companies. After the aforesaid acquisition, both Union KBC Asset Management Co. and Union KBC Trustee Company would become wholly owned subsidiaries of Union Bank of India. Bank will update the status of acquisition after the receipt of requisite approvals.
The above information is a part of company’s filings submitted to BSE.
