Union Bank of India is all set to buy 49% stake of KBC Asset Management (AMC) in Union KBC Asset Management, the joint venture between both the companies and Union KBC Trustee company. The transaction, which is subject to regulatory approval, will have no impact on the joint venture's client positions and product portfolio.
United Bank of India is one of the 14 major banks which were nationalized on July 19, 1969. After nationalization, the Bank expanded its branch network in a big way and actively participated in the developmental activities, particularly in the rural and semi-urban areas in conformity with the objectives of nationalization.
