Union Bank of India (UBI) has received approval from Competition Commission of India (CCI) for its proposed acquisition of 49% stake in Union KBC Asset Management Company (AMC). The fair trade regulator, which keeps a tab on unfair business practices across sectors, has approved the acquisition as the deal may not have an adverse impact on competition in the country.
Following the transaction, KBC Asset Management of Belgium has exited the Indian asset management business by selling its 49% stake in mutual fund joint venture Union KBC AMC to Union Bank of India.
Prior to stake sale, UBI held 51% stake in the joint venture and the remaining 49% was with KBC Asset Management NV.
