Union Bank-KBC asset management joint ventue to invest Rs300 crore
27 Mar 2010
Union Bank of India and Belgium-based KBC Asset Management will jointly invest €50 million (Rs300 crore) in a new asset management company, Union KBC Asset Management, M V Nair, chairman and managing director of Union Bank, said at a media briefing on Friday.
The formal shareholders agreement, forming the joint venture was signed long back in November 2008; Union Bank holds 51 per cent stake in the JV with KBC holding the balance 49 per cent.
"The bank has received approval in principle for the asset management company (AMC). Once final approval is received from SEBI, the investments will be made," Nair said.
The bank expects to get the final approval in two to three months' time.
After this, the AMC will roll out its first fund, said G Pradeepkumar, the JV's chief executive officer.
Initially, the fund house plans to launch a liquid fund, followed by equity schemes. Maybe, from the second year, we will offer offshore funds as well," he added.
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