Union Bank of India (UBI), has chosen Belgium-based KBC group to partner it in its mutual funds business. UBI will appoint a consultant for its asset management business by 7 January, for which it is currently in talks with three players -- Ernst & Young, DSP Merrill Lynch and KPMG, said the source.
The state-owned bank will have a 51-per cent stake in the joint venture and the venture is expected to get functional in the next 6-7 months. Last week, the public sector bank had said that it has zeroed in on two companies, BBVA of Spain and KBC, which were put through a rigorous screening process before the final selection. KBC group was formed in 2005 following the merger of KBC Bank and Insurance Holding Company with its parent firm, Almanij.
The state-owned bank will have a 51-per cent stake in the joint venture and the venture is expected to get functional in the next 6-7 months. Last week, the public sector bank had said that it has zeroed in on two companies, BBVA of Spain and KBC, which were put through a rigorous screening process before the final selection. KBC group was formed in 2005 following the merger of KBC Bank and Insurance Holding Company with its parent firm, Almanij.
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