, India

Union Bank of India plans to enter wealth management business

The lender to begin scouting for a partner to offer wealth management products and services after the next 5-6 months.

Union Bank of India is mulling to venture into the wealth management business in partnership with a foreign player, after receiving regulatory nod to enter into the mutual fund arena.

The bank's chairman and managing director M V Nair said once the asset management business is in place, they will start the process of looking for the internationally reputed player for their proposed wealth management business.

"Possibly after next 5-6 months, the bank will start scouting for a partner to offer the best in class wealth management products and services," Nair said.

Recently, the bank received the approval from the Securities Exchange Board of India to launch its mutual fund business.

In November 2008, the state owned Union Bank of India had tied up with the Belgian financial firm KBC Asset Management to enter the mutual fund business.

Union Bank holds 51% stake in the Joint venture, while the Belgian firm holds the remaining 49% stake.

View the full story in Banking Business Review.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!