UBI, KBC awaits SEBI's nod to float wealth management co
Union Bank of India has said it is awaiting market regulator SEBI's nod to float an asset management company with Belgium-based KBC Management Services.
By PTI |
CHENNAI: Public sector lender Union Bank of India has said it is awaiting market regulator SEBI's nod to float an asset management company with Belgium-based KBC Management Services.
"We propose to sign a MoU with them after getting approval from our shareholders...it is in the initial stage," Union Bank General Manager B L Javeri said here last night.
The proposal may take two to three weeks as UBI has to get SEBI's approval. After signing the Memorandum of Understanding, the bank would have 51 per cent stake in the partnership, while 49 per cent would be held by KBC Management Services, he said.
Javeri was here for the official launch of UBI's Wealth Management Services.
"We propose to sign a MoU with them after getting approval from our shareholders...it is in the initial stage," Union Bank General Manager B L Javeri said here last night.
The proposal may take two to three weeks as UBI has to get SEBI's approval. After signing the Memorandum of Understanding, the bank would have 51 per cent stake in the partnership, while 49 per cent would be held by KBC Management Services, he said.
Javeri was here for the official launch of UBI's Wealth Management Services.
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