Union Bank's AMC to become operational by Dec

MUMBAI: Union Bank of India on Monday said its asset management company will start operations by December and plans to corner 3 per cent of asset management business in the country within three years of its operations.

"Union KBC Asset Management Company will start functioning by December 2010 and we plan to corner 3 per cent of the asset management business in the country within three years," Union Bank CMD MV Nair told reporters on the sidelines a meeting on 'Opportunities and Challenges for financial services in India and Europe' here today.

The meeting was organised by industry chamber CII and the European Union.

Nair also said the bank has got the Reserve Bank of India nod to open a branch in Brussels, for which it already had secured the necessary permission from the Belgian and EU authorities.

The meeting was addressed by RBI Deputy Governor Subir Gokarn, EU ambassador Daniele Smadja, UBI's Nair and a host of European envoys among others. Addressing the gathering, Gokarn spoke about the need for better regulatory mechanism in the financial services space so that another global financial crisis could be averted.