Union Bank of India would soon set up its asset management company with a Belgian firm, a top official of the Bank said here today.

“The process of establishing the asset management company is in an advanced stage. The new company will soon be incorporated. We are working out the business plan. It might happen early next year”, the Bank’ Executive Director, S.C. Kalia told reporters here.

The bank would soon launch its second phase of Nav Nirman to achieve the target of becoming one of the top three public sector banks in the country by 2012, he said.

Kalia said the bank is targeting to achieve Rs.2,85,000 crore business by March next.

The operating profit of the bank stood at Rs.810 crore and net profit Rs.505 crore as on September 30, 2009.

The bank has an ambitious expansion plan of opening 500 more outlets across the country and also to enhance its global footprint, Kalia said.

The bank has the lone overseas branch in Hong Kong now.