Union Bank of India plans to commence its asset management joint venture operations in the first quarter of next financial year, according to Executive Director S. C. Kalia. Mr. Kalia said the bank had already received SEBI approval for the joint venture — Union KBC Asset Management Company — with KBC Asset Management.
The bank has a stake of 51 per cent and KBC 49 per cent in this joint venture.
KBC Asset Management is a 100 per cent subsidiary of the KBC group and a leading Belgian asset manager with operations around the world.
Mr. Kalia was here in connection with the opening of the bank’s branch in Guduvancherry near here. He said the new branch was the 178th in Tamil Nadu.
The Executive Director said the bank, as on date, had a business mix of Rs. 11,741 crore in Tamil Nadu. Total deposits were Rs. 5,158 crore and advances Rs. 6,583 crore. Rural and semi urban branches contributed 29.12 per cent of the bank’s business in the State. The target was to reach a business mix of Rs. 14,859 crore in the State by March 2010, he said.
The bank, which had opened 290 branches during the year, plans to open 210 more branches across the country by December 2010.
Mr. Kalia said the bank’s domestic business was expected to touch Rs. 3 lakh crore-mark by March 31, 2010.
