State Bank of India (SBI), India’s largest public sector bank, has reportedly initiated a process to acquire UTI Mutual Fund.
SBI, which already owns a 18.5% stake in UTI Mutual Fund, plans to merge the UTI Mutual Fund with its asset management arm SBI Mutual Fund, The Economic Times has reported.
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SBI had made the proposal to the department of financial services, which in turn has been forwarded to the department of economic affairs for consideration, unidentified source told the publication.
Sources also said that the proposal is in its initial stage and there has been some preliminary discussion.
The combined entity will have assets under management of INR1.6trn and will create India’s biggest mutual fund by assets.
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