Union Bank of India (UBI) has agreed to buy KBC Asset Management’s 49% stake in Union KBC Asset Management Company, the joint venture between both the firms and Union KBC Trustee company.
The financial terms of the deal, which is still subject to regulatory approval in India, have not been disclosed.
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Following the acquisition, both Union KBC Asset Management and Union KBC Trustee Company would become wholly owned subsidiaries of Union Bank of India, Union Bank said in a statement.
The transaction, which is subject to regulatory approvals, will have no impact on the joint venture’s client positions and product portfolio, the statement added.
KBC Group CEO Johan Thijs said: "This agreement fits in with KBC Asset Management’s strategic focus on KBC Group’s core markets and activities. I would like to thank our Indian clients, shareholders, staff and all other stakeholders for the trust they have placed in KBC and look back on an interesting period during which we were able to call upon our extensive know-how of the fund market to contribute to the development of a new Indian market player in fund management."
Union Bank of India chairman and managing director Arun Tiwari said the transaction reaffirms Union Bank’s vision to provide all financial solutions under one umbrella which apart from banking products and services includes life insurance products through its joint venture Star Union Dai-ichi Life Insurance Co and mutual fund products through Union KBC AMC to its customers.
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By GlobalDataTiwari added that his bank is committed to offering a portfolio of services to investors under its own brand.
