State-run Union Bank of India today said it is buying 49 per cent stake of KBC Asset Management in Union KBC Asset Management, the joint venture between both the companies and Union KBC Trustee company.
"We and KBC Asset Management NV have reached an agreement on the sale of KBC Asset Management's 49 per cent stake in Union KBC Asset Management to the bank," Union Bank said in a statement today.
The transaction, which is subject to regulatory approval, will have no impact on the joint venture's client positions and product portfolio, it said.
"This transaction reaffirms our vision to provide all financial solutions under one umbrella which apart from banking products and services also includes life insurance products through our joint venture Star Union Dai-ichi Life Insurance and mutual fund products through Union KBC AMC to our customers," the bank's chairman and MD Arun Tiwari said.
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".
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