The Bank will have a 49 per cent stake in its financial services subsidiary, while 26 per cent would be held by a foreign partner and the remaining 25 per cent will be with domestic partners, typically corporate houses. UCO Bank has appointed Ernst & Young as a consultant to help in scouting for the foreign partner.
It will work in the areas of non-bank financial activities, loan syndication, insurance and mutual fund sales.Mutual fund or insurance selling are specialised activities, and the reason behind floating this subsidiary, said SK Goel, chairman and managing director of UCO Bank.
The Bank has set a profit target of Rs750 crore for FY09 and has provisioned for Rs150 crore for mark to market losses in the first quarter of the current fiscal.
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