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The Unit Trust of India (UTI) is planning to invite strategic partners for equity participation in UTI Bank, according to chairman P S Subramanyam.

UTI is also likely to consider taking over other banks to expand the size of UTI Bank in the shortest possible time. The moves are part of a plan to put the private sector bank on a high growth path.

"We will draw a path of accelerated growth for the bank through various means. For this, we are looking at inviting participation from strategic partners," Subramanyam told Business Standard.

He said preliminary talks had been held with the interested parties but a shortlist would be made once P J Nayak took over as the new chairman and managing director of UTI Bank.

Subramanyam said the stake to be offered to the strategic partner was yet to be decided. "The size would depend on how much interest the strategic partner shows in the business," he said.

Subramanyam said that he did not rule out such possibilities, but any plan would only be finalised after the new CMD, P J Nayak, the current executive trustee of UTI, took over.

He said that the board of UTI Bank and the Reserve Bank of India had already approved Nayak's appointment as the new head of UTI Bank. However, it could not be confirmed when Nayak would take over his new post. LE>