Union Bank to select foreign ally for AMC

Union Bank of India will finalise a foreign partner for setting up an asset management company in the next six months. The bank is currently close to firming up the arrangement for its insurance venture with Bank of India and Dai-Ichi Mutual Life Insurance Company.

"Now that our insurance venture is in the final stages, we are focusing on establishing an AMC in collaboration with a foreign partner. We are in discussions with prospective partners and expect to firm up the arrangement in the next six months," said MV Nair, chairman and managing director, Union Bank of India.

The bank will hold 23 per cent in the insurance business, with Bank of India and Dai-Ichi having a 51 per cent and 26 per cent stake, respectively.