State-owned Union Bank has completed the acquisition of 49 per cent shareholding in Union KBC Asset Management Company and Union KBC Trustee Company from KBC Participants Renta and its affiliates.
"Union Bank of India has completed the acquisition of 49 per cent shareholding of Union KBC Asset Management Company Pvt Ltd and Union KBC Trustee Company Pvt Ltd from KBC Participants Renta SA and its affiliates (KBC Asset Management NV) on September 20," Union Bank said in a regulatory filing.
As a result of the aforesaid acquisition, the Union KBC Asset Management Company and Union KBC Trustee Company have become wholly owned subsidiaries of the bank, it added.
Union KBC Asset Management and Union KBC Trustee Company were joint ventures between Union Bank of India and KBC Asset Management NV with 51 per cent and 49 per cent holding, respectively.
In August 2015, the board of directors of Union Bank had approved purchase of 49 per cent stake in Union KBC Asset Management and Union KBC Trustee Company from KBC Participations Renta, a group company of KBC Asset Management NV, a shareholder of these companies.
The stock of Union Bank closed 0.07 per cent down at Rs 141.40 on BSE today.
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