Union Bank of India to buy partner KBC Asset Management’s 49% stake in two JVs

Visual from Union Bank website

Union Bank of India is acquiring its partner KBC Asset Management’s 49% stake in two joint ventures – Union KBC Asset Management Co. Pvt. Ltd. and Union KBC Trustee Company Private Ltd, the bank disclosed in a BSE filing on Monday.

The deal size was, however, not disclosed.

The board of directors of Union Bank of India in its meeting held on August 26, 2015 has approved in principle subject to regulatory approvals the purchase of 49% 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 the said companies, the statement said.

Union Bank forayed into mutual fund business by establishing these two joint ventures with KBC Participations Renta in 2009. Union Bank of India and KBC Participations Renta were so far holding 51% and 49% stake, respectively, in the two ventures.

Post acquisition, both Union KBC Asset Management and Union KBC Trustee Company would become wholly owned subsidiaries of Union Bank of India, the statement said.

Union Bank of India is one of largest state-owned banks in India with the presence in segments including treasury operations, retail banking operations, corporate wholesale banking, among others.

The bank’s shares traded up 4.83% to Rs 182.35 at 16.00 IST on BSE on Monday.

Also Read: India’s IDFC Bank eyes $2b rural banking portfolio in five years

 RBS to exit India private banking business in management buyout

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.