Joint Venture – Union KBC Asset Management Company.

In order to enter the Mutual Fund Product space in a meaningful way, Union Bank of India has tied up with KBC, Belgium to setup a joint venture for Mutual Fund Products -- Union KBC Asset Management Company Ltd.

The Company has an authorized capital of Rs. 100.00 Crores, with Reserves of Rs 25 crores. Union Bank of India has a capital stake of 51%, and KBC has the remaining 49%.

The inherent strengths of Union Bank, coupled with KBC Belgium’s strong domain expertise, is expected to lead to Union KBC becoming a strong player in the Mutual Fund Products market in a short time.