UBI, KBC await Sebis nod

Chennai, Aug 26 | Updated: Aug 27 2008, 06:07am hrs
Leading public sector bank Union Bank of India has proposed to sign a MoU with KBC Management Services, a 100% subsidiary of KBC Group, Belgium.

We propose to sign a MoU with them after getting approval from our shareholders...it is in the initial stage, Union Bank of India, general manager BL Javeri said.

The proposal may take two to three weeks from now as UBI has to get the nod from SEBI. After signing the MoU at Mumbai, the Bank will have 51% partnership while 49% will be with KBC Management Services, he said.

Javeri was here for the official launch of UBIs Wealth Management Services to High Net Worth clients.

He said UBI has tied up with Wealth Advisors (India) Pvt Ltd on August 18 at Bangalore to offer Wealth Management Services.

Through the partnership, UBI has set a target of offering the service to about 600 customers by March 2009, he said.

The solutions proposed will integrate income and asset protection (insurance), as well as wealth creation and preservation (financial planning, asset allocation and investment management) which will facilitate in growing, preserving and transferring individuals' wealth, Javeri said.