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UBI explores mutual funds after insurance

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Union Bank of India a leading lending unit of the country is now making their move into the mutual funds. Initially the lending unit was associated with the global insurance service with Daiichi now they are in full motion to step into the mutual funds partnered with KBC group of Belgium as per the revealed sources cited at www.propertykhazana.com, where the UBI holds 51 percent stake. The entire process is almost completed and is waiting for the final nod of SEBI.
On a short note with www.propertykhazana.com the MD of the bank states that “currently we are planning to explore all the major sectors of the business and will make the bank one of the financial powerhouses in coming days”. Daiichi was the Japanese insurance partner of the bank and has launched around 10 products till today. After the few other lending units like State Bank of India, ICICI and HDFC, Union Bank of India is the new entry to the arena of mutual funds in the country.
Source reported at www.propertykhazana.com also reveals that UBI is on the sixth place among the Indian PSUs and has its influence in Star Union Daiichi which is making a better prospect in the market since last couple of months. “It might touch a new business premium around Rs 600 crore for the current financial year stated the head of the Bank, where the bank has an acquaintance of around 23 percent”. Further the MD says that, in order to increase the holding up to 26 percent, the bank will now reduce its stake of 51 percent to 48. For more and latest realty updates visit www.propertykhazana.com.
Source: NBTVLIVE

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