Union Bank to set up asset mgt co with Belgian firm

Union Bank to set up asset mgt co with Belgian firm

Bangalore: The Union Bank of India would set up an asset management company in partnership with a Belgian firm early next year, a top official of the Bank said on Saturday.

“The process of establishing the asset management company is at an advance stage. The new company will soon be incorporated. We are working out the business plan. It might happen early next year", bank executive director S C Kalia told reporters in Bangalore.

Kalia said UBI would launch the second phase of its customer-centric Navnirman programme to become one of the top three public sector banks in the country by 2012.

He said the bank was targeting to achieve Rs2,85,000 crore business by March 2010.

As on 30 September, 2009, the operating profit of the bank stood at Rs810 crore and net profit at Rs505 crore.

The bank has an ambitious plan to open 500 more branches across the country and enhance its global footprint, he said.

At present, the bank has only one overseas branch in Hong Kong.