Comments
Union Bank of India’s board of directors on Thursday gave ‘in-principle’ approval to induct Dai-ichi Life Holdings’ group company Asset Management One Company as a strategic partner in Union Asset Management Company Pvt Ltd (Union AMC).
Rajkiran Rai G, MD & CEO, Union Bank of India, said the foreign partner will own 40 per cent stake in Union AMC.
He emphasised that the proceeds of the transaction, which will be through fresh issuance of shares, will accrue to the company and is not intended to shore up the bank’s capital.
Union AMC, which had an average AUM of ₹3,767 crore in the April-June 2017 quarter, is currently a wholly-owned subsidiary of Union Bank of India (UBI).
Dai-ichi Life Insurance has a three-way life insurance joint venture with Bank of India and UBI. While the Japanese life insurer holds 45.94 stake in Star Union Dai-ichi Life Insurance, BoI and UBI hold 28.96 per cent and 25.10 per cent stakes, respectively.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.