Leading public sector lender Union Bank of India will soon ink a Memorandum of Understanding (MoU) with KBC Management Services, a 100% subsidiary of KBC Group of Belgium.
 
The source close to the bank said that after signing the MoU at Mumbai, State-run Union Bank of India will be the owner of 51% partnership while 49% will be owned by KBC Management Services.

KBC asset management has deep rooted presence in central eastern Europe and Belgium.

Recently, the bank has formed alliance with Wealth Advisors, with the target to offer Wealth Management Services to about 600 customers by March 2009.
Union Bank has already formed joint venture with Bank of India and Japanese life insurance firm, Dai-Ichi, in which it acquires a 23 per cent stake.
Stock of Union Bank of India settled at Rs 134.15, up 0.11 per cent on National Stock Exchange.