Strategy
Union Bank Of India Plans Expansion, Mulls Entry Into Wealth Management
Union Bank of India, a state-owned entity, is mulling plans
to venture into the wealth management industry in an attempt to
increase revenue from fee-based transactions, media reports
show
The decision follows on the approval the Securities & Exchange
Board of India granted recently for the bank to launch a mutual
fund business in the country.
In an interview with the Press Trust of India,
MV Nair, chairman and managing director of Union Bank,
reportedly said that the search for a foreign partner to launch
the new wealth arm will take place after arrangements for its new
asset management unit are completed, possibly after the next five
to six months.
The bank is also reportedly planning to expand to other
countries, starting with a branch in Antwerp, Belgium and in
Sydney, Australia, in addition to a new subsidiary in London. At
present, Union Bank of India has a representative office in
Sydney and London, and a full-fledged branch in Hong Kong.
The Reserve Bank of India has already given its go-ahead for the
expansion.
