Union Bank of India (UBI), has chosen Belgium-based KBC group to partner it in its mutual funds business.
UBI will appoint a consultant for its asset management business by January 7, for which it is currently in talks with three players — Ernst & Young, DSP Merrill Lynch and KPMG, Union Bank Chairman & Managing Director, M V Nair said. “After assessing both the companies (BBVA of Spain & KBC), we have decided to partner with KBC for our MF business. The partner will be officially announced shortly,”Mr  Nair told PTI.

The bank will have a 51-per cent stake in the JV, Mr Nair said, adding that the venture is expected to get functional in the next 6-7 months.