UNION BANK PLANS ENTRY INTO WEALTH MANAGEMENT BUSINESS

Union Bank of India plans to enter the wealth management business in partnership with a foreign player to increase its fee-based income, after recently receiving Sebi nod for entering into the mutual fund sector.

"Once the asset management business is in place, we will start the process of looking for the internationally reputed player for our proposed wealth management business," Union Bank of India Chairman and Managing Director M V Nair told PTI.

SOURCE: http://articles.economictimes.indiatimes.com/2011-03-27/news/29194775_1_wealth-management-business-kbc-asset-management-union-bank