"We and KBC Asset Management NV have reached an agreement on the sale of KBC Asset Management's 49 per cent stake in Union KBC Asset Management to the bank," Union Bank said in a statement today.
The transaction, which is subject to regulatory approval, will have no impact on the joint venture's client positions and product portfolio, it said.
"This transaction reaffirms our vision to provide all financial solutions under one umbrella which apart from banking products and services also includes life insurance products through our joint venture Star Union Dai-ichi Life Insurance and mutual fund products through Union KBC AMC to our customers," the bank's chairman and MD Arun Tiwari said.