Leading public sector bank Union Bank of India (UBI) has proposed to sign a MoU with KBC Management Services, a 100 per cent subsidiary of KBC Group, Belgium.
"We propose to sign a MoU with them after getting approval from our shareholders...It is in the initial stage" Union Bank of India, General Manager B L Javeri said.
The proposal may take two to three weeks from now as UBI has to get the nod from Sebi.
After signing the MoU at Mumbai, the Bank would have 51 per cent partnership while 49 per cent will be with KBC Management Services, he said.
Javeri was here for the official launch of UBIs Wealth Management Services to High Net Worth clients.
He said UBI has tied up with Wealth Advisors (India) Pvt Ltd on August 18 at Bangalore to offer Wealth Management Services.
Through the partnership, UBI has set a target of offering the service to about 600 customers by March 2009, he said.
"The solutions proposed will integrate Income and Asset Protection (Insurance), as well as Wealth Creation and Preservation (Financial Planning, Asset allocation and investment management) which will facilitate in growing, preserving and transferring individuals' wealth," Javeri said.
Wealth Advisors (India) Pvt Ltd Chief Executive Officer V Mahadevan said they saw a great potential for such specialised offerings, with the emergence of diversified asset classes and significant growth in wealth formation.
