The public sector bank, however, did not disclose the deal size.
The joint venture was established between both companies in 2009.
In the July-September 2015 quarter, Union KBC Asset Management had average assets under management aggregating Rs. 2,672 crore.
Union Bank, in a statement, said the transaction, which is subject to regulatory approval, will have no impact on the joint venture’s client positions and product portfolio.
Arun Tiwari, Chairman & Managing Director of Union Bank of India, said this transaction reaffirms Union Bank’s vision to provide all financial solutions under one umbrella, which apart from banking products and services, also includes life insurance products through its joint venture Star Union Dai-ichi Life Insurance Co Ltd. and mutual fund products through Union KBC AMC to its customers.
Tiwari said his bank is committed towards offering portfolio of services to the investors under its own brand.
Source : Thehindubusinessline