Union Bank of India Bought Stakes in Two Joint Ventures

Union Bank of India has finished acquiring 49 per cent shareholding in Union KBC Asset Management Company and Union KBC Trustee Company from KBC Participants Renta and its affiliates.  On September 20, the state run bank said in a filling that it has completed the acquisition of 49 % shareholding of Union KBC Asset Management Company Pvt Ltd and Union KBC Trustee Company Pvt Ltd from KBC Participants Renta SA and its affiliates (KBC Asset Management NV).

Because of the mentioned acquisition, Union KBC Asset Management Company and Union KBC Trustee Company turned to be a become wholly-owned subsidiaries of the bank, it further added.As of 21^st Sept. Union Bank of India share price settled above 0.04% at Rs. 141.50.

Union KBC Asset Management and Union KBC Trustee Company were joint ventures between Union Bank of India and KBC Asset Management NV with 51 per cent and 49 per cent holding, respectively. In August 2015, the board of directors of Union Bank of India had approved purchase of 49 per cent stake in Union KBC Asset Management and Union KBC Trustee Company from KBC Participations Renta, a group company of KBC Asset Management NV, a shareholder of these companies.

Union Bank of India is among the top 500 performing stocks for this quarter, out of the 1700 stocks listed on NSE, as analyzed by Dynamic Levels’ analysts.On 22^nd Sept, Union Bank of India share price opened at Rs. 145 and is quoting above 3 per cent  at Rs. 145.15.Within the next minutes after the trading session commenced around 59,465 shares exchanged hands against its against its average volume for 20 days which stands at 4545923.The scrip touched its 52-week high value at Rs. 188.60 on 9^th Oct ‘15 whereas the 52 week low value stands at Rs. 104.00 on 29^th Feb ‘16.