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Union Bank signs agreement to sell 40% of mutual fund biz to Japan’s Dai-ichi

An in principle agreement has been signed by the Union Bank of India with Japan based Dai-ichi Life insurance firm for selling 40 percent stake in the bank’s wholly owned asset management company.

Rajkiran Rai G, Managing Director and CEO of the bank has said that the board has given “approval to partner with Dai-ichi. The details are yet to worked out.”

He said that “We have to yet work out the details on pricing. The proceeds could go to the company as it would be fresh issuance of shares.”

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