CCI okays Union Bank's 49% stake buy in Union KBC AMC

The Competition Commission has approved the state-run Union Bank of India's proposed acquisition of 49 per cent stake in Union KBC Asset Management Company (AMC), said the media report.

 The fair trade regulator, which keeps a tab on unfair business practices across sectors, has approved the acquisition as the deal may not have an adverse impact on competition in the country. 

Following the transaction, KBC Asset Management of Belgium has exited the Indian asset management business by selling its 49 per cent stake in mutual fund joint venture Union KBC AMC to Union Bank of India.

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