Union Bank Mulls Mutual Fund Entry

Mumbai: Union Bank of India is eyeing to foray the mutual fund business and is likely to declare a partner by the end of this fiscal. The partner is likely to be a foreign partner, but the shareholding pattern is yet to be finalised. Details of the bank's joint venture for life insurance with Bank of India and Dai Ichi Mutual Life Insurance would also be declared in less than a month. The bank has headroom to mop up Rs 400 crore of Tier-I capital through perpetual debt, but has not decided if it would do so this fiscal.