Union Bank to enter MF biz

As part of its ‘Vision 2012’ programme, Union Bank of India is planning to diversify into mutual fund business and will also explore the possibility of entering the venture capital arena. Mr M.V. Nair, Chairman and Managing Director of the bank, told newspersons that the meeting also decided to look for a partner to get into credit card business. The ‘Vision 2012’ is aimed at making Union Bank of India one of the three largest banks in the country and also becoming a global player with its presence in at least 20 countries. As of now, the bank has a branch in Shanghai in China and a representative office in Abu Dhabi. These apart, a full-fledged branch will be opened in Hong Kong in February next year. The bank would choose ‘hot growth spots’ for locating its overseas branches. He said that the bank would recruit another 16,000 employees over the next four years to support its diversification plans as also keeping in view the tremendous growth expected in the financial sector.