Union Bank of India green-lights foreign investment in UAMC

Banking sector player Union Bank of India’s board has approved investments by foreign investors in Union Asset Management Company, which is a wholly-owned subsidiary of the bank and the asset management company for Union Mutual Fund.
 
Meanwhile, the stock on the BSE traded lower by 4.39% at Rs 128.55 per share. On the NSE it attracted a total traded volume of 51,83,873 shares and a traded value of Rs 6,527.01 lakhs. On a yearly basis the stock has given 3.31% returns and underperformed the BSE Mid-Cap index and the BSE Bankex index.
 
The company has delivered growth of 9.20% over the past five years. It has had a return on equity of 6.40% for the last three years.