The Union Bank of India (UBI) would set up an asset management company in partnership with a Belgian firm early next year, a top official of the bank said on Saturday. "The process of establishing the asset management company is at an advance stage. The new company will soon be incorporated. We are working out the business plan. It might happen early next year," bank executive director S C Kalia told reporters here. Kalia said UBI would launch the second phase of its customercentric navnirman programme to become one of the top three public sector banks in the country by 2012. He said the bank was targeting to achieve Rs 2,85,000 crore business by March 2010. As on September 30, 2009, the operating profit of the bank stood at Rs 810 crore and net profit was at Rs 505 crore. The bank has an ambitious plan to open 500 more branches across the country and enhance its global footprints, he said. At present, the bank has only one overseas branch in Hong Kong.
Start Systematic withdrawal plan Online Although an SWP gives you regular income and saves on taxes in the long term, you cannot open an SWP on a scheme where you have an ongoing SIP iStockPhoto If you are planning to take a sabbatical from work or are retiring soon, you may be looking at different investment options that give a regular income. Usually, a lump sum is invested to get regular fixed amounts later. Popular products include post office monthly income scheme, Senior Citizens' Savings Scheme and monthly income plans (MIPs). A lesser known option is the systematic withdrawal plan (SWP) in mutual funds. Recently, some funds have even removed the exit load on SWPs if you were to withdraw up to 15-20% in the first year, to encourage people who want to start investing in this instrument. Here is a look at what an SWP is. WHAT IS SWP? Many of us would be familiar with a systematic investment plan (SIP ), where a corpus ...
