They said the Central Bank (CB) has given approval to purchase a stake above the maximum threshold limit of 10 per cent. The acquisition is to be done through a share issue, they added.
TPG, with a US$70 billion balance sheet, completed its due diligence pertaining to their ‘indication of interest’ in the Union Bank recently, sources close to the deal said. The TPG interest in the bank was reported earlier by the Business Times.
Union Bank, which has 77 per cent in UB Finance, isn’t planning to sell the finance company but will go public with this company as per CB guidelines in the short term, an official said.