India: United Western looking for foreign equity partner.

MUMBAI, May 16. UNITED Western Bank Ltd, the Satara-based old private sector bank, has given the mandate to KPMG to identify a foreign equity partner, preferably from Europe. "The plan is to allot 20 per cent of the equity to the identified bank at a negotiable price," said Mr. P.N. Joshi, Chairman and Chief Executive Officer, United Western Bank.

The mandate also says that the foreign partner will have a strategic alliance for business development, particularly in forex operations and also provide technological support to the bank. According to Mr. Joshi, the entire process should be through in four months.

Speaking to Business Line, he said the bank is …