MUMBAI: Union Bank of India is all set to enter into three new business - general insurance, credit cards and private equity.

One of the largest state run banks in India Union Bank, is currently managed by Mr. M.V. Nair. Speaking to the media Mr. Nair said "After we finalize our life insurance venture, we will take up the mutual fund business - for which we are already speaking to a couple of foreign companies for a joint venture. We'll then look into entering businesses like general insurance, private equity and credit cards."

General insurance includes all insurance verticals like car, health, property, travel insurance, etc except life insurance. 

For its insurance segment Union Bank of India has tied up with Japanese insurance major Dai-ichi Mutual Life Insurance. This joint venture has three share holders with Bank of India having a 51% share followed by Dai-ichi having 26% and the remaining 23% is with Union Bank of India.

While Union Bank of India plans to enter into the general insurance segment in financial year 2008-09; no such timeframes for entering the credit card and private equity segments have yet been finalized.