Union Bank to Place Loans Worth Rs. 5,900 Cr for Sale
Public sector Union Bank of India (UBI) has decided to sell its top 26 bad loans amounting to Rs. 5,900 crores via auction. These accounts are from some of the biggest metal and power companies such as Alok Industries, Prayagraj Power, Lavasa Corporation, etc.
Rajkiran Rai, CEO, UBI said that these accounts are the ones for which the bank has made considerable provisioning which is why it’s in its best interest to sell these off.
UBI will conduct an online auction on March 15 and has invited bids from asset reconstruction companies (ARCs) already.