Union Bank of India to acquire 9% stake in NARCL

Union Bank of India (UBI) is planning to acquire stake in the National Asset Reconstruction Company (NARCL) and has identified Non Performing Assets (NPAs) worth Rs 7,800 crore to be transferred to the proposed bad bank for resolution. Bad bank refers to a financial institution that takes over bad assets of lenders and undertakes resolution.

The bank will take nine per cent stake in NARCL and have identified NPAs worth Rs 7800 crore to be transferred in NARCL.

Union Bank of India is one of the largest government-owned banks of India. The Bank offers products and services in three categories - Deposits, Loans and Advances, and Remittances & Collections.