United Bank of India (UBI) has entered into an agreement with Shriram Automall India (SAMIL) for the disposal of all types of vehicles seized in NPA accounts.

SAMIL will provide parking, refurbishing, auction & transfer facilities for the seized vehicles. The agreement was signed at Bank's head office in presence of GM Recovery, UBI, Rathin Dey and Phalguni Hari Pillai, GM Business Development, SAMIL.

Sameer Malhotra, CEO, SAMIL quoted, ''We are gradually heading towards a strong presence within the banking sector. At this initial phase of our tie-up with United Bank of India, we have promised regular physical bidding events across our 50 well-structured Automalls. We aim at serving the bank with our specialised approach in the business of pre-owned vehicles and equipment.  We expect a good business from United Bank of India having more than 2000 branches and 35 regional offices with pan India presence.''

''We are looking forward to this association with a strong belief in extracting maximum value for seized vehicles in NPA accounts through the services of SAMIL. Our huge variety of vehicles available for seizure and consequent sale include Trucks, Tractors, Tempos & personal cars and it matches extremely well with the Company’s organised services in the widest portfolio of pre-owned vehicles and equipment,'' states Rathin Dey, GM, UBI.

Shares of the bank declined Rs 0.45, or 1.61%, to settle at Rs 27.45. The total volume of shares traded was 41,442 at the BSE (Monday).