BoB now India’s third-largest lender as Dena, Vijaya merger becomes effective from April 01
- From April 01, 2019 all branches of Vijaya Bank and Dena Bank will function as branches of Bank of Baroda. The amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda will be effective from April 01, 2019.
- With this amalgamation, Bank of Baroda will become the third largest bank in the India after State Bank of India and HDFC Bank.
- The main points to remember from exam point of view regarding this amalgamation is listed below:
- No. of branches: 9,500 +,
- No. of ATMs: 13,400 +,
- No. of employees- 85,000 +
- Customer base: 12 crore +
- After the amalgamation, the bank will have a business mix of Rs 15 lakh crore of balance sheet, with deposits and advances of Rs 8.75 lakh crore and Rs 6.25 lakh crore, respectively.
- According to the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held, while the shareholders of Dena Bank will get 110 shares of BoB for every 1,000 shares held.
Points to remember:
During the time of the merger of SBI associate banks with SBI, a lot of questions related to the merger were asked. Like no. of branches, ATMs, etc. So remember all these things related to the amalgamation of Vijaya and Dena Bank with BoB, mentioned in this post for upcoming exams