From April 1, 2019, the amalgamation of Bank of Baroda, Vijaya Bank and Dena Bank comes into effect to create India’s second largest public sector bank. Since the time, the ‘in-principle’ approval to the amalgamation was granted by the boards of the three banks in end-September 2018, the process has been completed in record time.
The officials of three banks told mediapersons here on Monday that as per notification, dated March 30, 2019, by Reserve Bank of India, all branches of Vijaya Bank and Dena Bank will function as branches of Bank of Baroda from April 1, 2019. Customers, including depositors of Vijaya Bank and Dena Bank will be treated as customers of Bank of Baroda with immediate effect.Those present at the press conference were-DGM of Dena Bank, Ashok Khatri, GM of Bank of Baroda, Jayesh Mehta, and DGM of Vijaya Bank Sanjeev Menon.
They informed that the consolidated bank will be the second largest public sector bank in the country. It will have a wider geographical reach with over 9,500 branches, over 13,400 ATMs, over 85,000 employees serving 120 million customers and business mix of Rs 15 lakh+ crore with deposits and advances of Rs 8.75 lakh crore, and Rs 6.25 lakh+ crore, respectively.
The Bank plans to build upon the strengths of the three banks, their synergies and scale up the operations by deepening relations with a wider customer base.
The complementary branch presence will add to the network in western and southern States–Maharashtra, Gujarat, Kerala, Tamil Nadu, Karnataka and Andhra Pradesh.
The Bank will have a 22% market share in Gujarat and between 8-10 per cent market share in key States of Maharashtra, Karnataka, Rajasthan and Uttar Pradesh.