Merger of Dena Bank and Vijaya Bank with Bank of Baroda: Here's all you need to know
The amalgamation would be the first-ever three-way consolidation of banks in India, with a combined business of Rs 14.82 lakh crore, making it the third largest bank after SBI and ICICI Bank.
Modi government on Wednesday approved the merger of Dena Bank and Vijaya Bank with Bank of Baroda. The merged entity would create the country's third largest lender. Besides, the boards of the three banks have also cleared the share-swap ratio for the proposed amalgamation.
The amalgamation would be the first-ever three-way consolidation of banks in India, with a combined business of Rs 14.82 lakh crore, making it the third largest bank after SBI and ICICI Bank.
It should also be noted that the merger of Dena Bank and Vijaya Bank with Bank of Baroda would also create the second largest public sector bank. Post this merger, the number of PSU banks will come down to 19.
But what will happen to the employees and the customers? Below wehave answered all the questions related to the latest development.