DT
PT
Subscribe To Print Edition About The Tribune Code Of Ethics Download App Advertise with us Classifieds
search-icon-img
search-icon-img
Advertisement

Bank of Baroda now second largest PSU bank after SBI

  • fb
  • twitter
  • whatsapp
  • whatsapp
Advertisement

New Delhi, April 1

Advertisement

Bank of Baroda (BoB) today became the second largest state-owned lender after merging Dena Bank and Vijaya Bank into itself as part of the first three-way amalgamation.

The consolidated entity started its operation with a business mix of over Rs 15 lakh crore of balance sheet, with deposits and advances of Rs 8.75 lakh crore and Rs 6.25 lakh crore, respectively.

Advertisement

BoB now has over 9,500 branches, 13,400 ATMs, 85,000 employees to serve 12 crore customers. Meanwhile, BoB completed share allotment to shareholders of Dena Bank and Vijaya Bank as per the scheme of amalgamation.

Shareholders of Vijaya Bank got 402 equity shares of BoB for every 1,000 shares held. In the case of Dena Bank, its shareholders received 110 shares of BoB for every 1,000 shares.

Advertisement

The bank today issued and allotted equity shares at approved share exchange ratio pursuant to ‘Amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda Scheme, 2019’, BoB said in a regulatory filing.

Post-amalgamation, the bank will have a 22% market share in Gujarat and 8-10% market share in Maharashtra, Karnataka, Rajasthan and Uttar Pradesh, the bank has said.

All customers of Dena Bank, which is under prompt corrective action (PCA) framework of the RBI, will have renewed access to credit facilities immediately.

The government in September last year announced 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 HDFC Bank.

The announcement of the three-way merger was among several reforms initiatives undertaken by Financial Services Secretary Rajiv Kumar to make public sector banks (PSBs) healthy, robust and globally competitive. — PTI

Three-way amalgamation 

  • The consolidated entity started its operation with a business mix of over Rs 15 lakh crore of balance sheet, with deposits and advances of Rs 8.75 lakh crore and Rs 6.25 lakh crore, respectively

  • The bank now has over 9,500 branches, 13,400 ATMs and 85,000 employees to cater to 12 crore customers

  • Shareholders of Vijaya Bank got 402 equity shares of BoB for every 1,000 shares held. In the case of Dena Bank, its shareholders received 110 shares of BoB for every 1,000 shares

.

Advertisement
Advertisement
Advertisement
tlbr_img1 Classifieds tlbr_img2 Videos tlbr_img3 Premium tlbr_img4 E-Paper tlbr_img5 Shorts