ITANAGAR, Apr 2: Dena Bank and Vijaya Bank have merged with the Bank of Baroda (BoB), making the merged entity the second largest public sector lender in India from 1 April.
All branches of Dena Bank and Vijaya Bank will henceforth function as branches of the BoB.
Commenting on the amalgamation, BoB MD PS Jayakumar said, “The amalgamated entity will contribute significantly to the economic development of the nation, bringing financial inclusion to the masses while delivering significant returns to shareholders and funding growth through internal accruals.”
“The amalgamated bank will be the second-largest public sector bank in the country. The amalgamated entity will have a wider geographical reach with 9,500+ branches, 13400+ ATMs, and 85,000+ employees serving 120 million+ customers, and having assets of Rs 10 lakh+ crore, with deposits and advances of Rs 8.75 lakh+ crore, and Rs 6.25 lakh+ crore respectively,” he said.
Jayakumar said Vijaya Bank and Dena Bank customers will continue to get the banking services with the same account numbers, passbooks, cheque books, ATM, debit and credit cards, and internet and mobile banking application.
“As for BoB customers, the only change that our customers will experience is an enhanced experience with additional touch points, expanded distribution network and stronger supply chain,” he said.