PUNE: 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.
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 effect from
said date.
The consolidated bank will be the second largest
public sector bank in the country. It will have a wider geographical
reach with 9,500+ branches, 13400+ ATMs, 85,000+ employees serving 120 million+
customers and business mix of INR 15 lakh+ crore with deposits and advances of
INR 8.75 lakh+ crore, and INR 6.25 lakh+ crore, respectively.
The customers of all three banks stand to benefit in
the process. The 120+ million customers will experience superior banking services
and benefit from wider product range including cash management solution, supply
chain financing, financial planning, wealth management services etc. These
benefits will be supplemented by increased number of touch points numbering
22,000+ with enhanced geographical reach. The NRI customers of the three banks will
now have access to a larger network in India. The Centers of Excellence in
Analytics & Artificial Intelligence and Technology of Bank ofBaroda would
enable improved processes and increased cross selling.
Commenting
on the occasion, P.S. Jayakumar, MD & CEO, Bank of Baroda,
said, “We would work for the success of
amalgamation by effective execution of all the activities to build a
stronger organization and collectively deliver more to the stake holders
than that of sum of individual entities. The diverse bouquet of products from
the three banks, substantial investments made in technology and Centre of
Excellence on Analytics & AI and Technology will help in
benefiting a wider customer base. The customers of Dena Bank will
be able to avail credit facilities immediately. We would use
this unique opportunity to leverage upon the rich legacy of
three banks to build a modern and world-class banking institution for
our customers, employees, partners, and other stakeholders. I thank Mr. Sankara
Narayanan and Mr. Karnam Sekar, MD& CEOs of the two amalgamating banks,
for facilitating the seamless and frictionless transition.”
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