Vijaya Bank, Dena Bank become part of Bank of Baroda
1st Apr 2019

Vijaya Bank and Dena Bank have merged with Bank of Baroda (BoB) from April 1 to create the third-largest lender of the country. As a result, branches of Vijaya Bank and Dena Bank will function as BoB outlets from April 1 onwards. Customers including depositors of Vijaya Bank and Dena Bank will be treated as customers of Bank of Baroda with effect from April 1, 2019.

According to the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held. In the case of Dena Bank, its shareholders will get 110 shares of BoB for every 1,000 shares. To make merger a smooth affair, the government last week decided to infuse Rs 5,042 crore in BoB to enhance its capital base to meet additional expense.

Vijaya Bank is a public sector bank. The Bank offers various financial products and services, such as deposit products, loans and advances, card services, remittances and collection, and non-resident Indian (NRI) services.