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Daijiworld Media Network - Mangaluru (ANK)

Mangaluru, Apr 1: Bank of Baroda is now the 2nd largest public sector bank on strength of power, after merging with Dena Bank and Vijaya Bank.

Addressing media here on April 1, deputy general manager Bank of Baroda Lalit Tyagi said," From April 1st, 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 banks in September 2018, the process has been completed in record time.”

“As per notification dated March 30th 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. Customers including depositors of Vijaya Bank and Dena Bank will be treated as customers of Bank of Baroda,” said Lalit Tyagi.

The consolidated bank will be the second largest public sector bank in the country. It will have wider geographical reach with 9,500 plus branches, 13,400 ATMs and 8,500 employees serving 120 million customers, business mix of 15 lac + crore with deposits and advances of 8.75 lac + crore and 6.25 lac + crore respectively, said Lalit Tyagi.

General Manager erstwhile Vijaya Bank Sridhar Murthy, chief manager Dena Bank Nagaraju, assistant general manager erstwhile Vijaya Bank Rangaraju and others were present.