Cabinet approved for merge Vijaya Bank and Dena Bank with Gujarath Based Bank of Baroda

After the merger of the State Bank groups. The government has approved to merge Vijaya Bank and Dena Bank with Bank of Baroda. After the merger process, the Bank of Baroda  becomes the third largest bank in India. 

Union Cabinet approves the First-ever three way merger in Indian Banking with amalgamation of Vijaya Bank, Dena Bank and Bank of Baroda; For full details, please log on to: https://t.co/AVlgh2ajoN

— Ministry of Finance (@FinMinIndia) January 2, 2019

Bank of Baroda will take over all businesses, assets, rights, other privileges and all property, borrowings, liabilities and obligations of the Vijaya and Dena Banks. Bank of Baroda has more lending power  than Vijaya and Dena banks. Currently ICICI Bank is the third largest bank after State Bank of India and HDFC bank. 

After complete the consolidation process  Bank of Baroda would be third largest commercial banks in India. All the employees of Dena Bank and Vijaya Bank will automatically come under Bank of Baroda. The amalgamation will help create a strong globally competitive bank with economies of scale and enable realisation of wide-ranging synergies.