Dena Bank headquartered in Mumbai and Karnataka’s Vijaya Bank will be merged with Gujarat based Bank of Baroda following approval from the Government on 02.01.2019. This merger will make the Bank of Baroda the third largest bank in the country.
Addressing the media Union Law Minister Ravi Shankar Prasad said “there will be no impact on the service conditions of the employees and there will be no retrenchment following the merger” Bank of Baroda will now be only towered by SBI and ICICI Bank.
This is the first ever three-way merging of banks in Indian Banking history. When the stocks were closed on 02.01.2019, the value of single share of Vijaya Bank was Rs. 51.05, Dena Bank’s was Rs.17.95 and Bank of Baroda’s was Rs. 119.40