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As per the proposal made by the government of India earlier this month, the Boards of Vijaya Bank and Bank of Baroda (BoB) gave in-principle approvals for the amalgamation with Mumbai headquartered lender Dena Bank. This move would create the second largest entity in the PSU banking space after State Bank of India (SBI).
Earlier on 17th September 2018, the government announced the merger of Bank of Baroda, Vijaya Bank and Dena Bank to create India’s second-largest public sector bank by assets and branches. Dena
bank already gave it's stamp of approval on the three-way bank merger immediately after the announcement.
bank already gave it's stamp of approval on the three-way bank merger immediately after the announcement.
The government owns majority stakes in 21 lenders, which account for more than two-thirds of banking assets in the Asia's third biggest economy.
In April 2017, State Bank had merged with itself five of its subsidiary banks and took over Bharatiya Mahila Bank, catapulting it among the top 50 global lenders with over $550 billion in combined assets.Post-merger, the asset size of the new entity would be over Rs 14.5 lakh crore. After the merger of BoB, Vijaya Bank and Dena Bank, the number of public sector banks will come down to 19.
Important Points to Note :
- The merged entity will make the 3rd largest lender of the country after State Bank of India and the HDFC Bank the 2nd largest Public Sector lender after State Bank of India (SBI).
- The Indian government is also planning to merge 3 more PSUs Andhra Bank, Punjab National Bank and Oriental Bank of Commerce (OBC) by 1st April 2019.
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