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  India   All India  02 Jan 2019  Cabinet clears merger of Dena Bank, Vijaya Bank with Bank of Baroda

Cabinet clears merger of Dena Bank, Vijaya Bank with Bank of Baroda

PTI
Published : Jan 2, 2019, 6:13 pm IST
Updated : Jan 2, 2019, 6:13 pm IST

With the merger, Bank of Baroda will become third largest bank after State Bank of India and ICICI Bank.

The merger has been designed to make Bank of Baroda as merged entity, a globally competitive lender, Ravi Shankar Prasad said. (Photo: File)
 The merger has been designed to make Bank of Baroda as merged entity, a globally competitive lender, Ravi Shankar Prasad said. (Photo: File)

New Delhi: The government on Wednesday approved the merger of Dena Bank and Vijaya Bank with Bank of Baroda (BoB) to make it a globally competitive lender.

With the merger, BoB will become the third largest bank after State Bank of India and ICICI Bank.

 

"There will be no impact on the service conditions of the employees and there will be no retrenchment following the merger," Union Law Minister Ravi Shankar Prasad told reporters about decisions taken by the Union Cabinet.

The merger has been designed to make BoB as merged entity, a globally competitive lender, Prasad added.

Tags: dena bank, vijaya bank, bank of baroda
Location: India, Delhi, New Delhi