Dena Bank, Vijaya Bank merge with BOB | Top News

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. The official statement by the government states that the merger will come into force on April 1, 2019. Earlier, the government in September last year had announced merger of state-owned Vijaya Bank and Dena Bank, with larger peer Bank of Baroda, aiming to create the third largest lender after SBI and ICICI Bank.

With the merger, BoB will become the third largest bank after State Bank of India and ICICI Bank. It is reported that the employees of Dena Bank, Vijaya Bank will now automatically come under BOB.