Government announces amalgamation of 3 banks!
Three banks merger to be India’s third largest bank Bank of Baroda, Vijaya Bank and Dena Bank may consider The Alternative Mechanism comprising of its Chairperson, the Union Finance Minister Shri Arun Jaitley and Cabinet Ministers, Shri Piyush Goyal and Ms. Nirmala Sitharaman met here today in New Delhi and decided that Bank of Baroda, Vijaya Bank and Dena Bank may consider amalgamation of the three banks. The envisaged amalgamation will be the First-ever three-way consolidation of banks in India, with a combined business of Rs. 14.82 lakh crore, making it India’s Third Largest Bank. The consolidation will help create a strong globally competitive bank with economies of scale and enable realisation of wide-ranging synergies. Leveraging of networks, low-cost deposits and subsidiaries of the three banks has the potential of yielding significant synergies for positioning the consolidated entity for substantial rise in customer base, market reach, operational efficien