Bank of Baroda, Vijaya Bank and Dena may consider their amalgamation
September 17, 2018
New Delhi:Government on Monday decided that the Bank of Baroda, Vijaya Bank and Dena may consider their amalgamation.
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 the country’s third largest bank, Union Finance Minister Arun Jaitley told a news conference here.
He said now the board of all these three banks would meet and chalk out a strategy in this regard.
The consolidation will help create a strong globally competitive bank with economies of scale and enable realisation of wide ranging synergies, he said.
The Alternative Mechanism chairperson Mr Jaitley, Cabinet Ministers – Piyush Goyal and Nirmala Sitharaman met today and took the decision in this regard.
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