Union Cabinet clears merger of Dena Bank and Vijaya Bank with Bank of Baroda

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

The Bank of Baroda headquarters in Mumbai. File

The Union government on January 2 approved the merger of Dena Bank and Vijaya Bank with Bank of Baroda (BoB).

With the merger, BoB will become the country’s 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 the decisions taken by the Union Cabinet.

The merger had been designed to make BoB as merged entity, a globally competitive lender, Mr. Prasad said.