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regular-article-logo Saturday, 23 November 2024

Vijaya, Dena merger with Bank of Baroda complete

Combined entity has 8,248 branches, 10,318 ATMs in the country

Our Special Correspondent Mumbai Published 21.12.20, 01:36 AM
Vijaya Bank and Dena Bank got merged with BoB on April 1, 2019. As part of the process, more than 2,000 branches of Vijaya Bank and over 1,700 branches of Dena Bank were merged with the lender.

Vijaya Bank and Dena Bank got merged with BoB on April 1, 2019. As part of the process, more than 2,000 branches of Vijaya Bank and over 1,700 branches of Dena Bank were merged with the lender. Shutterstock

Bank of Baroda (BoB), the country’s third-largest public-sector bank (PSB) by assets, has completed the integration of 3,898 branches of erstwhile Vijaya Bank and Dena Bank with itself, the lender said on Sunday.

Vijaya Bank and Dena Bank got merged with BoB on April 1, 2019. As part of the process, more than 2,000 branches of Vijaya Bank and over 1,700 branches of Dena Bank were merged with the lender.

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BoB said it completed the integration of 1,770 erstwhile Dena Bank branches in this month. It had earlier finished the integration of 2,128 Vijaya Bank branches in September. With this, the integration of both the erstwhile banks with BoB stands completed much before the committed timeline, a statement from the PSU lender said.

The bank added that following the three-way merger, over five crore customer accounts were migrated to the bank.

In addition to branches, all ATMs, POS (point of sale) machines and credit cards have also been migrated.

The customers of the three banks will now have access to 8,248 domestic branches and 10,318 ATMs in the country along with BoB’s digital channels such as Baroda Connect and M-Connect Plus.

Customers whose accounts have been migrated can get information such as account number, IFSC code using any digital channels or call centre or any branch.

Debit cards already issued by the erstwhile banks will continue to function until their stipulated expiry.

“We have completed fully integration of erstwhile banks with the BoB amid the challenges faced under the Covid environment. With the successful integration, the bank is well poised to derive and consolidate the benefits arising from this amalgamation of the three banks, apart from driving synergies,” Sanjiv Chadha, MD & CEO, BoB, said while commenting on the timely completion of the integration.

Shares of BoB settled at Rs 63.10, a drop of 1.02 per cent on Friday at the BSE.

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