Ministry of Finance
AMALGAMATION OF THREE PUBLIC SECTOR BANKS COMES INTO EFFECT FROM TODAY
Posted On:
01 APR 2019 5:52PM by PIB Kolkata
Kolkata, 01 April 2019.
Three Public Sector Banks, namely Bank Of Baroda, Vijaya Bank and Dena Bank, which have been amalgamated will create India’s second largest bank. The amalgamation comes into effect from today (1st April 2019). This is the first three-way consolidation of banks in India with a combined strength of 9500 branches, 13400 ATMs and 85000 employees serving 1.2 crore customers.
The customers of the amalgamated banks will be benefitted from wider reach and a diverse bouquet of products and services. The amalgamated bank will be named as the Bank of Baroda. The CEO and MD of the Bank of Baroda Mr. P. S. Jayakumar expressed satisfaction and asserted that a modern and world class banking institution for the customers as well as the employees and other stakeholders will be created through this amalgamation.
********
CG/PB/DK
(Release ID: 1569934)
Visitor Counter : 221