Last Updated : Tuesday, September 18, 2018 21:59:42

Vijaya Bank and Dena Bank amalgamate with Bank of Baroda

VADODARA (BARODA) | MUMBAI | RAJKOT – In a regulatory filing submitted by Dena Bank, Vijaya Bank and Bank of Baroda, to the Stock Exchanges in India on Tuesday, all three banks have said of having amalgamated vide the directive from Ministry of Finance, Government of India.

The Bank has received a communication from Ministry of Finance, Government of India that the Alternative Mechanism (AM) after consultation with Reserve Bank of India (RBI), has decided that Bank of Baroda, Vijaya Bank and Dena Bank may consider amalgamation of the three Banks, the filing read.

Accordingly, a meeting of Board of Directors to consider the amalgamation will be convened by the Bank shortly, the filing claimed.

Announcement to the Exchanges hit on Tuesday during trading hours, but the news of amalgamation was reported on Monday late-night, resulting a visible impact on the share price of all three banks.


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