The merger of Dena Bank and Vijaya Bank with state-run Indian lender Bank of Baroda has become effective, creating the third largest bank in the country after SBI and HDFC Bank.

The merged entity will have over 9,500 branches and more than 13,400 ATMs, reported PTI.

It will reportedly have a client base of 120 million and staff headcount of 85,000.

The merger secured the green light of the government this January.

It was first announced last September.

Bank of Baroda chief PS Jayakumar was quoted as saying by PTI: “We are extremely pleased that Bank of Baroda, Vijaya Bank and Dena Bank are coming together creating the second largest bank in terms of network and customer base.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“We would work for the success of the amalgamation by effective execution of all the activities to build a stronger organisation and collectively deliver more to the stake holders than that of sum of individual entities.”

The combined group is said to have a 22% market share in Gujarat.

In Maharashtra, Karnataka, Rajasthan and Uttar Pradesh, the group’s market share is expected to be between 8% and 10%.

The latest move marks the country’s first three-way merger deal.

However, it is the second consolidation of state-run banks in the country lately.

Previously, State Bank announced plans of a merger with its five associate banks as well as Bhartiya Mahila Bank.