New Delhi, Jan 2 : The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved the merger of state-run Vijaya Bank, Bank of Baroda and Dena Bank.
The undertakings and businesses owned by Vijaya Bank and Dena Bank will be transferred to the Bank of Baroda, which will include assets, liabilities, rights, titles, claims, licenses, approvals, privileges and properties.
“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, Prasad said.
Bank of Baroda will emerge as the country’s third-largest bank after State Bank of India and ICICI Bank
The board of Bank of Baroda will “ensure that the interests of all transferring employees and officers of the transferor bank are protected”.