Bengaluru: Bank of Baroda (BoB) became the country's second largest PSU bank after officially merging Dena Bank and Karnataka-based Vijaya Bank into it on Monday. BoB has conducted a media conference to explain how the amalgamation or the "power of 3" is going to boost the growth of banking sector.
The bank said, the consolidated entity has commenced its operation on April 1 with a business mix of over Rs 15 lakh crore of the balance sheet, with deposits of Rs 8.75 lakh crore and advances of Rs 6.25 lakh crore.
Post-amalgamation, Bank of Baroda has 9,500 branches, 13,400 ATMs, 85,000 employees to serve 120 million customers.
All customers of Dena Bank, which is under prompt corrective action (PCA) framework of the RBI, will have renewed access to credit facilities immediately.
The customers of all three banks stand to benefit, said bank officials.
