Vijaya Bank board approves merger proposal with Bank of Baroda, Dena Bank
he board of state-run Vijaya Bank Saturday gave in-principle approval for its merger with Bank of Baroda along with another PSU lender Dena Bank. Earlier this month, the government announced the merger of Bank of Baroda, Vijaya Bank and Dena Bank to create the country’s second-largest PSU lender by assets and branches. Post-merger, the asset size of the new entity would be over Rs 14.5 lakh crore.
“Amalgamation would enable creation of a bank with business scale comparable to global banks and capable of competing effectively in India and globally,” it said.
Greater scale and synergy would lead to cost-benefit, higher productivity and efficiency of the banking system. The combined business of amalgamated entities would make it second largest public sector bank of the country.
IL&FS crisis: RBI meets LIC & Orix Corp mulls the roadmap ahead
he Reserve Bank of India (RBI) on Friday met the large shareholders of debt-laden Infrastructure Leasing & Financial Services (IL&FS) to decide on revival and capital infusion plans for the company, sources said.
Deputy governors NS Vishwanathan and MK Jain have met the representatives of LIC and Orix Corporation of Japan, the two largest shareholders which own 25.34 and 23.54 per cent stake in the company, respectively, sources said, but refused to share the contours of the meeting.
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