In a major decision of the Union Cabinet, the merger of Dena Bank and Vijaya Bank with Bank of Baroda (BoB) has been approved.
The government said that the merger will make it a globally competitive lender.
With the merger, BoB will become the third largest bank after State Bank of India and ICICI Bank.
Union Law Minister Ravi Shankar Prasad said that there will be no impact on the service conditions of the employees and also that there will be no retrenchment following the merger.
“The merger has been designed to make BoB as a merged entity, a globally competitive lender,” Prasad added.>