BoB to complete merger process of Dena Bank, Vijaya Bank in two years

NEW DELHI: State-owned Bank of Baroda (BoB) is likely to complete the process of merger of Dena Bank and Vijaya Bank with it in two years, said a senior official of BoB. The merger of Dena Bank and Vijaya Bank with BoB became effective from April 1.

Information technology platform integration alone will take about 12 months and other processes and systems may take another year or so, the official said. The process has been designed to ensure that there is minimum disruption of the customers during the transition period, the official said adding that the branding of the three entities will be retained in the interim period and will be transitioned to the new brand in a phased manner to ensure minimum disruption to existing operations.

The government has infused ₹5,042 crore in the bank taking care of additional expenses and maintaining minimum regulatory capital requirement, the official said.

Meanwhile, BoB will also undertake evaluation of its board and has invited bids from consultancy firms by early-May.

BoB seeks to appoint an advisory firm for ‘Review of Board Evaluation’, the public sector bank said in a request for proposal document.