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BoB-Vijaya-Dena Bank merger plan shows govt willingness to pursue sector reform: Fitch
Business

BoB-Vijaya-Dena Bank merger plan shows govt willingness to pursue sector reform: Fitch

The merger is likely to have a negative short-term financial impact on Bank of Baroda, due to the weak financial profile of Dena Bank

Bank of Baroda board to meet on 29 September to consider merger proposal
Business

Bank of Baroda board to meet on 29 September to consider merger proposal

The government announced plans to merge Bank of Baroda, Vijaya Bank and Dena Bank to create the country's third-largest lender as part of efforts to revive credit and economic growth.

Arun Jaitley asks public sector banks to take effective action against frauds, wilful loan defaults
Business

Arun Jaitley asks public sector banks to take effective action against frauds, wilful loan defaults

Reviewing the performance of state-owned lenders, Jaitley exuded confidence that formalisation of the economy would help India achieve sustainable growth of 8 percent

Dena Bank Board clears merger proposal with BoB and Vijaya Bank to create country's second-largest lender by assets
Business

Dena Bank Board clears merger proposal with BoB and Vijaya Bank to create country's second-largest lender by assets

Post-merger of BoB, Vijaya Bank and Dena Bank, the number of PSU banks will come down to 19.

Arun Jaitley to meet heads of public sectors banks tomorrow; to review financial performance, bad loan situation
Business

Arun Jaitley to meet heads of public sectors banks tomorrow; to review financial performance, bad loan situation

The meeting will review the annual financial performance of public sector banks, credit offtake in the economy, priority sector lending and progress made under various social sector schemes

PSU bank mergers: SBI not right candidate to take over more banks, says chairman Rajnish Kumar
Business

PSU bank mergers: SBI not right candidate to take over more banks, says chairman Rajnish Kumar

The country's largest lender State Bank of India (SBI) on Thursday said it is not in a position to acquire more banks at the moment as it needs 2-3 years to see gains from the consolidation effected last year.

BoB, Vijaya, Dena Bank merger may cause short-term spurt in bad assets: India Ratings report
Business

BoB, Vijaya, Dena Bank merger may cause short-term spurt in bad assets: India Ratings report

The merger of Bank of Baroda, Vijaya Bank and Dena Bank by the government poses short-term challenges like spurt in bad assets, but will be beneficial over a longer term, a India Ratings report said

Bank of Baroda, Vijaya, Dena Bank's proposed merger credit positive, will provide scale efficiencies: Moody's
Business

Bank of Baroda, Vijaya, Dena Bank's proposed merger credit positive, will provide scale efficiencies: Moody's

The proposed merger of Bank of Baroda, Vijaya Bank and Dena Bank is "credit positive" because the merger would provide scale efficiencies and help improve the quality of corporate governance, rating agency Moody's said.

Narendra Modi govt appoints MDs, CEOs in 10 nationalised banks; five of them from SBI
Business

Narendra Modi govt appoints MDs, CEOs in 10 nationalised banks; five of them from SBI

Mrutyunjay Mahapatra and Padmaja Chundru, both deputy managing directors in State Bank of India (SBI), have been appointed as managing director and chief executive officer of Syndicate Bank and Indian Bank respectively,

Bank of Baroda, Dena, Vijaya Bank merger to up operating efficiencies of new entity: Crisil Ratings report
Business

Bank of Baroda, Dena, Vijaya Bank merger to up operating efficiencies of new entity: Crisil Ratings report

Crisil Ratings in its report said the success of the three-way merger will be crucial as it will pave the revival path for other weak public sector banks (PSBs)

Arun Jaitley to meet heads of PSBs next week to review performance, credit growth, bad loan situation
Business

Arun Jaitley to meet heads of PSBs next week to review performance, credit growth, bad loan situation

Arun Jaitley's meeting will happen against the backdrop of the 'Alternative Mechanism' (AM) to merge three public sector banks Bank of Baroda, Vijaya Bank and Dena Bank

Bank of Baroda, Dena, Vijaya Bank's consolidation: New entity to be operational from 1 April, 2019
Business

Bank of Baroda, Dena, Vijaya Bank's consolidation: New entity to be operational from 1 April, 2019

These three state-run banks would work on a strict timeline and necessary regulatory process is expected to be over by the end of 2018-19

Dena Bank surges 20%; Bank of Baroda tumbles 14% post-merger announcement
Business

Dena Bank surges 20%; Bank of Baroda tumbles 14% post-merger announcement

The government on Monday said state-owned Bank of Baroda, Vijaya Bank and Dena Bank will be merged to create the country's third-largest lender as part of efforts to revive credit and economic growth.

Merger of Bank of Baroda, Vijaya, Dena Bank to improve efficiency, governance: Moody's
Business

Merger of Bank of Baroda, Vijaya, Dena Bank to improve efficiency, governance: Moody's

Moody’s said Bank of Baroda (BoB) and Vijaya Bank have relatively better credit metrics than Dena Bank in terms of asset quality, capitalisation and profitability.

BOB, Dena, Vijaya Bank's consolidation: Bank of Baroda sinks on merger with smaller rivals
Business

BOB, Dena, Vijaya Bank's consolidation: Bank of Baroda sinks on merger with smaller rivals

Bank of Baroda Ltd, second-largest state-run bank by market capitalisation, fell as much as 14.2 percent on Tuesday after the government’s decision to merge it with Dena Bank and Vijaya Bank failed to enthuse investors.

Bank of Baroda, Dena, Vijaya merger: How NPA-ridden Dena Bank just got an unofficial bailout package
Business

Bank of Baroda, Dena, Vijaya merger: How NPA-ridden Dena Bank just got an unofficial bailout package

The Narendra Modi government's decision to merge three State-run banks — Bank of Baroda, Vijaya Bank and Dena Bank — isn't an unexpected one, given that this consolidation is an idea that has been discussed for a long time

Sensex, Nifty marginally down on weak Asian cues; banking stocks mixed, BoB plunges 10%, Dena Bank soars 20%
Business

Sensex, Nifty marginally down on weak Asian cues; banking stocks mixed, BoB plunges 10%, Dena Bank soars 20%

Sensex gained 159.93 points, or 0.42 percent in opening trade, but soon turned choppy falling 37.10 points, or 0.10 percent, to 37,548.41.

Arun Jaitley announces merger of Dena, Vijaya and Bank of Baroda; new entity to be country's third largest lender
Business

Arun Jaitley announces merger of Dena, Vijaya and Bank of Baroda; new entity to be country's third largest lender

Making announcement, Rajiv Kumar, Financial Services Secretary said: We have decided to merge Dena Bank, Vijaya Bank and Bank of Baroda. The merger of the three banks will make this the third largest bank of the country

Dena Bank's June quarter loss widens to Rs 722 cr; gross non-performing assets rise to 22.69%
Business

Dena Bank's June quarter loss widens to Rs 722 cr; gross non-performing assets rise to 22.69%

In value terms, Dena Banks's gross non-performing assets or bad loans rose to Rs 15,866.11 crore in June 2018 quarter from Rs 12,994.16 crore a year ago quarter.

FinMin may seek extension of deadline from Sebi for PSBs on minimum public float norm
Business

FinMin may seek extension of deadline from Sebi for PSBs on minimum public float norm

If these banks are unable to meet the norm by August deadline, the Department of Financial Services will have to approach the Securities and Exchange Board of India (Sebi) for exemption, sources said.