6.2
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6.82
7.219
6.653
6.6
5.8
4.8
6.5
7.071
6.3
7.339
7.6
6.726
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Dena Bank was a government-owned bank that in 2019 merged with Bank of Baroda. It was headquartered in Mumbai and had 1,874 branches. The bank was founded in 1938 as a privately owned Bank. In 1969 the Government of India nationalized Dena Bank.
History
Dena Bank was founded on 26 May 1938 by the sons of Devkaran Nanjee - Choonilal Devkaran Nanjee, Pranlal Devkaran Nanjee & other family members under the name Devkaran Nanjee Banking Company. It adopted its new name, Dena (Devkaran Nanjee) Bank, when it was incorporated as a public company in December 1939.
In July 1969, the government of India nationalized Dena Bank, along with thirteen other major banks. Dena Bank thereby became a Public Sector bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970.
= Amalgamation
=
On 17 September 2018, the Finance Ministry of the government of India proposed to merge three state run banks — Vijaya Bank, Bank of Baroda, and Dena Bank — into a single bank. The amalgamated bank was estimated to become the third biggest bank in India with a total business of more than ₹1,482,000,000,000 (equivalent to ₹2.0 trillion or US$23 billion in 2023). Some of the main stated reasons for the merger were to help the weaker banks improve their operational efficiency, increase their customer base and market reach, and to help them raise capital without depending on government funds at all. Earlier that year, Dena Bank had been brought under the Prompt Corrective Action (PCA) framework due to its high non-performing loans. At the time of the proposal to merge, the gross NPA ratios of Bank of Baroda, Vijaya Bank and Dena Bank were 12.4%, 6.9% and 22% respectively, and Dena Bank was the weakest among the three in terms of its total business size.
The Union Cabinet and the boards of the banks approved the merger on 2 January 2019. Under the terms of the amalgamation, Dena Bank and Vijaya Bank shareholders received 110 and 402 equity shares of the Bank of Baroda, respectively, of face value ₹2 for every 1,000 shares they held. The amalgamation became effective from 1 April 2019.
Bank of Baroda announced that it would auction the Dena Corporate Centre (Dena Bank's head office) at Bandra Kurla Complex, Mumbai in September 2019.
See also
Banking in India
List of banks in India
References
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Dena Bank - Wikipedia
Dena Bank was a government-owned bank that in 2019 merged with Bank of Baroda. It was headquartered in Mumbai and had 1,874 branches. The bank was founded in 1938 as a privately owned Bank.
e-Dena - Bank of Baroda
Bank of Baroda deposit plans offer convenient solutions to both working individuals as well as senior citizens. These deposits are categorised into deposits with a term period of less than 12 months, more than 12 months and recurring deposits.
Dena Bank, Vijaya Bank merges with Bank of Baroda: 10 ... - Mint
Mar 31, 2019 · Dena Bank is among the five PSU banks kept under PCA watch over burgeoning losses and NPAs. 5) Based on the third quarter results of Dena Bank and Vijaya Bank, key credit metrics of the merged ...
Bank of Baroda - Personal Banking, NetBanking, Corporate ...
Bank of Baroda, India's International Bank offers Net Banking Services & Personal banking services like Accounts & Deposits, Cards, Loans, Insurance & more to meet your banking needs.
Dena Bank, India | Head office, website, phone, SWIFT
Dena Bank was a government-owned bank that in 2019 merged with Bank of Baroda. The Bank's official site was www.denabank.com In July 1969 Dena Bank along with 13 other major banks was nationalized and is now a Public Sector Bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970.
Dena bank: Today Latest News, Photos, Videos about Dena bank ...
Apr 14, 2019 · Bank of Baroda-Dena Bank-Vijaya Bank merger: BoB becomes second largest PSU bank after SBI. Mon, Apr 01, 2019. Shareholders of Vijaya Bank got 402 equity shares of BoB for every 1,000 shares held. In the case of Dena Bank, its shareholders received 110 shares of BoB for every 1,000 shares. More >
