Explanation
From 1st April 2019, Bank of Baroda became the second largest bank in India, after State Bank of India.
The merger of three banks, Bank of Baroda, Vijaya Bank, and Dena Bank, was approved by the Indian government in 2018, with the aim of creating a larger and stronger bank that would be able to compete with other major banks in India and globally. The merger was completed on 1st April 2019, and Bank of Baroda became the anchor bank for the merged entity.
The merged bank has a total of over 9,500 branches and more than 13,400 ATMs across India, making it one of the largest banks in the country. The merged bank is expected to have a stronger balance sheet, improved financial performance, and a larger customer base, which will help it to compete more effectively in the Indian banking market.
Bank of Baroda has a long history in India, having been established in 1908 in Baroda, Gujarat. The bank has since grown to become one of the largest banks in India, with a presence in over 25 countries around the world.
