BoB expects 15% growth in next 5 yrs

Vadodara: The Bank of Baroda (BoB) management said on Monday that post-merger it is expecting a growth of 15-17% in the next five years. BoB, Dena Bank and Vijaya Bank officially merged on Monday and will now function as a single nationalized bank.
Pradeep Srivastava, general manager, BoB, Vadodara zone said that this is the first step towards consolidation of public sector banks and this merger will have lot of benefits for stakeholders. “We have now become the second largest public sector bank. Our market share in Gujarat is 22%,” Srivastava said.

Post-merger, BoB has 707 bank branches in Vadodara zone and the management said that customers of all the three banks will be able to use the ATM booths of each other without any charge. “Customers of all the three banks will be able to continue with same debit and credit cards along with same account number,” Srivastava added.

As per notification dated March 30, 2019 by Reserve Bank of India, all branches of Vijaya Bank and Dena Bank will function as branches of Bank of Baroda from April 1, 2019. Srivastava said that none of the banks will lay-off its employees.