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BoB, Dena, Vijaya Bank Merger to Save INR 10 bn Per Year
October 04, 2018
The mega-merger of Bank of Baroda (BoB), Dena Bank, and Vijaya Bank will help save as much as INR 10 to 12 billion every year, a Dena Bank executive said. They said that the banks have around 1,000 branches in the same areas which needs to be rationalized. This will reduce the manpower requirement and hence the expenditure. However, they said that there will be no layoffs as some of the staff will be transferred to other branches and the rest to newly established branches.
Photo credit: Gene Hunt on Visualhunt / CC BY
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