Dena Bank

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Dena Bank
RevenueDecrease ₹8,932.23 crore (US$1.1 billion)[1] (2018)
Decrease ₹1,171.16 crore (US$150 million)[1] (2018)
Decrease ₹−1,923.15 crore (US$−240 million)[1] (2018)
Total assetsDecrease ₹120,859.79 crore (US$15 billion)[1] (2018)
Number of employees
13,613 (2018)[1]
Capital ratio11.09% (2018)[1]

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[2][3][4][5] 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 —

gross NPA ratios of Bank of Baroda, Vijaya Bank and Dena Bank were 12.4%, 6.9% and 22% respectively,[11] and Dena Bank was the weakest among the three in terms of its total business size.[9]

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.[12]

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.[13]

See also

References

  1. ^ a b c d e f g "Financials". Dena Bank. Retrieved 15 March 2019.
  2. ^ "DENA BANK - Outcome Of Board Meeting". @businessline. Retrieved 30 August 2018.
  3. ^ "Dena Bank has shifted its focus on recovery of loans: Ramesh Singh, ED, Dena Bank". Zee Business. 24 August 2018. Retrieved 30 August 2018.
  4. ^ "Dena Bank standalone Jun-2018 NII at Rs 742.74 crore". Moneycontrol. 6 August 2018. Retrieved 30 August 2018.
  5. ^ "After Dena Bank, RBI may put restrictions on 2 more lenders under PCA". The Economic Times. 13 May 2018. Retrieved 30 August 2018.
  6. ^ "Dena Bank, Vijaya Bank, Bank Of Baroda To Be M". NDTV.com. Retrieved 17 September 2018.
  7. ^ "Bank of Baroda, Vijaya Bank and Dena Bank to be merged". The Economic Times. 17 September 2018. Retrieved 17 September 2018.
  8. ^ a b Nair, Remya (17 September 2018). "Govt proposes merger of BoB, Dena, Vijaya Bank". Mint. Retrieved 17 September 2018.
  9. ^
    ISSN 0971-751X
    . Retrieved 30 March 2019.
  10. ISSN 0971-751X
    . Retrieved 30 March 2019.
  11. ^ "Vijay Denanath Baroda Bank: Challenges of the urge to merge". The Economic Times. 18 September 2018. Retrieved 30 March 2019.
  12. ^ "Vijaya Bank, Dena Bank amalgamation with BoB is effective from April 1; here's the share exchange plan". Business Today. 21 February 2019. Retrieved 14 March 2019.
  13. ^ Ghosh, Shayan (12 September 2019). "Bank of Baroda to sell Dena Bank head office for at least ₹530 crore". Mint. Retrieved 12 September 2019.
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