The government Friday appointed former Finance Secretary Hasmukh Adhia as chairman of state-owned Bank of Baroda (BoB). Bank of Baroda is set to become the third largest lender of the country after amalgamation with Vijaya Bank and Dena Bank effective April 1.
“Shri #Hasmukh Adhia, former Finance Secretary appointed non-executive Chairman of Bank of Baroda. Bank poised to leverage benefits of synergy and scale with stronger pan-India presence,” Financial Services Secretary Rajiv Kumar said in a tweet.
The board of the bank has already fixed March 11, 2019, as record date for issuing and allotting equity shares of the BoB to the shareholders of Vijaya Bank and Dena Bank. As per the Scheme of Amalgamation, shareholders of Vijaya Bank will get 402 equity shares of BoB for every 1,000 shares held.
In case of Dena Bank, its shareholders will get 110 shares for every 1,000 shares of BoB. The government in September last year had announced merger aiming to create the third largest lender after the SBI and ICICI Bank.