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Bank of Baroda, Dena Bank, Vijaya Bank merger stuns market; listed banks lose Rs 20,000 crore in market value
Posted on 19th September 2018
India’s plan to merge state-controlled lenders as a way to resolve its bad-debt issue didn’t thrill investors. The proposed union of Vijaya Bank and Dena Bank with Bank of Baroda fanned speculation of further consolidation in the sector. While some state-run lenders rose on Tuesday, most fell on concerns about eroding capital buffers and growing bad debt for buyers. Overall, the 22 banks listed on Indian stock exchanges lost about 203 billion rupees ($2.8 billion) of market value.

Bank of Baroda tanks 14%, Dena Bank hits upper circuit on merger news
Posted on 18th September 2018
Shares of state-run lender Bank of Baroda declined as much as 14 per cent in the early trade on Tuesday after the government on Monday announced it will will merge state-owned Vijaya Bank, Dena Bank and Bank of Baroda to create India's third largest lender.

Cheered by the news, Dena Bank hit an upper circuit limit of 20 per cent in the opening deals while Vijaya Bank was trading flat at Rs 60.20 apiece on BSE, up 0.67 per cent.

Bank of Baroda hikes MCLR by 5 bps across tenors
Posted on 5th September 2018
Bank of Baroda Wednesday said it has increased the marginal cost of funds based lending rate (MCLR) by 0.05 per cent across tenors, days after market leader SBI hiked the rates. The bank has revised MCLR at 5 basis points (bps) above existing level across all tenors with effect from September 7, 2018, the bank said in a release.

Bank of Baroda to sell 4% stake in CCIL for Rs 124 cr
Posted on 7th August 2018
Bank of Baroda (BoB) has put on sale a 4% stake in Clearing Corporation of India (CCIL) in order to raise at least Rs 124 crore, according to a public notice.

The bank has sought bids on a per-share basis, either for a 4% stake, e.i, 20 lakh shares, or for a part stake not less than 5 lakh shares. BoB holds a 5% stake in CCIL.

Ease grip over lenders or risk slowly killing off sector: BoB Chief to govt
Posted on 31st July 2018
The head of one of India’s largest state-run banks says the government needs to ease its grip over the lenders or risk slowly killing off the sector.

Tight government control makes it hard to attract talent or take the tough decisions needed to address the bad debts weighing down the banks, according to Ravi Venkatesan, the outgoing chairman of Bank of Baroda.

Bank of Baroda net profit more than doubles at Rs 5.28 billion in Q1
Posted on 28th July 2018
Public sector lender Bank of Baroda's net profit more than doubled to Rs 5.28 billion in the first quarter ended June, 2018, on improvement in its interest margin. The stabilisation of asset quality leading to a fall in provisions for bad loans also helped the bank report a robust growth in net profit.

Bank of Baroda signs MoU with ten companies to loan Rs 500 cr
Posted on 21st July 2018
State-run Bank of Baroda signed a Memorandum of Understanding with ten companies including Uber, Oyo, Lava and Flipkart to provide loans to members in their supply chain like drivers and retailers in its efforts to raise its exposure to small enterprises.

“We want to target around 5,000 micro-entrepreneurs and spend at least Rs.500 crores in 2018-19,” said P S Jeyakumar, CEO of Bank of Baroda.

Bank of Baroda gets shareholders’ nod to raise up to Rs 6,000 cr
Posted on 14th July 2018
Public sector lender Bank of Baroda on Friday said it had received approval from shareholders to raise up to Rs 6,000 crore through equity capital by way of either qualified institutional placement (QIP), a follow-on public offer (FPO), preferential issue, rights issue, ADR-GDR, private placement, compulsorily convertible debentures or a combination of these.

Bank of Baroda invites applications for post of CFO
Posted on 11th July 2018
Bank of Baroda (BoB), the country’s third-largest public-sector bank (PSB) by assets, on Tuesday sought applications for the post of chief financial officer (CFO). The last date for sending in applications is July 31. The appointment will be for a period of three years with yearly performance reviews. The term of engagement may be extended at the option of the bank.

BoB raises MCLRs by 5 bps
Posted on 6th July 2018
Bank of Baroda (BoB) followed larger rival Punjab National Bank (PNB) in lending rate hikes, raising its marginal cost of funds-based lending rates (MCLRs) by five basis points (bps) across tenors on Thursday. The revised rates will come into effect on Saturday.

BoB’s one-year MCLR now stands at 8.5%. MCLRs for other tenures range between 8% and 8.35%. “The increase is attributed to higher cost of fund and rising interest rate scenario,” the bank said in a release.

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