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Last Updated : Feb 05, 2019 10:17 PM IST | Source: CNBC-TV18

Merger will not lead to reduction in branches: Dena Bank

"We may relocate but closure or reduction of branches will not happen," said Karnam Sekar, Managing Director and CEO, Dena Bank.

CNBC TV18 @moneycontrolcom

The proposed merger with Bank of Baroda and Vijaya Bank will not result in reduction of bank branches, said Karnam Sekar, Managing Director and CEO, Dena Bank.

"Branch reduction may not be there because we have done a detailed exercise geography wise and we have already completed 4-5 geographies; maybe one or two excess branches we may relocate but closure or reduction number of branches will not be there," he told CNBC-TV18.

Talking about merger, he said, "Once the amalgamation was announced all the three banks (Dena Bank, Vijaya Bank and Bank of Baroda), of course Vijaya Bank does not have much exposure to corporate, but all 3 of us sat together and we have done harmonisation of provisions."

"Classification wise there is no issue but there were some differences in provisioning. We have adjusted those provisioning difference in December' 18 quarter. So percentage provision for all the common assets is at the same level now, so that disparity will not be there going forward," he added.

Source: CNBC-TV18
First Published on Feb 5, 2019 01:32 pm
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