CleanupBot II at 21:36, 13 August 2023

2023-08-13T21:36:11Z

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{{Use Indian English|date=October 2015}}
{{Use dmy dates|date=March 2020}}
{{Coord|22.033|74.8968|display=title}}
{{Infobox company
| name = Dena Bank Ltd
| logo = Dena Bank logo.svg
| logo_size =
| logo_alt =
| logo_caption =
| image =
| image_size =
| image_alt =
| image_caption =
| former_name = Devkaran Nanjee Banking Company Ltd
| type = [[Subsidiary]] of [[Bank of Baroda]]
| traded_as = {{ubl|{{BSE|532121}}|{{NSE|DENABANK}}}}
| ISIN = INE077A01010
| industry = [[Banking]]<br>[[financial services]]
| fate =
| successor =
| founded = {{Start date|df=yes|1938|05|26}}
| founder = [[Choonilal Devkaran Nanjee|Devkaran Nanjee]]
| defunct =
| hq_location = C-10, G Block, [[Bandra-Kurla Complex]], [[Bandra]] (E)
| hq_location_city = [[Mumbai]], [[Maharashtra]]
| hq_location_country = India
| num_locations = 1,872 branches<ref name="Financials"/>
| num_locations_year = 2018
| area_served = India
| key_people =
| services = {{Bulleted_list|[[Retail banking|Consumer banking]]|[[Commercial bank|Corporate banking]]|[[Financial services|Finance and insurance]]|[[Investment banking]]|[[Mortgage loan]]s|[[Private banking]]|[[Private equity]]|[[Savings]]|[[Securities]]|[[Asset management]]|[[Wealth management]]}}
| revenue = {{decrease}} {{INRConvert|8932.23|c}}<ref name="Financials">{{cite web |title=Financials |url=https://www.denabank.com/viewsection.jsp?lang=0&id=0,2 |website=Dena Bank |access-date=15 March 2019}}</ref>
| revenue_year = 2018
| operating_income = {{decrease}} {{INRConvert|1171.16|c}}<ref name="Financials"/>
| income_year = 2018
| net_income = {{decrease}} {{INRConvert|-1923.15|c}}<ref name="Financials"/>
| net_income_year = 2018
| aum = 
| assets = {{decrease}} {{INRConvert|120859.79|c}}<ref name="Financials"/>
| assets_year = 2018
| equity =
| equity_year = 2018
| owner = [[Bank of Baroda]] (100%)<ref name="Financials"/>
| num_employees = 13,613 (2018)<ref name="Financials"/>
| num_employees_year =
| divisions =
| module = 
| ratio = 11.09% (2018)<ref name="Financials"/>
| rating = 
| website = {{URL|https://www.denabank.com/}}
| footnotes =
}}

'''Dena Bank Ltd''' is a fully owned [[subsidiary]] of [[Bank of Baroda]]. It was headquartered in [[Mumbai]] and had 1,874 branches. The bank was founded in 1938 and the Indian government nationalized it in 1969.

On 17 September 2018, the [[Government of India]] proposed the amalgamation of Dena Bank and [[Vijaya Bank]] with the [[Bank of Baroda]], pending approval from the boards of the three banks.<ref>{{Cite news|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-of-baroda-vijaya-bank-and-dena-bank-to-be-merged/articleshow/65844142.cms|title=Bank of Baroda, Vijaya Bank and Dena Bank to be merged|date=18 September 2018|work=The Economic Times|access-date=5 April 2019}}</ref> The [[Union Council of Ministers|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 {{INR}}2 for every 1,000 shares they held. The amalgamation became effective from 1 April 2019.<ref>{{cite web |title=Vijaya Bank, Dena Bank amalgamation with BoB is effective from April 1; here's the share exchange plan |url=https://www.businesstoday.in/sectors/banks/vijaya-bank-dena-bank-amalgamation-bob-effective-april-1-share-exchange-plan/story/320823.html |website=Business Today |access-date=14 March 2019}}</ref>

==History==
Dena Bank<ref>{{Cite news|url=https://www.thehindubusinessline.com/companies/announcements/others/dena-bank-outcome-of-board-meeting/article24613887.ece|title=DENA BANK - Outcome Of Board Meeting|work=@businessline|access-date=30 August 2018|language=en}}</ref><ref>{{Cite news|url=http://www.zeebiz.com/companies/news-dena-bank-has-shifted-its-focus-on-recovery-of-loans-ramesh-singh-ed-dena-bank-60884|title=Dena Bank has shifted its focus on recovery of loans: Ramesh Singh, ED, Dena Bank|date=24 August 2018|work=Zee Business|access-date=30 August 2018|language=en}}</ref><ref>{{Cite web|url=https://www.moneycontrol.com/news/business/earnings/dena-bank-standalone-jun-2018-nii-at-rs-742-74-crore-2811031.html|title=Dena Bank standalone Jun-2018 NII at Rs 742.74 crore|website=Moneycontrol|language=en-US|access-date=30 August 2018}}</ref><ref>{{Cite news|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/after-dena-bank-rbi-may-put-restrictions-on-2-more-lenders-under-pca/articleshow/64149110.cms|title=After Dena Bank, RBI may put restrictions on 2 more lenders under PCA|date=13 May 2018|work=The Economic Times|access-date=30 August 2018}}</ref> was founded on 26 May 1938 by the family of [[C. D. Desai|Devkaran Nanjee]], under the name Devkaran Nanjee Banking Company. It adopted its new name, '''Dena''' ('''De'''vkaran '''Na'''njee) '''Bank''', when it was incorporated as a public company in December 1939.

In July 1969 the Government of India [[Nationalization|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. Under the provisions of the [[Banking Regulation Act, 1949|Banking Regulations Act 1949]], in addition to the business of banking, a bank can undertake other businesses as specified in Section 6 of the Banking Regulations Act, 1949.

=== Amalgamation ===
On 17 September 2018, The Finance Ministry of the Government of India proposed to merge three state run banks — [[Vijaya Bank]], [[Bank of Baroda]], and Dena Bank — into a single bank.<ref>{{Cite news|url=https://www.ndtv.com/india-news/dena-bank-vijaya-bank-bank-of-baroda-may-be-merged-says-government-1917866|title=Dena Bank, Vijaya Bank, Bank Of Baroda To Be M|work=NDTV.com|access-date=17 September 2018}}</ref><ref>{{Cite news|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/bank-of-baroda-vijaya-bank-and-dena-bank-to-be-merged/articleshow/65844142.cms|title=Bank of Baroda, Vijaya Bank and Dena Bank to be merged|date=17 September 2018|work=The Economic Times|access-date=17 September 2018}}</ref><ref name=":0">{{Cite news|url=https://www.livemint.com/Politics/gNZBWcI09kCMS665s9qQXK/Govt-proposes-merger-of-BoB-Dena-Vijaya-Bank.html|title=Govt proposes merger of BoB, Dena, Vijaya Bank|last=Nair|first=Remya|date=17 September 2018|work=Mint|access-date=17 September 2018}}</ref> The amalgamated bank was estimated to become the third biggest bank in India with a total business of more than {{INRConvert|1482000000000||lk=|year=2018}}. Some of the main stated reasons for the merger were to help the weaker banks improve their operational efficiency, increase their customer base and market reach, and to help them raise capital without depending on government funds at all.<ref name=":0" /><ref name=":1">{{Cite news|url=https://www.thehindu.com/business/dena-board-clears-merger-with-bob-and-vijaya-bank/article25031348.ece|title=Dena board clears merger with BoB and Vijaya Bank|date=24 September 2018|work=The Hindu|access-date=30 March 2019|others=Special Correspondent|language=en-IN|issn=0971-751X}}</ref> Earlier that year, Dena Bank had been brought under the [[Prompt Corrective Action]] (PCA) framework due to its high [[non-performing loan]]s.<ref>{{Cite news|url=https://www.thehindu.com/business/Industry/rbi-puts-dena-bank-under-prompt-corrective-action/article23862643.ece|title=RBI puts Dena Bank under prompt corrective action|date=12 May 2018|work=The Hindu|access-date=30 March 2019|others=PTI|language=en-IN|issn=0971-751X}}</ref> At the time of the proposal to merge, the [[Non-performing asset|gross NPA]] ratios of Bank of Baroda, Vijaya Bank and Dena Bank were 12.4%, 6.9% and 22% respectively,<ref>{{Cite news|url=https://economictimes.indiatimes.com/industry/banking/finance/banking/vijay-denanath-baroda-bank-challenges-of-the-urge-to-merge/articleshow/65856132.cms|title=Vijay Denanath Baroda Bank: Challenges of the urge to merge|date=18 September 2018|work=The Economic Times|access-date=30 March 2019}}</ref> and Dena Bank was the weakest among the three in terms of its total business size too.<ref name=":1" />

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.<ref>{{cite web |last1=Ghosh |first1=Shayan |title=Bank of Baroda to sell Dena Bank head office for at least ₹530 crore |url=https://www.livemint.com/industry/banking/bank-of-baroda-to-sell-dena-bank-head-office-for-at-least-rs-530-crore-1568258310651.html |website=Mint |access-date=12 September 2019 |language=en |date=12 September 2019}}</ref>

==See also==

* [[Indian banking]]
* [[List of banks in India]]

==References==
{{Reflist|2}}{{Banking in India}}

{{Authority control}}

[[Category:Defunct banks of India]]
[[Category:Banks based in Mumbai]]
[[Category:Banks established in 1938]]
[[Category:Banks disestablished in 2019]]
[[Category:Companies nationalised by the Government of India]]
[[Category:Indian companies established in 1938]]
[[Category:Companies formerly listed on the Bombay Stock Exchange]]
[[Category:Indian companies disestablished in 2019]]

Dena Bank - Revision history

CleanupBot II at 21:36, 13 August 2023