News Digest: BoB-Vijaya-Dena swap ratio, Jet Airways loan default, and more

Swap ratio fixed for Bank of Baroda merger with Vijaya, Dena bank

The Union Cabinet on Wednesday gave its nod to the proposed merger of Vijaya Bank and Dena Bank with Bank of Baroda (BoB).

The merger will be completed by April 1, to create the country’s second-largest public sector bank. The merged entity will also be the third-largest, in terms of assets, after State Bank of India (SBI) and HDFC Bank. The total assets of the three entities combined, as of September 2018, was Rs 10.44 trillion, trailing SBI (Rs 34.86 trillion) and Rs 11.70 trillion of HDFC Bank.