HYDERABAD: Ahead of the amalgamation of Dena Bank, Vijaya Bank and Bank of Baroda in the upcoming financial year, Dena Bank’s managing director and CEO Karnam Sekar has been visiting branches in all zones of the country to examine the progress.
Explaining his Mission Dena 9999, the MD said that the bank wanted to bring down the number of non-performing assets (NPA) from Rs 16,000 crore as on March 2018 to below Rs 10,000 crore by March 2019. The major NPA’s are from sectors like Infrastructure, steel and power. He added that all resources are being diverted towards the clearing of NPA to ensure the process of amalgamation is smooth.
Talking about the upcoming amalgamation of the three banks, he said that a steering committee had been formed with the heads of the banks. After amalgamation, Dena Bank will be out of PCA (Prompt Corrected Action) as it will not be a separate entity. The amalgamated bank is expected to be a pan-India Bank and the second biggest bank after State Bank of India. “As an aspirational bank, the name and logo will be chosen accordingly. We’re still working on it,” added Sekar.
Addressing a meeting with branch managers of both Telangana and Andhra Pradesh, the CEO said,”There is expected to be no cost-cutting in terms of employees though few are expected to be transferred.”