Dena Bank to sell 14 prime properties worth Rs 540 crore

Dena Bank to sell 14 prime properties worth Rs 540 crore
22/01/2019 , by , in News/Views

Dena Bank, which will be merged with Bank of Baroda, has put 14 of its prime properties across the country, including two in Mumbai’s JVPD and Nepean Sea Road, on the block. These properties are collectively valued at Rs 540 crore. The bank has appointed Anarock Property Consultants as marketing consultant for the divestment plan.

Earlier this month, the Union cabinet approved the merger of Dena and Vijaya banks with Bank of Baroda to create the second-largest public sector lender after SBI.

A Dena Bank source said: “The bank is selling its assets to free up capital and clean up its books before the merger with Bank of Baroda. Both Dena and Vijaya will be selling more assets, which are properties owned by them before nationalisation.”

Dena Bank also needs capital to exit the prompt corrective action framework of the RBI which is imposed on weak banks, because of which it faces lending restrictions. A mail sent to the bank went unanswered.

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