Bank Of Baroda Puts Up Dena Bank HQ For Auction, Seeks Over Rs 530 Crore
The Dena Bank headquarters in Bandra-Kurla Complex, Mumbai. (Photographer: Adeel Halim/Bloomberg)

Bank Of Baroda Puts Up Dena Bank HQ For Auction, Seeks Over Rs 530 Crore

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Public sector bank Bank of Baroda has put up for auction Dena Bank’s headquarters in Bandra-Kurla Complex, Mumbai, at a reserve price of Rs 530 crore.

Bank of Baroda’s merger with Dena Bank and Vijaya Bank was completed in April.

"Bank of Baroda invites bids for sale-cum-auction of Dena Corporate Centre in BKC through an e-auction," according to an offer document published in newspapers on Thursday.

Dena Bank’s headquarters has a land area of 2,878.36 square metres with a built-up area of 9,953.73 square metres. The movable furniture and other fixtures in the property are not part of the auction.

The auction will be held on October 18.

Bank of Baroda Managing Director PS Jayakumar had earlier said the three banks have presence in about 1,000 urban centres and that it would be relocating some of those branches to areas where it does not have presence.

In rural areas, however, the overlaps of branches are extremely thin, he had said.

In May, a senior Bank of Baroda official had said the bank would be rationalising 800-900 branches across the country to improve operational efficiency, following the merger that made the public sector lender the third largest bank in India after State Bank of India and HDFC Bank Ltd.

On Thursday, Bank of Baroda shares rose 2.22 percent to Rs 101.25 apiece on the BSE while the benchmark Sensex shed 0.45 percent to end the day at 37,104.28 points.

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