Mumbai: State-run Bank of Baroda has put on block the erstwhile headquarters of Dena Bank in the financial capital at a reserve price of Rs 530 crore.
Dena Bank and Vijaya Bank got amalgamated with Bank of Baroda from this April. The property situated in the tony Bandra Kurla Complex central business district has a land area of 2,878.36 sqm with a built-up area of 9,953.73 sqm.
"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 Thursday.
The auction will be held on October 18. However the banks said the movable furniture and other fixtures in the property are not be part of the auction. 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 earlier. In May, a senior BoB official had said the bank would be rationalising 800-900 branches across the country to improve operational efficiency, following the merger.
The merger made BoB the third largest bank after State Bank of India and HDFC Bank.