The merger is part of the government's mega consolidation ... The other partners -- Bank of Baroda and Carmel Point Investments, owned by Warburg Pincus, own 44 per cent and 26 per cent ...

Bank of Baroda (BoB) said in a statement. The Sensex was down 371.83 points or 0.60% at 61,560.64, and the Nifty was down 104.70 points or 0.57% at 18,181.80. About 1,651 shares advanced ...

Also Read: No merger but PSB privatization still on cards ... HDFC Bank and IndusInd Bank in the private banks, and Bank of Baroda in the PSU banks.

Even globally, bank mergers have never been a success ... a year that Dena Bank and Vijaya Bank were merged with Bank of Baroda, but systems integration did not happen till date,’’ he said.

The India International Bank was originally a three-way joint venture between the Bank of Baroda (40 per cent stake ... India as a part of the mega bank merger scheme last year.