Dean Bank history

Dena Bank was founded on 26 May 1938 by the family of Devkaran Nanjee, under the name Devkaran Nanjee Banking Company.

Dena Bank was founded on 26 May 1938 by the family of Devkaran Nanjee, under the name Devkaran Nanjee Banking Company. It adopted its new name, Dena (Devkaran Nanjee) Bank, when it was incorporated as a public company in December 1939.

In July 1969, the government of India nationalized Dena Bank, along with thirteen other major banks.

Dena Bank thereby became a Public Sector bank constituted under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970.

For one thing, he announned the retirement of Wayne Cottle of Franklin, from his role as Chair of the Board / Director; ending a tenure of service to the bank and its customers that began when hired as its president in 1976.

A former member of the Bellingham School Committee and former State Representative, Ranieri has served as a Dean Bank Director since 1994. “Dan’s has been a valued member of the bank’s Board for the past 28 years.

Wayne retired from the bank in 2014 but had remained as a Director; making in total a span of over 45 years of service.

On 17 September 2018, the Finance Ministry of the government of India proposed to merge three state run banks — Vijaya Bank, Bank of Baroda, and Dena Bank — into a single bank.