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Old 26th April 2016, 01:04 PM
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Default Kotak Buying Ing Vysya Bank

Hello sir, is there any one can provide me history of Kotak bank when it was buying Ing Vysya Bank? I want to know the history of Ing Vysya Bank when it was buy by Kotak bank?
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Old 26th April 2016, 01:04 PM
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Default Re: Kotak Buying Ing Vysya Bank

The ING Vysya Bank has merged with Kotak Mahindra Bank with effect from April 1, 2015 and the combined entity will bear the name Kotak Mahindra Bank.

This as a historic moment for the Indian financial services sector, because never before has a merger of this magnitude ever taken place.

ING Vysya Bank has been a respected name in Indian banking, with a sterling legacy spanning eight decades.

Kotak Mahindra Bank was acquiring Bengalaru-headquartered ING Vysya Bank in an all-stock deal. ING shareholders will get 725 Kotak Bank shares for every 1,000 shares they hold.

The deal will make Kotak the fourth-largest private bank in the country in terms of total business.

The biggest three are ICICI Bank, HDFC Bank and Axis Bank, in that order. The combined banking entity will have a widespread network of 1,214 branches across the country.

A large financial institution with an even larger national footprint:

Expanded products and services suite
Up to 6% p.a. interest on savings account balances
1,200+ branches, 1,900 ATMs across nearly 700 locations

Up to 6% p.a. interest applicable on Resident accounts only.
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