ING Vysya Bank
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| Public : |
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| Industry | Banking, Financial Services & insurance |
| Fate | merged with Kotak Mahindra Bank |
| Founded | 2002 (est. 1930 as Vysya Bank) |
| Headquarters | Bangalore, India |
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Key people
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Shailendra Bhandari (CEO & Managing Director) Uday Sareen (deputy CEO) Arun Thiagarajan (Chairman) |
| Revenue | ₹5,588 crore (US$870 million) |
| ₹613 crore (US$95 million) | |
| Total assets | ₹54,836 crore (US$8.5 billion) |
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Number of employees
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Over 10,000 No. of Branches: 527 No. of ATMS: 405 No. of Extension counters: 10 |
| Website | Kotak Bank & ING Vysya Merger |
Over 10,000 No. of Branches: 527
No. of ATMS: 405
ING Vysya Bank (Kannada: ಐ.ಎನ್.ಜಿ ವೈಶ್ಯ ಬ್ಯಾಂಕ್ ಲಿಮಿಟೆಡ್) was a privately owned Indian multinational bank based in Bangalore, with retail, wholesale, and private banking platforms formed from the 2002 purchase of an equity stake in Vysya Bank by the Dutch ING Group. This merger marked the first between an Indian bank and a foreign bank. Prior to this transaction, Vysya Bank had a seven-year-old strategic alliance with erstwhile Belgian bank Banque Bruxelles Lambert, which was also acquired by ING Group in 1998.
As of March 2013, ING Vysya was the seventh largest private sector bank in India with assets totaling ₹54,836 crore (US$8.5 billion) and operating a pan-India network of over 1,000 outlets, including 527 branches, which serviced over two million customers. ING Group, the highest-ranking institutional shareholder, held a 44% equity stake in ING Vysya Bank, followed by Aberdeen Asset Management, private equity firm ChrysCapital, Morgan Stanley, and Citigroup, respectively.
ING Vysya had been ranked the "Safest Banker" by the New Indian Express and among "Top 5 Most Trusted Private Sector Banks" by the Economic Times.
On 20 November 2014, in an all-stock amalgamation, ING Vysya Bank decided to merge with Kotak Mahindra Bank, creating the fourth largest private sector bank in India. On 1 April 2015, the Reserve Bank of India approved the merger. On 15 May 2016 the whole merger process was completed.
Established in 1930s, Vysya Bank was formally incorporated in the city of Bangalore, Karnataka. The state of Karnataka is known as the "cradle of Indian banking" due to the region's bygone banking relationship with several European during the 17th, 18th and 19th centuries. Seven of the country's leading banks (Canara Bank, Syndicate Bank, Corporation Bank, Vijaya Bank, Karnataka Bank, State Bank of Mysore, and ING Vysya Bank) were originally established in Karnataka.
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