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ING Vysya Bank 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. [4]
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The major shares of the bank were taken over by ING Group in 2002 and the bank was renamed to ING Vysya Bank in 2003. [3] [4]In July 2003, Dewan Housing Finance Corporation (DHFL) took over the shareholding of ING in Vysya Bank Housing Finance Ltd and made it a subsidiary of DHFL and changed the name to DHFL Vysya Housing Finance Ltd (DVHFL).
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In 1948 Vysya Bank became a scheduled bank. On 7 October 2002 ING Group took over the Management of the Bank. But again ING Vysya Bank has merged with Kotak Mahindra Bank with effect from 1 April 2015 and the combined entity bears the name Kotak Mahindra Bank. [9] Before merger ING Vysya Bank had about 470 branches spread all over India.
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The ING Group (Dutch: ING Groep) is a Dutch multinational banking and financial services corporation headquartered in Amsterdam.Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale banking, private banking, asset management, and insurance services.
In 2014, Kotak Mahindra Bank acquired a 15% stake in Multi Commodity Exchange (MCX) from Financial Technologies Group for ₹ 459 crore (US$75.21 million) to become the company's largest shareholder. [20] In 2014, Kotak Mahindra Bank announced the acquisition of ING Vysya Bank in a deal valued at ₹ 15,000 crore (US$2.34 billion).