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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]
Established in 1930s, Vysya Bank was formally incorporated and favours the Arcot Mudaliar community 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 East India Companies during the 17th, 18th and 19th centuries.
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.
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).
Rank Name of the Bank Year of Founding Year of Closing Fate Headquartered in References [1]; 1: The Madras Bank (1683) 1683: 1843: Merged with the Carnatic Bank, The British Bank of Madras (1795), and the Asiatic Bank to form the Bank of Madras in 1843
Immediate Payment Service is managed by the National Payments Corporation of India (NPCI) and is built upon the existing National Financial Switch network. In 2010, the NPCI initially carried out a pilot for the mobile payment system with 4 member banks (State Bank of India, Bank of India, Union Bank of India and ICICI Bank), and expanded it to include Yes Bank, Axis Bank and HDFC Bank later ...
Karnataka Bank Limited is an Indian private sector bank based in Mangalore. It is an 'A' Class Scheduled Commercial Bank with a network of 915 [ 2 ] branches, 1188 ATMs & Cash recyclers and 588 e-lobbies/mini e-lobbies across 22 states and 2 union territories.