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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]
In 2014, Kotak Mahindra Bank announced the acquisition of ING Vysya Bank in a deal valued at ₹ 15,000 crore (US$2.34 billion). With the merger completed in 2015, Kotak Mahindra Bank had almost 40,000 employees, and the number of branches reached 1,261. [ 21 ]
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).
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.
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
Year merger closed Acquirer Acquired bank Merged entity Transaction value Ultimate successor 1900 [1] North American Trust Company: International Banking and Trust Company: North American Trust Company: JPMorgan Chase: 1901 Berks County Trust Company: Schuylkill Valley Bank: Berks County Trust Company: Wells Fargo: 1903 [2] First National Bank ...
The same year, ING Vysya Bank, ING Insurance, and the Damani Group established a life insurance joint venture, marking the first bancassurance venture in India. In 2005, Exide Industries acquired a 50% stake in ING Vysya Life Insurance. The company distributed its products through various channels, including Agency, Bancassurance, Corporate ...
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.