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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 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).
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.
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 ...
Date. Acquiring bank. Acquired bank. Purchase price. Sept. 30, 1998. Bank of America. NationsBank. $62 billion. July 1, 2004. J.P. Morgan Chase. Bank One. $58 billion
ING's history in Canada dates back to 1997 when it founded ING Direct Canada, the first ING Direct operation in the world. [68] By July 2011, ING Direct Canada had over 1.7 million clients, employed over 900 people and had over US$37.6 billion in assets.
After ING's exit from India in January 2013, Exide Industries acquired the remaining 50% stake in ING Vysya Life Insurance, becoming the sole owner. [8] In May 2014, following approvals from the Insurance Regulatory and Development Authority (IRDA) and the Ministry of Corporate Affairs, the company was renamed Exide Life Insurance Company Limited (Exide Life Insurance). [9]
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).