ING Vysya Bank News

Inter-ministerial body FIPB will on Thursday take up Kotak Mahindra Bank's proposal for raising foreign investment limit in the bank to 55 percent, along with 47 other FDI applications.

Private sector Kotak Mahindra Bank is seeking FIPB approval to hike foreign investment in the entity to 55 percent as the RBI has restricted more investments after they hit the permissible threshold.

Leading stock exchange BSE Thursday said it will drop ING Vysya Bank from BSE 200 and BSE 500 indices from April 16.

The Rs 15,000-crore merger, effective April 1, will make KMB the fourth largest private sector bank in the country.

While the combined entity coming into existence, the complete amalgamation of operations and staff integration will happen over the course of one year.

Shares of Kotak Mahindra Bank and ING Vysya Bank edged higher Wednesday as the Reserve Bank approved the merger deal between the two companies.

Reserve Bank Monday said foreign investors would be required to obtain its prior approval for buying further shares in ING Vysya Bank, as foreign shareholding in the bank has reached the trigger limit.

The merger-bound ING Vysya Bank Wednesday reported a 13 percent decline in net profit at Rs 145.7 crore for the October-December quarter due to sluggish non-interest income, and a spike in provisions.

ING Vysya Bank shareholder Warhol Ltd on Tuesday sold its 3.63 percent stake in the private sector lender for an estimated Rs 674 crore.

The approval came amidst protest from ING Vysya Bank employees.

Employees unions of ING Vysya Bank today staged a protest here with demands for 'job security' in the wake of its merger with Kotak Mahindra Bank.

As it moves ahead with the ING Vysya Bank deal, Kotak Mahindra Bank on Monday said the merger secures all employees and would create growth opportunities for various stakeholders including the staff members.

As it moves ahead with the ING Vysya Bank deal, Kotak Mahindra Bank on Monday said the merger secures all employees and would create growth opportunities for various stakeholders including the staff members.

Employee unions of ING Vysya Bank on Sunday demanded safeguarding of their interests post-merger with Kotak Bank and threatened to go on strike on January 7.

Private-sector lender Kotak Mahindra Bank Tuesday announced its entry into the highly fragmented general insurance space, a week after buying out ING Vysya in one of the biggest deals in the country's banking space.

Markets watchdog SEBI has sought details from stock exchanges about trades in shares of ING Vysya Bank that were conducted prior to the announcement of ts Rs 15,000-crore merger with Kotak Mahindra Bank last week.

Having sealed a deal to merge ING Vysya Bank with Kotak Mahindra Bank, eminent banker Uday Kotak has said that the merger presents a significant opportunity for international cooperation with Dutch giant ING Group.

Taking a leaf out of Prime Minister Narendra Modi's poll campaign, eminent banker Uday Kotak said that the Rs 15,000-crore merger between Kotak Mahindra Bank and ING Vysya Bank is a precursor to 'Achche Din' and would create a world-class financial institution of size and scale.

The Competition Commission will look at the overall market share and size of the combined entity in the case of ING Vysya Bank's merger with Kotak Mahindra Bank when the proposal comes before the regulator for its approval.

Kotak Mahindra Bank chief Uday Kotak has assured that there will not be "any dramatic" reduction immediately in the number of employees following the merger of ING Vysya Bank.