Global banking directory (since 2007)
Press release distribution service
Add Bank | Banking Forum
Advertise Your Business Here!
Search
  • 2nd Edition Operational Challenges for GDPR Implementation in Banks, November 20-22
  • FSI Transformation Assembly 2017, November 28-29
  • 24th World Islamic Banking Conference, December 4-6
  • Advertise With Us!
BanksDaily Twitter BanksDaily FaceBook BanksDaily LinkedIn

Press Release :: ING Bank

Logo ING BankThe merger between ING Vysya Bank (Vysya) and Kotak Mahindra Bank (Kotak) has today been completed. The combined entity has a strengthened position as one of India's leading privately held banks, with a wider geographical spread and enhanced expertise across customer segments and product categories.

ING will continue to service its Indian clients outside of India and will support its global clients operating in India through the larger combined platform. ING and Kotak have also established an active dialogue with respect to additional areas of cooperation across a broad range of products.

Vysya and Kotak announced their intention to merge their respective businesses on 20 November 2014. On 31 March 2015 the Reserve Bank of India has approved this transaction with effect from 1 April 2015.

ING was the largest shareholder in Vysya with a shareholding at the time of announcement of the merger of 42.7%. Under the terms of the transaction as announced on 20 November 2014, shareholders of Vysya will receive 0.725 shares in Kotak for each Vysya share. ING will hold a stake of 6.5 % in the combined company, which will operate under the Kotak brand. ING's holding in the combined company will be subject to a 1 year lock-up period from the closing of the transaction.

Based on Vysya's book value as per 31 December 2014, the gain on this transaction will be approximately EUR 450 million. The majority of this will be reflected in the net profit of the second quarter of 2015. The increase in net profit compared to the earlier announced EUR 150 million net profit is a result of the increase in the share price of Kotak since the date the transaction was announced, as well as positive currency impact.

As of 1 April, the legal entity ING Vysya Bank Ltd has ceased to exist. Vysya was established over 80 years ago, offering retail, private and wholesale banking products. In 1999 ING Bank's predecessor Bank Bruxelles Lambert acquired an equity stake in Vysya which ING increased in 2002 to around the level of the 42.7% shareholding which ING still held at the time of the announcement of the merger with Kotak. In 2002, ING also formed an Insurance joint-venture with Vysya, in which ING sold its interest in 2013.

Source: ING Bank
Date: 07.04.2015
Articles
 On October 30-31, Prague will host Crypto Affiliate Conference 2017

Crypto Affiliate Conference 2017 will be a crucial stepping stone for the whole digital marketing community in the presently changing environment. 07.09.2017 | Source: Faunus

 Blockchain Life 2017

On the 26th of September, in the Saint-Petersburg (Russia), will be held the Blockchain Life 2017 - the largest conference about Bitcoin, the blockchain, cryptocurrency, and mining. 02.08.2017 | Source: Adwad Group

 6th Edition BFSI Innovation and Technology Summit 2017

Today Indian economy is considered as one of the fastest growing economies in the world and contributing to its high growth are many critical sectors, amongst which the BFSI sector is unarguably one of the most distinguished sectors of Indian economy. 21.07.2017 | Source: Exito Media Concepts

 Can Poland become a fintech leader in Europe?

FutureTech Congress ended its two-day event devoted to innovations in the fintech, insurtech and big data industries. 26.05.2017 | Source: FutureTech

 FutureTech Congress: international meeting of insurtech, fintech and big data to be held this May in Warsaw

FutureTech Congress is one of the most important business summits in Central and Eastern Europe addressing top trends in the fintech, insurtech and big data industries. The first edition of the congress will be held on 24th and 25th of May in Warsaw. 05.05.2017 | Source: FutureTech

 Prague will host the largest conference devoted to cryptocurrencies and blockchain

On May 19, the capital of the Czech Republic will host Blockchain & Bitcoin Conference Prague – the event dedicated to the development of cryptocurrencies and blockchain. 06.04.2017 | Source: Smile-Expo


2007-2017 © Banking Directory