ING Vysya to merge with Kotak Mahindra Bank

In its biggest deal in India’s banking sector, Kotak Mahindra Bank has decided to acquire ING Vysya. The merger is expected to complete by mid 2015.

Jointly now the group will have now 1,214 branches across the country. It will be beneficial for Kotak as most of ING Vysya’s operations are in South India, while Kotak’s branches are mostly in West and Northern part of the country.

The merged unit will host nearly 40,000 employees and with assets over Rs 2 lakh crore. In 2013-14, the combined profit of Kotak Bank and ING Vysya was around Rs 3,100 crore.

(With input from NDTV)

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