RBI gives its thumbs-up to the Kotak Mahindra-ING Vysya merger
Advertisement
The merger deal between Kotak Mahindra Bank and ING Vysya Bank has received the Reserve Bank's approval, which would create the country's fourth largest private sector lender.
"The scheme of amalgamation (of Kotak Mahindra Bank and ING Vysya Bank) shall come into effect from April 1, 2015," Kotak Mahindra Bank said in a statement quotingRBI approval. It got RBI approval for the merger on Tuesday.
Following the merger, all the tangible and intangible assets have been transferred to Kotak Mahindra Bank. The merged entity has now 1,214 branches, with a wide-spread pan-India network. ING Vysya had around 10,000 employees, whileKotak Bank has around 29,000.
The Rs 15,000 crore merger deal between Kotak Mahindra and ING Vysya got theCompetition Commission 's approval in February.
In an order dated February 12, theCCI said that share of both entities in various relevant markets is "insignificant". In this case, the regulator took into account multiple relevant markets including those for deposits, home loans, agricultural banking and card business.
Advertisement
Advertisement
"The scheme of amalgamation (of Kotak Mahindra Bank and ING Vysya Bank) shall come into effect from April 1, 2015," Kotak Mahindra Bank said in a statement quoting
Following the merger, all the tangible and intangible assets have been transferred to Kotak Mahindra Bank. The merged entity has now 1,214 branches, with a wide-spread pan-India network. ING Vysya had around 10,000 employees, while
The Rs 15,000 crore merger deal between Kotak Mahindra and ING Vysya got the
In an order dated February 12, the
Advertisement
- In second consecutive week of decline, forex kitty drops $2.28 bn to $640.33 bn
- SBI Life Q4 profit rises 4% to ₹811 crore
- IMD predicts severe heatwave conditions over East, South Peninsular India for next five days
- COVID lockdown-related school disruptions will continue to worsen students’ exam results into the 2030s: study
- India legend Yuvraj Singh named ICC Men's T20 World Cup 2024 ambassador