Kotak Mahindra buys ING Vysya Bank!
Posted on: 21/Nov/2014 6:15:55 PM
Kotak Mahindra has bought ING Vysya bank which has its headquarters in Bangalore. This bank is said to be valued for about Rs. 15000 crores. As the continuation of this tie-up, Kotak Mahindra will now take the fourth place in top private banks in India. The values of this bank have been averagely estimated, however, shareholders with 1000 shares in ING Vysya will get 725 shares from Kotak Mahindra and by this; these two banks are expected to function together throughout India with about 1214 branches.
Kotak is now performing well in offering loans for retail business. At the same time, ING Vysya is performing well in offering SME loans to the customers. This collaboration of the two banks is expected to reach people widely and serve them fully. This collaboration is expected to be from 1st April 2015, as the banks are waiting for the approval of RBI.
