About ING Vysya Bank
ING Vysya Bank was a privately owned Indian multinational bank based in Bangalore, with retail, wholesale, and private banking platforms formed from the 2002 purchase of an equity stake in Vysya Bank by the Dutch ING Group. This merger marks the first between an Indian bank and a foreign bank. Prior to this transaction, Vysya Bank had a seven-year-old strategic alliance with erstwhile Belgian bank Banque Bruxelles Lambert, which was also acquired by ING Group in 1998.
As of March 2013, ING Vysya is the seventh largest private sector bank in India with assets totaling ₹54836 crore (US$8.7 billion) and operating a pan-India network of over 1,000 outlets, including 527 branches, which service over two million customers. ING Group, the highest-ranking institutional shareholder, currently holds a 44% equity stake in ING Vysya Bank, followed by Aberdeen Asset Management, private equity firm ChrysCapital, Morgan Stanley, and Citigroup, respectively.
ING Vysya has been ranked the "Safest Banker" by the New Indian Express and among "Top 5 Most Trusted Private Sector Banks" by the Economic Times.
On 20 November 2014, in an all stock amalgamation, ING Vysya Bank decided to merge with Kotak Mahindra Bank, creating the fourth largest private sector bank in India. On 1 April 2015, the Reserve Bank of India approved the merger
ING Vysya Bank has competed in the banking/financial services and insurance markets for over 80 years and currently serves over two million Indian consumers. The bank markets an entire range of financial products and services, organised under three strategic lines of business: retail, private and wholesale banking.
With 547 branches and 10 counters, 28 satellite offices and 470 ATM's nationwide, ING Vysya's retail operation offers cheque accounts, savings deposits/CD's, retail wealth management services, consumer loans, agricultural/rural banking and retail life insurance products. The bank has rapidly expanded its distribution footprint and has created a national brand presence through several innovative marketing campaigns.
ING Vysya's private bank operates on an advisory-driven model. Specialised market research remains the bank's emphasis for the introduction of new tailored products to serve the high-end private banking segment.
The wholesale banking business provides corporate clients in India a range of commercial, transactional and electronic banking products. The bank offers client-focused products including working capital finance, trade and transactional services, foreign exchange, term loans and cash management services. The wholesale banking business comprises four business sub-segments and multiple product offerings. The business segments Corporate and Investment Banking, Emerging Corporates, Banking and Financial Institutions and financial markets.
Agriculture and rural banking
Agriculture and Rural Banking deals with all business related to agriculture and allied activities, Gold Loans, loans to SHGs and lending to government-sponsored schemes. Working Capital and Agriculture Term Loans for poultry, dairy, cold storage units etc. are also being offered to cater diverse needs of the farming community. The bank has accelerated retail agricultural lending at a few places in North India and Central India especially in Rajasthan, Uttarakhand, Maharashtra, Gujarat and Madhya Pradesh.