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RBI Approved the Merger of ING Vysya Bank with Kotak Mahindra Bank

The anticipated merger of Kotak Mahindra Bank with ING Vysya Bank is complete, with the Banking Regulator-RBI giving its approval on 31st March 2015. This merger deal is all set to have over 30,000 on board and is set to create the 4th largest private sector lender in the country. The ING Vysya has approximately 10,000 employees while Kotak Mahindra has over 20,000 employees as the date of merger. The merged entity resulting out of the bank merger has wide spread pan-India presence, over 1214 branches. The top three banks are ICICI, HDFC and Axis Bank in India.

The ING Vysya Group is the largest shareholder in the newly formed merged entity and this merger deal involving the corpus of Rs 15,000 crore was approved by Competition Commission of India in February this year. The regulator viewed that both the entities in multiple segments viz., deposits, home loans, card and agricultural lending business had insignificant market presence and hence approved the deal. The rationalisation after merger is not yet planned but the Bank may take a look at it when situation requires.

Kotak Mahindra bank inclusive of merged ING Vysya Bank will come into effect from 1st April 2015 onwards and the rebranding exercise has already begun. After the financial meltdown in 2008-09, this is the first merger of a profit making entity.

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