Millennium Post

RBI approves ING Vysya-Kotak Mahindra Bank merger deal

The merger deal between Kotak Mahindra Bank and ING Vysya Bank has received the Reserve Bank of India's  (RBI) 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 quoting RBI approval.

It got RBI nod 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, while Kotak Bank has around 29,000.  The Rs 15,000 crore merger deal got the Competition Commission’s approval in February.
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