Kotak Mahindra Bank's acquisition of ING Vysya Bank is the country's first ever amalgamation of a profit earning entity post the global financial meltdown in 2008.
In November, Kotak Mahindra Bank had announced the buyout of ING Vysya Bank in an all-stock deal valued at Rs 15,000 crore (Rs 150 billion).
The board of directors of ING Vysya Bank, at its meeting held on May 28 have approved the bank's sale of 14.87 per cent stake in ING Vysya Life Insurance Company to Gujarat Ambuja Cements for Rs 60.9 crore (Rs 609 million).
The deal is the first major bank takeover in 4 years
Private lender Kotak Mahindra Bank Ltd said on Thursday its board had approved the acquisition of local rival ING Vysya Bank Ltd, in which Dutch lender ING Groep NV owns about 43 per cent, in an all-stock deal.
Shares of Kotak Mahindra Bank on Friday surged nearly 9 per cent after the private sector lender announced the acquisition of ING Vysya Bank in an all-stock deal valued at Rs 15,000 crore (Rs 150 billion).
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Kotak Mahindra Bank chief Uday Kotak has assured that there will not be "any dramatic" reduction immediately in the number of employees following the merger of ING Vysya Bank.
There is no immediate plan, either in terms of employees or branches, said Uday Kotak on the merger deal.
HDFC Bank had opened multiple demand accounts which were used for manipulation of the IPO allotment process in the last few years, but those were not held in benami names.
Union Finance Minister P Chidambaram said in the Lok Sabha the Reserve Bank of India and the Securities and Exchange Board of India have taken up corrective measures in the IPO scam.
Four banks -- Bank of Rajasthan (16 per cent), ING Vysya Bank (14.66 per cent), South Indian Bank (10 per cent) and Karnataka Bank (8.67 per cent) -- have sold their stakes aggregating 49.33 per cent in BhOB to IOB.
In continuation of the interim order dated April 27, 2006 relating to IPO scam, G Anantharaman, whole-time member of Securities & Exchange Board of India passed an interim order on Tuesday.
Tech Mahindra and United Spirits will replace them in the 50-share index of the National Stock Exchange with effect from March 28.
NSE's Ramakrishna and ING Vysya Bank's Bhandari front runners for the post.
Financial services firm AnandRathi analysed the key points of the policy soon after it was announced.
The All India Bank Officers Association (AIBOA) on Monday said it has launched a wing to deal with issues faced by those working for private sector lenders.
When you talk about sports and business, you do see the parallels between each
After taking over the home loan arm of ING Vysya Bank last year, Dewan Housing Finance now targets to double its business to Rs 900 crore this fiscal and increase its assets to Rs 5,000 crore by 2007.
Finance Minister Arun Jaitley said the magnitude of the alleged black money transfer through state-owned BoB will only be known after completion of the multi-disciplinary probe.
In the broader market, BSE midcap and BSE smallcap indices underperformed the larger counterparts and ended flat with a negative bias.
Coal, electricity and cement production in particular, along with an uptick in demand for India's products abroad, are also expected to have contributed to overall factory output growth in September.
The exchange had earlier said that DLF would move out from Group A.
The 30-share Sensex provisionally ended up 366 points at 27,275 and the 50-share Nifty ended up 132 points at 8,235.
Growing up in the Mumbai of 1970s, Uday Kotak aspired to be a cricketer and trained under legendary coach Ramakant Aachrekar. However, it was an on-field injury which resulted in a shift to finance. He started off with bill discounting, turned to lending and successfully applied to start a universal bank in the first decade of the millennium, as India was warming up to private play in banking.
'It's a toss-up between a fire sale of equity or merger with a strong bank,' points out Tamal Bandyopadhyay.
Loan rates will change at the next reset, while deposit rates will continue till maturity.
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