Overseas brief: Kotak Mahindra-ING Vysya merger approved

Banking Day staff
  • Kotak Mahindra Bank and ING Vysya Bank have received the necessary approvals from India's central bank to merge. IBS Journal reports the acquisition of ING Vysya, announced last November, is set to create India's fourth largest lender in the private sector, with ten million customers and more than 1250 branches. It will also give Kotak Mahindra a strong presence in the south of the country.