ING Vysya Bank completes merger with Kotak Mahindra Bank
April 07 2015 - 2:39AM
The merger between ING Vysya Bank (Vysya) and Kotak Mahindra Bank
(Kotak) has today been completed. The combined entity has a
strengthened position as one of India's leading privately held
banks, with a wider geographical spread and enhanced expertise
across customer segments and product categories. ING will continue
to service its Indian clients outside of India and will support its
global clients operating in India through the larger combined
platform. ING and Kotak have also established an active dialogue
with respect to additional areas of cooperation across a broad
range of products.
Vysya and Kotak announced their intention to merge their
respective businesses on 20 November 2014. On 31 March 2015 the
Reserve Bank of India has approved this transaction with effect
from 1 April 2015.
ING was the largest shareholder in Vysya with a shareholding at
the time of announcement of the merger of 42.7%. Under the terms of
the transaction as announced on 20 November 2014, shareholders of
Vysya will receive 0.725 shares in Kotak for each Vysya share. ING
will hold a stake of 6.5 % in the combined company, which will
operate under the Kotak brand. ING's holding in the combined
company will be subject to a 1 year lock-up period from the closing
of the transaction.
Based on Vysya's book value as per 31 December 2014, the gain on
this transaction will be approximately EUR 450 million. The
majority of this will be reflected in the net profit of the second
quarter of 2015. The increase in net profit compared to the earlier
announced EUR 150 million net profit is a result of the increase in
the share price of Kotak since the date the transaction was
announced, as well as positive currency impact.
As of 1 April, the legal entity ING Vysya Bank Ltd has ceased to
exist. Vysya was established over 80 years ago, offering retail,
private and wholesale banking products. In 1999 ING Bank's
predecessor Bank Bruxelles Lambert acquired an equity stake in
Vysya which ING increased in 2002 to around the level of the 42.7%
shareholding which ING still held at the time of the announcement
of the merger with Kotak. In 2002, ING also formed an Insurance
joint-venture with Vysya, in which ING sold its interest in
2013.
Press enquiries |
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Investor enquiries |
Carolien van der Giessen |
|
ING Group Investor Relations |
+31 20 576 6386 |
|
+31 20 576 6396 |
Carolien.van.der.Giessen@ing.com |
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Investor.Relations@ing.com |
ING PROFILEING is a global financial institution with a
strong European base offering banking services through its
operating company ING Bank and holding a significant stake in the
listed insurer NN Group NV. The purpose of ING Bank is empowering
people to stay a step ahead in life and in business. ING Bank's
53,000 employees offer retail and commercial banking services to
customers in over 40 countries. ING Group shares are listed (in the
form of depositary receipts) on the exchanges of Amsterdam (INGA
NA, ING.AS), Brussels and on the New York Stock Exchange (ADRs: ING
US, ING.N). Sustainability forms an integral part of ING's
corporate strategy, which is evidenced by ING Group shares being
included in the FTSE4Good index and in the Dow Jones Sustainability
Index (Europe and World) where ING is the industry leader in the
diversified financials group.
IMPORTANT LEGAL
INFORMATIONCertain of the statements contained in this document
are not historical facts, including, without limitation, certain
statements made of future expectations and other forward-looking
statements that are based on management's current views and
assumptions and involve known and unknown risks and uncertainties
that could cause actual results, performance or events to differ
materially from those expressed or implied in such statements.
Actual results, performance or events may differ materially from
those in such statements due to, without limitation: (1) changes in
general economic conditions, in particular economic conditions in
ING's core markets, (2) changes in performance of financial
markets, including developing markets, (3) consequences of a
potential (partial) break-up of the euro, (4) the implementation of
ING's restructuring plan to separate banking and insurance
operations, (5) changes in the availability of, and costs
associated with, sources of liquidity such as interbank funding, as
well as conditions in the credit markets generally, including
changes in borrower and counterparty creditworthiness, (6) the
frequency and severity of insured loss events, (7) changes
affecting mortality and morbidity levels and trends, (8) changes
affecting persistency levels, (9) changes affecting interest rate
levels, (10) changes affecting currency exchange rates, (11)
changes in investor, customer and policyholder behaviour, (12)
changes in general competitive factors, (13) changes in laws and
regulations, (14) changes in the policies of governments and/or
regulatory authorities, (15) conclusions with regard to purchase
accounting assumptions and methodologies, (16) changes in ownership
that could affect the future availability to us of net operating
loss, net capital and built-in loss carry forwards, (17) changes in
credit-ratings, (18) ING's ability to achieve projected operational
synergies and (19) the other risks and uncertainties detailed in
the risk factors section contained in the most recent annual report
of ING Groep N.V. Any forward-looking statements made by or
on behalf of ING speak only as of the date they are made, and, ING
assumes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information
or for any other reason. This document does not constitute an offer
to sell, or a solicitation of an offer to buy, any securities. |
pdf version of press release
http://hugin.info/130668/R/1908957/680376.pdf
HUG#1908957
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