A Brief History of ING Vysya Bank: From Vysya to Kotak
The Dutch ING Group purchased an equity stake in Vysya Bank in 2002, forming ING Vysya Bank. This was the first time an Indian bank had merged with a foreign bank. On November 20, 2014, ING Vysya and Kotak announced their plans to merge their companies. The Reserve Bank of India approved this merger on March 31, 2015, w.e.f. April 1, 2015. With a 42.7 per cent stake in Vysya at the time of the merger announcement, ING was the company's largest stakeholder. The legal entity ING Vysya Bank Ltd. no longer exists. Before the merger, Vysya Bank and Banque Bruxelles Lambert, a former Belgian bank also owned by ING Group in 1998, had a seven-year tactical collaboration and shareholding contract.
Vision and Mission of ING Vysya Bank
ING Vysya Bank aimed to become one of the most trusted financial services providers by providing end-to-end financial consulting and advisory services and exceeding customer expectations.
They aimed to improve individual and organizational clients' wealth management and financial planning capabilities in a world-class service delivery environment. ING Vysya Bank's objective was to produce superior and long-term stakeholder value.
Primary Responsibilities of the Bank
ING Vysya Bank had more than 2 million Indian customers and had operated in the financial services and insurance industries for more than eighty years. Candidates should recall a few essential functions performed by the bank after memorizing the IVB's full form. The key operations performed by IVB are listed below:
Agriculture and rural banking:
Provision of loans to various agricultural and allied enterprises, as well as gold loans, SHG loans, and loans to government-sponsored projects. To meet the demands of the agricultural industry, working capital and agriculture term loans for dairy, poultry, storage units, and other agricultural needs were also available.
Retail banking, savings accounts, wealth management, and check accounts:
All these functions were available through IVB's retail operation. Through 547 branches and 28 satellite offices, 10 counters, and 470 ATMs across the country, it also provided consumer loans, retail life insurance products, and rural or agricultural banking.
Financial services and products:
These are divided into three main business units: private retail, wholesale financing, and corporate finance.
Electronic, financial, and transactional banking products for corporates:
The bank's customer-focused offerings included term loans, trading and transaction-based services, cash management services, foreign exchange, and capital expenditure finance.
ING Vysya was a private bank that took a consultative approach to business. For aiding the high-end private banking business, the bank continued to focus on comprehensive market analysis in preparation for launching new tailored products.
Vacancies in IVB
The Kotak Sales Officer Programme - an exciting new option for those aspiring to take their banking careers to the next level - was created in conjunction with Manipal Education. It provides talented young graduates with the knowledge and skills necessary to join their cadre of specialized bankers. The one-year program offers training to satisfy the individual needs of a wide range of consumers and prepares participants for future career advancement.
We hope this information was useful to you. Like the full form of IDBI, you can learn from others our articles. This would be extremely beneficial for a banking exam.