The ING Vysya Bank has merged with Kotak Mahindra Bank with effect from April 1, 2015 and the combined entity will bear the name Kotak Mahindra Bank. It was a historic moment for the Indian financial services sector, because never before has a merger of this magnitude taken place.
ING Vysya Bank has been a respected name in Indian banking, with a sterling legacy spanning eight decades. In less than 30 years, Kotak Mahindra Group has built a comprehensive financial services conglomerate that serves all its customers’ needs under the same roof.
“The ING Vysya-Kotak Mahindra merger will give the merged entity a significant national footprint, affording it the capacity and means to serve the consumers even better. Our deep Indian roots and global standards of service will enable us to deliver a truly seamless banking and financial services experience”, says Uday Kotak, MD, Kotak Mahindra Bank.
Over 230 million Indians can now benefit from Kotak’s offerings, including 6% p.a. interest on balances above rupees one lakh in their savings accounts, helping them earn more, and from banking services delivered through 1,200+ branches and 1,900 ATMs across 643 locations.
On this occasion, Uday Kotak thanked their customers for their continued support and assure them that Kotak Mahindra Bank shall constantly strive to offer products and services par excellence. He expressed confidence that this merger will firmly place Kotak Mahindra Bank on a new trajectory of growth and excellence.