RBI Okays Merger Of Kotak Mahindra Bank and ING Vysya Bank | SupportBiz

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RBI Okays Merger Of Kotak Mahindra Bank and ING Vysya Bank

 
Tags: Kotak, bank
The merged entity now has 1,214 branches.

With the Reserve Bank of India (RBI) approving the merger deal between Kotak Mahindra Bank and ING Vysya Bank, the two are set to create the country's fourth largest private sector lender.

"The scheme of amalgamation (of Kotak Mahindra Bank and ING Vysya Bank) shall come into effect from April 1, 2015," Kotak Mahindra Bank said in a statement quoting RBI approval.
The merged entity now has 1,214 branches.

The Rs 15,000 crore merger deal between Kotak Mahindra and ING Vysya got the Competition Commission's approval in February, according to a PTI report.