ING Vysya Bank & Kotak Mahindra Bank going to merge on April 1, 2015
The Private Financial giant KotakMahindra Bank invites INGVysya Bank to merge and become one of the largest private
bank in India.
Now the Employees and officers of INGVysya Bank today
expressed concerns over their future post the merger with KotakMahindra Bank.
It will come into effect from April 1, 2015.
More than 4,000 employees and officers of ING Vysya Bank
would be absorbed into the rolls of the merged entity.
The deal will make Kotak the fourth-largest private bank in
the country in terms of total business. The biggest three are ICICI Bank ,HDFC
Bank and Axis Bank, in that order.
The combined banking entity will have a widespread network
of 1,214 branches across the country.
The Rs 15,000-crore deal was announced in November 2014 and
would create the fourth largest bank in the country with a total staff size of
The shareholders of the two banks are scheduled to meet on
January 7 for their respective EGMs to approve the deal.
The merger process entails as per the Banking Regulation
Act, approval of the shareholders and thereafter approval from the Reserve Bank
of India (RBI) in addition to Competition Commission of India's (CCI) approval