ING Vysya Bank was a privately owned Indian multinational bank based in Bangalore, with retail, wholesale, and private banking platforms formed from the 2002 purchase of an equity stake in Vysya Bank by the Dutch ING Group. This merger marked the first between an Indian bank and a foreign bank. Prior to this transaction, Vysya Bank had a seven-year-old strategic alliance and shareholding arrangement with erstwhile Belgian bank Banque Bruxelles Lambert, which was also acquired by ING Group in 1998. As of March 2013, ING Vysya was the seventh largest private sector bank in India with assets totalling ₹548.36 billion (US$6.9 billion) and operating a pan-India network of over 1,000 outlets, including 527 branches, which serviced over two million customers. ING Group, the highest-ranking institutional shareholder, held a 44% equity stake in ING Vysya Bank, followed by Aberdeen Asset Management, private equity firm ChrysCapital, Morgan Stanley, and Citigroup, respectively. More information...
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