ING Vysya Bank Ltd Merged Company Summary

ING Vysya Bank Ltd Merged Summary

ING Vysya Bank Ltd is the prominent Bank in India, formed with the Vysya Bank Ltd, a premier bank in the Indian Private Sector and ING Group, a global financial powerhouse of Dutch origin, in the year 2002. With their core Banking Solution, IT oriented products and focused Retail Banking and Wholesale Banking Services, the Bank aims for sustainable growth to benefit all the stakeholders, clients, employees and society at large.The Bank was originally incorporated on March 29, 1930 as The Vysya Bank Ltd. In the year 1948, the Bank acquired the status of Scheduled Bank. Since then the Bank has grown in size and stature and has reached the coveted position of number one private sector bank in India. Since then the Bank has grown in size and stature and has carved a distinct identity of being Indias Premier Private Sector Bank. Subsequent to acquisition of stake in the Bank by ING Group NV in August 2002, the name of the Bank was changed from Vysya Bank Ltd to ING Vysya Bank Ltd. In the year 1987, the Bank incorporated the Vysya Bank Leasing Ltd for leasing and merchant banking activities along with Karur Vysya Bank Ltd. In the year 1990, they incorporated Vysya Bank Housing Finance Ltd for housing finance activities.In the year 1996, the Bank signed a Strategic Alliance with BBL. In March 2000, The Vysya Leasing Ltd became the wholly owned subsidiary of the Bank and in November 2000, they opened data center at Information Technology Park Ltd, Bangalore.In the year 2001, the Bank along with ING Group promoted a joint venture company called ING Vysya Life Insurance Company Pvt Ltd for undertaking life insurance business throughout India. In the year 2002, the Bank launched a range of products & services like the Vys Vyapar Plus, the range of loan schemes for traders, ATM services, Smartserv, personal assistant service, Save & Secure, an account that provides accident hospitalization and insurance cover, Sambandh, the International Debit Card and the mi-b@nk net banking service.ING takes over the Management of the Bank from October 7, 2002 and the name of the Bank was changed from The Vysya Bank Ltd to ING Vysya Bank Ltd with effect from December 7, 2002.During the year 2003-04, the wholly owned subsidiary of the Bank, Vysya Bank Financial Services Ltd commenced the distribution of various financial products such as insurance products, mutual funds etc. The name of the company was changed to ING Vysya Financial Services Ltd. Also, they introduced customer friendly products like Orange Savings, Orange Current and Protected Home Loans. In July 2003, the Bank divested their entire stake in Vysya Bank Housing Finance Ltd to Dewan Housing Finance Ltd for Rs 23.20 crore. In September 2003, the bank issued Tier II Bonds (second series) aggregating to Rs 200 crore at a competitive coupon rate of 6.25%.During the year 2005-06, the company divested their entire stake of 14.87% in ING Vysya Life Insurance Company Pvt Ltd to Gujarat Ambuja Cements Ltd. In April 2007, the Bank sold their entire shareholding of 9930000 shares in Investment Management (India) Pvt Ltd.During the year 2007-08, the Retail Branch Banking business launched a slew of products to provide clients with enhanced solutions to meet their financial needs besides the traditional deposit products.ING Bank N V is investing in the Tier I issue of ING Vysya Bank Ltd, by way of Innovative Perpetual Bonds (IPDs) in foreign currency for an amount of Rs 94.50 crore with a call option at the end of 10 years.