ING Vysya Bank
ING Vysya Bank was an Indian private-sector bank created through the integration of Vysya Bank with ING Group and later merged into Kotak Mahindra Bank.
Last updated August 31, 2026
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Overview
ING Vysya Bank was a privately owned Indian bank headquartered in Bengaluru that operated across retail, wholesale, private, agricultural and rural banking. Its modern identity emerged from a long relationship between Vysya Bank and European financial institutions, particularly Belgian bank Banque Bruxelles Lambert (BBL). In 1995, Vysya Bank entered a strategic alliance with BBL and established an investment-banking joint venture involving KPMC Peat Marwick International and MC Securities, BBL's London investment-banking subsidiary. When ING Group acquired BBL in 1998, it inherited BBL's contractual and joint-venture interests in Vysya Bank, bringing the Indian institution into ING's international network. The relationship expanded beyond shareholding and investment banking. In 1999, Vysya Bank worked with ING Insurance to distribute life-insurance products in India and acquired a 26 percent interest in ING Asset Management Company. In 2000, Vysya Bank, ING Insurance and the Damani Group formed a life-insurance joint venture. The arrangement was notable as an early Indian bancassurance collaboration, combining bank distribution with insurance products. In 2002, Vysya Bank's board and the Reserve Bank of India approved a formal combination with ING Group. The transaction allowed ING to increase its equity holding under Indian banking rules from 20 percent to 44 percent and led to the ING Vysya Bank identity. Peter Alexander Smyth and Jacques PM Kemp joined the board, while Bart Hellemans became chief executive and managing director and G. Mallikarjuna Rao became chairman. The combination was described as the first merger between an Indian bank and a foreign bank. After the formal integration, the bank broadened its product and distribution platform. Its retail business offered current and savings accounts, deposits, consumer lending, wealth-management services, rural and agricultural finance, insurance distribution and money-transfer services. The private-banking unit followed an advisory-led model and added portfolio-management capabilities. Wholesale banking served companies and financial institutions through working-capital finance, trade and transaction services, foreign exchange, term lending and cash management. Agriculture and rural banking included farm and allied-activity lending, gold loans, self-help-group finance and government-sponsored lending programs. The bank also developed partnerships and products aimed at widening its customer base. Western Union worked with ING Vysya on inbound money transfers, Toyota partnered with it on vehicle financing, and Madras Fertiliser used its rural distribution network in a life-insurance co-marketing arrangement. ING Vysya introduced products such as the Orange savings account, endowment policies, a cheque account for mid-sized businesses and a proprietary online money-transfer service. By March 2013, ING Vysya was described as India's seventh-largest private-sector bank, with assets of approximately ₹548.36 billion and more than 1,000 outlets, including 527 branches, serving over two million customers. Its brand received recognition in Indian private-bank trust surveys, including an Economic Times Brand Equity–Nielsen ranking among the five most trusted private-sector banking brands in 2011. The bank's independent existence ended through an all-stock amalgamation with Kotak Mahindra Bank. The proposed merger was announced on 20 November 2014. The Reserve Bank of India approved it with effect from 1 April 2015, creating what was described at the time as India's fourth-largest private-sector bank. The integration process was completed in May 2016, after which ING Vysya Bank no longer operated as a separate banking brand.
History
ING Vysya Bank's development was rooted in Vysya Bank's Indian banking operations and its internationalization during the 1990s. In 1995, Vysya Bank entered a long-term strategic alliance with Banque Bruxelles Lambert, a Belgian bank. The relationship included an investment-banking joint venture involving KPMC Peat Marwick International and MC Securities, BBL's London investment-banking subsidiary. ING Group acquired BBL in 1998 and thereby assumed its interests connected with Vysya Bank. The relationship expanded into insurance and asset management. In 1999, Vysya Bank worked with ING Insurance to market and distribute life-insurance products in India and acquired a 26 percent stake in ING Asset Management Company. In 2000, Vysya Bank, ING Insurance and the Damani Group established a life-insurance joint venture. This was an early example of bancassurance in India, using a bank's customer and branch network to distribute insurance products. In 2002, Vysya Bank's board and the Reserve Bank of India approved a formal combination with ING Group. Indian regulations permitted ING to increase its holding from 20 percent to 44 percent. The resulting institution adopted the ING Vysya Bank name, with Peter Alexander Smyth and Jacques PM Kemp joining the board. Bart Hellemans became CEO and managing director, while G. Mallikarjuna Rao became chairman. The transaction was characterized as the first merger between an Indian bank and a foreign bank. The post-merger bank pursued a multi-line model. Retail banking covered deposits, transaction accounts, consumer credit, wealth management, insurance distribution and rural finance. Wholesale banking served companies and financial institutions through working-capital lending, term finance, trade services, foreign exchange, electronic banking and cash management. Private banking used an advisory-oriented approach and later included portfolio-management services. Agricultural and rural banking provided finance for farming and allied activities, gold loans, self-help groups and government-backed schemes, as well as loans for poultry, dairy and cold-storage businesses. The bank developed several external relationships during this period. Western Union partnered with it for inbound money transfers, Toyota worked with it on vehicle finance, and Madras Fertiliser collaborated on rural life-insurance distribution. ING Vysya also introduced endowment policies, the Orange savings account, a mid-sized-business cheque account and its own online money-transfer service. Leadership changed several times after the formal merger. Ned Swarup became CEO and managing director in 2005. Vaughn Richtor took the role in 2006 and, during his term, the bank went private and delisted from the Bangalore Stock Exchange while entering private banking and portfolio management. Shailendra Bhandari became CEO and managing director in 2009. Arun Thiagarajan was nominated chairman in 2010, succeeding K. R. Ramamoorthy. By March 2013, the bank had more than 1,000 outlets, including 527 branches, and served over two million customers. It was described as India's seventh-largest private-sector bank, with assets of approximately ₹548.36 billion at that date. ING Group held 44 percent, while Aberdeen Asset Management, ChrysCapital, Morgan Stanley and Citigroup were also identified among significant institutional shareholders. In the same period, ING announced plans to sell its stake in the Indian insurance and investment-management businesses associated with ING Vysya Life Insurance. On 20 November 2014, ING Vysya Bank and Kotak Mahindra Bank announced an all-stock merger. The Reserve Bank of India approved the transaction with effect from 1 April 2015. The combined institution was described as India's fourth-largest private-sector bank. The merger process was completed in May 2016, ending ING Vysya Bank as a standalone institution and transferring its banking operations into Kotak Mahindra Bank.
- 2016
Standalone operations end
[1]The merger integration was completed in May, ending ING Vysya Bank as a separate institution.
- 2015
Merger takes effect
[1]The Reserve Bank of India approved the Kotak Mahindra Bank amalgamation with effect from 1 April.
- 2014
Merger agreement with Kotak Mahindra Bank
[1]ING Vysya Bank agreed to an all-stock amalgamation with Kotak Mahindra Bank.
- 2006
Delisting and private-banking expansion
[1]The bank went private, delisted from the Bangalore Stock Exchange and entered private banking and portfolio management.
- 2002
ING Vysya Bank created
[1]The formal combination of Vysya Bank and ING received board and Reserve Bank of India approval, creating the ING Vysya Bank identity.
- 2000
Bancassurance joint venture formed
[1]Vysya Bank, ING Insurance and the Damani Group created a life-insurance joint venture.
- 1998
ING acquires BBL
[1]ING Group's acquisition of BBL transferred BBL's contractual and joint-venture interests in Vysya Bank to ING.
- 1995
Strategic alliance with Banque Bruxelles Lambert
[1]Vysya Bank entered a long-term alliance with Belgian bank Banque Bruxelles Lambert and established an investment-banking joint venture connected with BBL.
Products and positioning
A nationally distributed Indian private-sector bank combining ING's international financial-services capabilities with Vysya Bank's established Indian banking network. The brand competed through broad retail coverage, advisory-led private banking, corporate services and rural-finance reach.
Banking
Retail banking
The retail franchise included savings and cheque accounts, deposits, consumer loans, wealth-management services, insurance distribution and money-transfer services. Its Orange savings account was promoted with additional accident-related benefits. The business was supported by a broad branch, office and ATM network serving consumers across India.
Wealth management · 2006
Private banking
ING Vysya's private-banking operation used an advisory-led model for affluent customers. It emphasized specialized market research and tailored offerings, and was extended with portfolio-management services after the bank entered private banking during the 2000s.
Corporate banking
Wholesale banking
The wholesale platform served corporate customers, emerging businesses, banks and financial institutions. Its services included working-capital finance, trade and transaction banking, foreign exchange, term loans, electronic banking and cash management, organized across corporate and investment banking, emerging corporates, financial institutions and financial-markets activities.
Rural finance
Agriculture and rural banking
This business financed agriculture and allied activities, including poultry, dairy and cold-storage operations. It also offered gold loans, self-help-group lending and finance linked to government-sponsored schemes. The bank expanded agricultural lending in parts of North and Central India, including Rajasthan, Uttarakhand, Maharashtra, Gujarat and Madhya Pradesh.
Insurance distribution · 1999
Life-insurance distribution
Through its relationship with ING Insurance and associated joint ventures, the bank distributed life-insurance products through its banking network. Products and distribution initiatives included endowment policies and rural outreach through the network of Madras Fertiliser.
Brand decisions
2014
All-stock merger with Kotak Mahindra BankM&ABackground
ING Vysya Bank and Kotak Mahindra Bank pursued a combination to consolidate their private-sector banking operations.
Action taken
The institutions announced an all-stock amalgamation on 20 November 2014.
Aftermath
After regulatory approval effective 1 April 2015 and completion of integration in May 2016, ING Vysya Bank ceased to exist as a standalone bank.
2006
Move to private ownership and private bankingStrategyBackground
Under CEO and managing director Vaughn Richtor, the bank reviewed its ownership and service strategy.
Action taken
ING Vysya went private, delisted from the Bangalore Stock Exchange and entered private banking and portfolio management.
Aftermath
The bank shifted further toward a privately controlled, multi-segment financial-services model.
2002
Formal combination with ING GroupM&ABackground
ING had inherited a strategic relationship with Vysya Bank through its acquisition of Banque Bruxelles Lambert and sought a formal banking combination within Indian regulatory limits.
Action taken
The Vysya Bank board and the Reserve Bank of India approved the transaction, allowing ING to raise its equity holding from 20 percent to 44 percent and creating ING Vysya Bank.
Aftermath
The new bank combined an Indian private-sector banking platform with ING's international financial-services network.
Recent events
- 2016
ING Vysya Bank merger process completed[1]
M&A · Other
The integration with Kotak Mahindra Bank was reported as complete in May 2016, ending ING Vysya Bank's separate existence.
- 2015
Kotak Mahindra Bank merger receives RBI approval[1]
M&A · Regulation
The Reserve Bank of India approved the amalgamation with effect from 1 April 2015.
- 2014
ING Vysya Bank agrees to merge with Kotak Mahindra Bank[1]
M&A
The two banks announced an all-stock amalgamation intended to create one of India's largest private-sector banking groups.
- 2013
ING Group announces divestment of Indian insurance and investment interests[1]
M&A
ING Group announced plans to sell its 26 percent interest in ING Vysya Life Insurance to joint-venture partner Exide Industries.
- 2009
Shailendra Bhandari appointed bank chief[1]
Leadership change
Shailendra Bhandari, previously associated with Tata Capital's private-equity business, became CEO and managing director.
- 2006
ING Vysya goes private and enters private banking[1]
Leadership change
During Vaughn Richtor's tenure, the bank delisted from the Bangalore Stock Exchange and expanded into private banking and portfolio management.
- 2005
ING Vysya introduces mid-market and online banking services[1]
Leadership change · Product launch
The bank appointed Ned Swarup as CEO and managing director and introduced a cheque account for mid-sized businesses and an online money-transfer service.
- 2003
ING Vysya expands partnerships and retail products[1]
Product launch · Other
The bank announced inbound money-transfer cooperation with Western Union, vehicle-finance cooperation with Toyota and new retail and insurance products.
- 2002
Vysya Bank and ING complete formal combination[1]
M&A · Leadership change
Regulatory and board approvals enabled ING to raise its equity interest and created the ING Vysya Bank identity.
- 1998
ING inherits BBL interests in Vysya Bank[1]
M&A
ING Group's acquisition of BBL brought the Belgian bank's contractual and joint-venture interests in Vysya Bank into the ING group.
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