be updated . please update this article to reflect recent events or newly available information . august 2015 ing vysya bank type public bse 531807 industry banking financial services & insurance fate merged with kotak mahindra bank founded 2002 est. 1930 as vysya bank headquarters bangalore india key people shailendra bhandari ceo & managing director uday sareen deputy ceo arun thiagarajan chairman revenue 5 588 crore us 830 million 1 net income 613 crore us 91 million 1 total assets 54 836 crore us 8.1 billion 1 number of employees over 10 000 2 no . of branches 527 2 no . of atms 405 no . of extension counters 10 website ing vysya bank ing vysya bank kannada . . 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 marks the first between an indian bank and a foreign bank . 3 prior to this transaction vysya bank had a seven year old strategic alliance with erstwhile belgian bank banque bruxelles lambert which was also acquired by ing group in 1998 . as of march 2013 ing vysya is the seventh largest private sector bank in india with assets totaling 54 836 crore us 8.1 billion and operating a pan india network of over 1 000 outlets including 527 branches which service over two million customers . 1 4 ing group the highest ranking institutional shareholder currently holds a 44 % equity stake in ing vysya bank followed by aberdeen asset management private equity firm chryscapital morgan stanley and citigroup respectively . 5 ing vysya has been ranked the safest banker by the new indian express and among top 5 most trusted private sector banks by the economic times . 6 on 20 november 2014 in an all stock amalgamation ing vysya bank decided to merge with kotak mahindra bank creating the fourth largest private sector bank in india . 7 on 1 april 2015 the reserve bank of india approved the merger . on 15th may 2016 the whole merger process was over . 8 contents 1 history 1.1 early years 1.2 globalisation through europe 1.3 formal merger with the ing group 1.4 post merger news 2 current operations 2.1 retail banking 2.2 private banking 2.3 corporate wholesale banking 2.4 agriculture and rural banking 3 ing vysya mobile app 4 see also 5 references 6 external links history edit early years edit established in 1930s vysya bank was formally incorporated in the city of bangalore karnataka . the state of karnataka is known as the cradle of indian banking due to the region s bygone banking relationship with several european east india companies during the 17th 18th and 19th centuries . seven of the country s leading banks canara bank syndicate bank corporation bank vijaya bank karnataka bank state bank of mysore and ing vysya bank were originally established in karnataka . 9 from the 1930s through the 1950s vysya bank built its banking business organically in southern india . the bank concentrated on serving the vysya community a merchant trading community operating across karnataka and andhra pradesh . 3 in 1958 the bank was licensed by the reserve bank of india rbi to expand its banking operations nationwide . in 1972 the rbi upgraded vysya bank to a national b class bank . in 1987 vysya bank established two independently operating subsidiaries providing equipment leasing and home mortgaging services vysya bank leasing ltd and vysya bank housing finance ltd respectively . in 1994 vysya bank began marketing several innovative financial products to the fast growing indian middle class segment e.g. vysprime and vysinvest for nris vysbuy for consumer financing vysmobile for auto loan financing and vysequity for common equity financing . globalisation through europe edit in 1995 vysya bank entered into a long term strategic alliance with belgian bank bank bruxelles lambert bbl . following this agreement the vysya bank engaged kpmc peat marwick for assistance in re engineering its business processes in preparation for globalisation . in 1996 an international investment banking joint venture jv with mc securities london an investment banking subsidiary of bbl was formally established . in 1998 the ing group acquired bbl and all its contractual and jv interests in vysya bank . in 1999 vysya bank joined the ing group in co marketing distribution of life insurance products in india . vysya bank also acquired a 26 % equity stake in the ing asset management company . in 2000 vysya bank ing insurance and the damani group formed a life insurance jv ; this innovative collaboration marks the first bancassurance venture in india . 10 formal merger with the ing group edit in 2002 vysya bank s board of directors and the rbi approved vysya bank s formal merger with the ing group . under indian law this move allowed ing to increase its total equity holdings in vysya bank from 20 % to 44 % . peter alexander smyth and jacques pm kemp were appointed to the board of the newly formed ing vysya bank . ing vysya bank then appointed bart hellemans as ceo and managing director md and g mallikarjuna rao as chairman of the board . post merger news edit in 2003 western union a leading global money transfer firm tied up with ing vysya for inbound money transfer services across india . ing vysya then launched three new endowment products and an innovative retail savings account called orange with facilities such as personal accident and free annual accident coverage . japanese auto manufacturer toyota then signed an agreement with ing vysya for auto financing services . ing vysya then inked a deal with fertilizer producers madras fertiliser ltd mfl to co market distribute life insurance products to farmers by employing the fertilizer company s broker dealer network in the rural sector . in 2005 ing vysya bank named ned swarup to the ceo and md role . ing vysya launched a cheque account product for mid sized businesses . it also rolled out its own proprietary online money transfer service . in 2006 vaughn richtor stepped into the ceo and md role for a fixed three year term . under mr richtor s leadership ing vysya went private and delisted from the bangalore stock exchange . ing vysya also forayed into private banking and portfolio management services . in 2009 shailendra bhandari was appointed as ceo and md. he was formerly the head of private equity at tata capital the tata group s private equity arm . 11 having completed his three year term in india vaughn richtor was promoted to ceo of ing banking asia . 12 in 2010 the board of ing vysya bank nominated mr arun thiagarajan to succeed mr k.r. ramamoorthy as chairman of the board . mr thiagarajan was selected for his vast international experience across strategic planning economics and finance technology and systems . 13 as of january 2013 ing group announced plans to divest itself of its indian insurance and investment management businesses through the sale of its 26 % interest in ing vysya life insurance company ltd. to its joint venture partner exide industries ltd. 14 current operations edit ing vysya bank has competed in the banking financial services and insurance markets for over 80 years and currently serves over two million indian consumers . the bank markets an entire range of financial products and services organised under three strategic lines of business retail private and wholesale banking . 15 retail banking edit with 547 branches and 10 counters 28 satellite offices and 470 atm s nationwide ing vysya s retail operation offers cheque accounts savings deposits cd s retail wealth management services consumer loans agricultural rural banking and retail life insurance products . the bank has rapidly expanded its distribution footprint and has created a national brand presence through several innovative marketing campaigns . 16 private banking edit ing vysya s private bank operates on an advisory driven model . specialised market research remains the bank s emphasis for the introduction of new tailored products to serve the high end private banking segment . corporate wholesale banking edit the wholesale banking business provides corporate clients in india a range of commercial transactional and electronic banking products . the bank offers client focused products including working capital finance trade and transactional services foreign exchange term loans and cash management services . 17 the wholesale banking business comprises four business sub segments and multiple product offerings . the business segments corporate and investment banking emerging corporates banking and financial institutions and financial markets . 18 agriculture and rural banking edit agriculture and rural banking deals with all business related to agriculture and allied activities gold loans loans to shgs and lending to government sponsored schemes . working capital and agriculture term loans for poultry dairy cold storage units etc. are also being offered to cater diverse needs of the farming community . the bank has accelerated retail agricultural lending at a few places in north india and central india especially in rajasthan uttarakhand maharashtra gujarat and madhya pradesh . 18 ing vysya mobile app edit ing vysya bank s mobile app helps customers check the balance and much more than a conventional mobile app . however the functionalities are perhaps less than compared to the other established banks such as icici or hdfc bank 19 see also edit ing group indian banking references edit a b c d http www.ingvysyabank.com pdf % 27s financial % 20results % 20mar % 2013.pdf a b ing vysya ing vysya bank personal banking . ing vysya bank . retrieved on 6 december 2013 . a b http www.livemint.com 2011 11 04000353 shailendra bhandari people d.html chryscapital . chryscapital . retrieved on 6 december 2013 . http www.ingvysyabank.com pdf % 27s ingvysyabank march2012.pdf ing vysya bank awarded the safest banker by the sunday standard finwiz 2012 best bankers award . indiaprwire.com . retrieved on 6 december 2013 . ing vysya bank to merge with kotak mahindra bank . thehindu.com . retrieved 21 november 2014 . kotak mahindra ing vysya extend gains after rbi approves amalgamation . business standard . 6 april 2015 . retrieved 12 april 2015 . ravi sharma . building on a strong base . online webpage of the frontline volume 22 issue 21 8 21 oct. 2005 . 2005 frontline ing vysya damani in pact for life venture . thehindubusinessline.in 29 november 2000 . retrieved on 6 december 2013 . http www.ing.asia pressroom bios shailendra bhandari.html http www.ing.asia pressroom bios vaughn richtor.html arun thiagarajan appointed chairman of ing vysya bank . business standard 16 august 2010 . retrieved on 6 december 2013 . to sell its interest in ing vysya life insurance . ing . retrieved on 6 december 2013 . company overview . ingvysyabank.com . retrieved 27 february 2011 . ing about us . ingvysyabank.com . retrieved 30 september 2011 . ing vysya bank . ingvysyabank.com . retrieved 9 october 2012 . a b ing annual report pdf . ingvysyabank.com . retrieved 9 october 2012 . mobile app external links edit ing group ing life india ing investment management v t e banking in india reserve bank reserve bank of india public sector banks allahabad bank andhra bank bank of baroda bank of india bank of maharashtra bharatiya mahila bank canara bank central bank of india corporation bank dena bank idbi bank indian bank indian overseas bank oriental bank of commerce post bank of india punjab & sind bank punjab national bank state bank of bikaner & jaipur state bank of hyderabad state bank of india state bank of mysore state bank of patiala state bank of travancore syndicate bank uco bank union bank of india united bank of india vijaya bank private sector banks axis bank bandhan bank catholic syrian bank city union bank dcb bank dhanlaxmi bank federal bank hdfc