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India: Kotak Mahindra-ING Vysya merger gets approved

By  |  April 1, 2015

The Reserve Bank of India approved the merger of Kotak Mahindra Bank and ING Vysya Bank on Wednesday. From now on, all ING branches will function as Kotak branches, said the central bank.

The acquisition will make Kotak Mahindra Bank the fourth largest private sector lender in the country.

In an order dated February 12, the CCI said that share of both entities in various relevant markets is “insignificant”. In this case, the regulator took into account multiple relevant markets including those for deposits, home loans, agricultural banking and card business.

 

Full Content: The Economic Times

 

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