What does the deal mean to you and the banking sector?

I am very excited. This is a momentous deal for us. It is transformational for the future of banking sector. This is the first significant consolidation in the Indian financial sector (in the last few years).

What will be your market size post this merger?

Our combined business size is around ₹2 lakh crore and based on the relative prices, the combined market capitalisation crosses ₹1 lakh crore.

Will ING Vysya customers get the benefit of 6% interest rate on savings bank deposits?

We will make sure all Kotak and ING Vysya customers are treated fairly. I would like to continue the 6 per cent interest rate as long as I can. At this stage we have no intention of changing the deposit rate.

What changes will you make on the Board and at the senior management level?

We have always been bold in making our senior management changes. ING's Uday Sareen will join the operating management committee and report to me directly. At the Board, we will have an ING Vysya member, who their Board will decide and tell us going forward. ING's stake in the bank will be at about 6.5%. But RBI doesn't allow single-entity shareholding to be above 5%. We will take the necessary approvals needed from the regulator. Right now, the foreign shareholding is within the prescribed 49% but we will seek approvals to increase it above that.

What is your one-year goal post this deal ? Will your growth targets change and how?

We want to make this combined institution work together to create value for customers and opportunities for employees. There will be no rationalisation of employees. On the growth front, we would like to talk to you more often, so will keep you informed.

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