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Kotak Mahindra Bank has received the Reserve Bank of India’s approval for acquiring ING Vysya Bank, making Kotak the fourth largest private lender in the country.
Uday Kotak, Executive Vice-chairman and Managing Director of Kotak Group, took to microblogging site Twitter early on Wednesday to make the announcement.
“Happy to share that the RBI has approved merger of ING Vysya Bank with Kotak Mahindra Bank effective April 1, 2015,” Kotak posted.
An RBI statement said, “All the branches of ING Vysya Bank will function as branches of Kotak Mahindra Bank with effect from April 1, 2015.”
Shares of Kotak Bank gained ₹47.85 to end at ₹1,361 a share on the BSE.
In February, the proposed merger between Kotak Mahindra Bank and ING Vysya Bank got the Competition Commission of India's approval saying that the merger is “not likely to have an appreciable adverse effect on competition in India”.
In November last year, Kotak Bank had announced it was acquiring Bengaluru-headquartered ING Vysya Bank in an all-stock deal of over ₹15,000 crore. ING shareholders will get 725 Kotak Bank shares for every 1,000 shares they hold.
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