Top Kotak Bank official Uday Sareen to take up overseas assignment with ING

Uday Sareen, President (Bank-in-Bank) and a member of the Operating Management Committee, Kotak Mahindra Bank (KMB), has decided to pursue opportunities outside the bank and will be moving to ING in an overseas assignment.

Sareen will be moving to ING by April 30, 2016, post completion of the integration of various business units of the erstwhile ING Vysya Bank Ltd (eIVBL) with KMB. A KMB spokesperson confirmed this development.

As KMB gets into the final leg of the integration, Sareen will continue to be responsible for Bank-in-Bank (eIVBL) and work closely on Integration.

Sareen joined IVBL in 2007 from Citi as Country Head - Retail Banking and has been a key member of the management team at eIVBL.

Following Sareen’s decision to move to ING, the reporting structure of a couple of senior officials at KMB has been changed.

The Board of Directors of KMB and IVBL at their respective meetings held in November 2014 had approved a Scheme of Amalgamation of IVBL with the Bank, subject to approval of the shareholders of both the banks, Reserve Bank of India (RBI) and other regulatory authorities.

In January 2015, the shareholders of KMB accorded their consent to the Scheme of Amalgamation of IVBL with the Bank.

Further, RBI approved the Scheme of Amalgamation of IVBL with the bank effective April 1, 2015.

Consequent April 21, 2015, the shareholders of the erstwhile IVBL were allotted 13,92,05,159 equity shares of Rs 5 each fully paid up of KMB, in the ratio of 725 equity shares of face value of Rs 5 each of KMB for every 1,000 equity shares of Rs 10 each held by the shareholders of IVBL.

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