ING concludes divestment of stake in Kotak Mahindra Bank
ING today announced the sale of its last tranche of shares in India’s Kotak Mahindra Bank (Kotak). ING obtained its stake in Kotak through the merger of ING Vysya Bank with Kotak Mahindra Bank in 2015. ING has subsequently sold down its stake in the bank. The transaction announced today, for a stake of approximately 3%, concludes the divestment process.
Kotak Mahindra Bank is one of India's leading banks, offering a complete range of banking products. Kotak shares are listed on the Bombay Stock Exchange Limited and the National Stock Exchange of India (KOTAKBANK).
ING and Kotak will continue to co-operate on cross-border business opportunities and leverage each other’s network. ING has been supporting its Indian clients’ offshore activities for more than 20 years through its international wholesale banking network across 40 countries.
The transaction will not have a material impact on ING’s profit and loss account, shareholders' equity or capital ratios.