Shareholders approve Kotak-ING Vysya merger

New Delhi, Jan 8: The Mumbai-headquartered private sector Kotak Mahindra Bank is said to have secured the approval of its shareholders for the amalgamation of the Bengaluru-based ING Vysya Bank with itself. Kotak Mahindra Bank is expected to buyout ING Vysya Bank in an all-stock deal that is valued at Rs 15,000 crore. After the merger, the Kotak Mahindra Bank will become the 4th-largest private sector bank in the country. However, the merger of the two banks is subject to approval of the Reserve Bank of India and other such relevant approvals.