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| No plans to sell stake in ING Vysya Bank: ING |
| BS Reporter / Mumbai Jun 11, 2009, 00:34 IST |
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ING Groep NV remains committed to its India operations and continues to have long-term business prospects in the country, a senior executive of the Netherlands-based financial services firm said today.
Refuting reports in the media that the group plans to divest its holding in ING Vysya Bank and is seeking buyers for the same, Eli Leenaars, executive board member of ING Group said, “ING remains committed to ING Vysya Bank and considers it as one of the selective growth options as described in ING Groups strategy update. ING would like to put to rest any market speculation to the contrary.”
ING holds a 43.81 stake in Bangalore-based ING Vysya Bank. ING Vysya Bank saw its net profit increase by 20 per cent to Rs 188.8 crore and advances rise 14.3 per cent to Rs 16,705.9 crore in the year ended March 31, 2009.
In October 2008, the Dutch government infused ¤10 billion into ING saying it was necessary to shore up the bank’s capital base given the extreme volatility of global financial markets. Subsequently, the lender said it would adopt a “back to basics” strategy and focus on ways to reduce cost, risk and leverage.
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