We remain committed to India operations, says ING

Dutch financial services major ING Groep NV, which is planning to exit operations in 10 nations, today said the entity is committed to its Indian business.     

The company also termed the operations of ING Vysya Bank as "one of the selective growth options".     

In a filing to the Bombay Stock Exchange ING Vysya Bank said the Dutch group is committed to India business. ING's comments comes amid speculation that the group may sell its Indian operations.     

"ING reaffirms to all its stakeholders that it is committed to its India business operations and it continues to have long term business prospects in the country.      

"As of date, there is no talks with any consultants or merchant bankers in this regard," the filing noted.      

Meanwhile, in an e mailed statement to PTI, an ING spokesperson said it considers ING Vysya Bank as a selective growth option. "ING remains committed to ING Vyasya Bank and we consider it as one of the selective growth options," an ING spokesperson said.     

The Dutch group has a significant presence in both banking and insurance operations, among others, in India.     

On June 4, ING Chief Executive Jan Hommen said the firm plans to exit about 10 of the 48 countries, where the entity is currently operating, mainly as part of its efforts to derisk business.

The group would "exit approximately 10 of the 48 countries in which ING is currently active... (ING would) divest 10-15 businesses over the coming three to five years as market conditions permit," Hommen had said at a conference in Germany.     

ING took over the management of Vysya Bank in October 2002 and later that year, the Reserve Bank of India cleared the change of name to 'ING Vysya Bank'.

According to BSE data, ING had 43.18 per cent stake in ING Vysya Bank as on March 31, 2009.