ING Vysya employees protest merger with Kotak

The strike will intensify if Kotak does not come forward and sign the agreement, says ING Vysya Bank Officers' Association

Employees' unions at ING Vysya Bank today staged a protest with demands for 'job security' in the wake of its proposed merger with Kotak Mahindra Bank.

The protest was held on a day when ING Vysya Bank has called a shareholders' meeting here for their approval for the proposed merger. Separately, Kotak Mahindra Bank has also called its shareholders' meeting in Mumbai today the Rs 15,000-crore merger plan.

About 100 employees took part in the protest, jointly organised by the All India ING Vysya Bank Employees' Union and All India ING Vysya Bank Officers' Association, which claimed their concerns over the proposed merger remain unresolved.

"Kotak Mahindra Bank has to come forward and sign a tripartite agreement along with the ING Vysya Bank," All India ING Vysya Bank Employees' Union General Secretary K J Ramakrishna Reddy told PTI.

The Bank spokesperson, on the other hand, said: "Shareholders will have a chance to vote on the merger at the EGM today. The shareholders' decision will be binding on all.

"Further, the ING Vysya Bank's management, (on the) basis of assurances from the Kotak Mahindra bank, has committed itself to the job security, tenure, wages, PF, gratuity, pension including Dearness Allowance linked adjustments, and the terms of ING Bank employees."

Reddy said the Regional Labour Commissioner in the second conciliatory meeting told ING Vysya Bank management to involve Kotak Mahindra Bank officials also in the discussion and arrive an amicable settlement.

"They promised that they will bring Kotak Mahindra - that has so far not happened. Again tomorrow we have a conciliation meeting....If they don't come forward, we will continue our agitation," he said.

S A Sridhar of ING Vysya Bank Officers' Association said: "As Kotak is a main party, it has to come and sign agreement with association and union.... If Kotak does not come forward and sign the agreement the strike will intensify and it will culminate into indefinite strike also."

All-India ING Vysya Bank Employees Union and All-India ING Vysya Bank Officers Association, together represent 35 per cent of the lender's over 10,000 employees.

"Our all India organisations have already taken decision to oppose this merger. They have been telling if at all merger should take place it should take place with public sector bank not with private bank," Reddy said.

He also raised apprehensions about Kotak Mahindra Bank implementing all their wage revisions and bilateral settlements with ING Vysya Bank management.


(Disclosure: Kotak Mahindra and associates are significant shareholders in Business Standard Limited)