Vysya Bank Set To Add Ing To Name

The Vysya Bank Ltd, one of the major private sector banking players in the country, will soon add ING tag to its name as a repositioning and rebranding exercise following the decision of ING group, the Dutch-based global financial player, to increase its stake in the bank to 43.99 per cent from the current level of 20 per cent.

Vysya Bank is awaiting the approval from regulatory authorities for the proposed hike of stake by ING group. Upon the ING group raising its stake, the name of Vysya Bank is proposed to be changed to ING Vysya Bank Ltd. The bank is seeking the approval of the shareholders for the change of the name at its annual general meeting to be held in Bangalore on September 21.

 

"This is in line with the global policy of ING group. The repositioning strategy aims at loading the ING brand in such a way that it conveys the same association to the stakeholders all over the world," the bank said in a notice to the shareholders.

The new name with easy recall capacity will not only take advantage of the goodwill of both ING group and Vysya Bank, it will also be a permanent reflection of ING's commitment to the development of the bank, the notice added.

It may be recalled that ING group had already announced its intention of increasing its stake in Vysya Bank to 49 per cent, the maximum allowed foreign direct investment (FDI) in banking sector, at a subsequent date.

Vysya Bank hopes that the proposed move will strengthen its ties with the global financial player, thereby allowing it to compete on terms of parity with other large players in the Indian financial market and to aggressively pursue opportunities for growth.

ING has also committed to enhance the cross-border banking capabilities of Vysya Bank through integration with its global banking network spread over 65 countries, thereby enhancing the range of services offered by the bank to its clients.