ING Bank converted our representative office in India into a full-service branch in 1994. In 2002, ING merged with Vysya Bank to become ING Vysya. In 2015, ING obtained a stake in Kotak Mahindra Bank (Kotak) through the merger of ING Vysya Bank and Kotak. 

Following the merger, in 2017, both ING and Kotak signed a Cooperation Agreement that structures a framework in which ING serves Kotak clients through ING’s network internationally and Kotak, likewise, supports ING clients with their Indian operations. Thanks to this Cooperation Agreement a number of new deals have been done by ING for Indian companies through our network and similarly a number of ING clients continue receiving daily banking services through Kotak. In addition to this Cooperation Agreement, ING and Kotak signed a second agreement to cooperate on cross-border merger and acquisition transactions involving both Kotak and ING corporate finance teams. In 2019, ING announced the sale of our last tranche of shares in Kotak.

Despite the equity divestment, ING and Kotak continue to cooperate on cross-border business opportunities and leverage each other’s network. The intention of both Kotak and ING is to create a similar client experience when dealing with either Kotak or ING. Both institutions have worked together to develop a service infrastructure that enables access to a wider range of financial products, in-country expertise, ideas, and solutions.