ING Vysya, Kotak Mahindra Bank shareholders approve merger

Shareholders of ING Vysya Bank and Kotak Mahindra Bank have approved the merger of the two banks. Out of a total of 8,118 shareholders who were present at the extraordinary general meeting (EGM) held in Bengaluru on January 7 (including shareholders represented by proxies), 7,228 voted in favour of the merger, ING Vysya Bank said.

This represents 89.04 per cent of the members present at the EGM and 96.89 per cent of the value of shares represented during the EGM. Interestingly, 303 of the 8,118 shareholders attended the EGM but did not vote.

“I am very pleased with the vote approving our pending merger and the continued confidence and support we have received from our shareholders. We are looking forward to completing the merger process and starting a new chapter,” ING Vysya Bank Chief Executive Officer Shailendra Bhandari said.

“We are delighted that shareholders have shown overwhelming support by approving the transaction. We believe the merged entity will benefit our customers, employees and shareholders by enhancing our long-term value and competitive position,” ING Vysya Bank deputy CEO Uday Sareen said.

In a separate note, Kotak Mahindra Bank said its shareholders too have approved the merger deal with the required majority. "The amalgamation was approved by 99.3 per cent of shareholders present, representing 99.93 per cent in value of the shares represented," Kotak Mahindra Bank said.

The merger is subject to approvals from the Reserve Bank of India, the Competition Commission of India, and such other approvals as may be required, Kotak added.