ING Vysya employees protest merger with Kotak

ING Vysya employees protest merger with Kotak

Employees of ING Vysya Bank protested in Bengaluru on Wednesday against the merger of the bank with Kotak Mahindra Bank. They also demanded job security.

“Employees protested outside the Town Hall in Bengaluru for a couple of hours. After that, a protest was also staged outside the venue of the extraordinary general meeting (EGM) opposing the merger of the two banks,” ING Vysya Bank Employees’ Union General Secretary K J Ramakrishna Reddy told Deccan Herald. Representatives of the union and some of the office-bearers voted against the merger at the EGM, he added.

Reddy accused ING Vysya Bank of adopting unlawful practices. “We have got information that bank officials collected proxies from customers at various branches, and also some other people, so that the merger proposal sails through in the voting,” Reddy said.

The management only conducted ballot voting and e-voting was avoided, he added. The results of the voting are likely to be announced in the next 48 hours or so by the bank to the exchanges.

Reddy said that the union stands by its earlier stance of a tripartite agreement involving the two banks and their employees; alternately it also supports a merger with a public sector bank.

“A tripartite agreement will ensure that employees retain job security and all other benefits that we are enjoying currently,” Reddy said.

The union leader said a conciliation meeting is planned on Thursday to be attended by the Regional Labour Commissioner, unions, various associations and the managements of both the banks.

“Kotak Mahindra Bank management has also been called for the meeting but we do not yet know whether it is going to attend or not,” Reddy said.