Summary of Proposed Investment
Project Number
9872
Company Name
ING VYSYA BANK LIMITED
Date SPI Disclosed
Mar 23, 2000
Country
India
Industry
Financial Markets
Projected Board Date
Mar 1, 2001
Status
Completed
Sector
Commercial Banking - General
Date Revised SPI Disclosed
Feb 16, 2001
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Mar 23, 2001
Signed : Mar 24, 2001
Invested : Mar 29, 2001
Project Description
Vysya Bank was established in 1930 by a group of entrepreneurs from the trading (vysya) community based in and around Bangalore, India. The bank, with over 400 outlets, has a strong retail franchise, based in southern India, as well as presence in other parts of the country. The ING Group recently increased its equity stake in the Vysya Bank from 10% to 20% with the objective of strengthening its strategic alliance and business synergies in the areas of trade and corporate finance, retail banking, mutual funds, and insurance. Vysya Bank is refocusing its strategy to meet the challenges coming from the deregulation of the banking industry and to position itself as an integrated financial services provider.
IFC''s proposed investment will assist Vysya Bank in its plan to raise its technology platform, a key factor for increasing the competitiveness of Indian banks. Additionally, IFC together with the ING Group, will play an important role in institution building through the adoption of cautious operating policies and guidelines, and the strengthening of risk management and credit control and monitoring mechanisms. IFC''s presence in a well managed, established, private commercial bank, that is going through a transition, and the support to the bank''s technological upgrading and strengthening of its overall corporate governance, will have a strong demonstration effect on the Indian banking sector.
IFC''s proposed investment will assist Vysya Bank in its plan to raise its technology platform, a key factor for increasing the competitiveness of Indian banks. Additionally, IFC together with the ING Group, will play an important role in institution building through the adoption of cautious operating policies and guidelines, and the strengthening of risk management and credit control and monitoring mechanisms. IFC''s presence in a well managed, established, private commercial bank, that is going through a transition, and the support to the bank''s technological upgrading and strengthening of its overall corporate governance, will have a strong demonstration effect on the Indian banking sector.
Sponsor / Cost / Location
Development Impact
Related ESRS/ERS
Contacts
For Inquiries About the Project, Contact
Mr. Bart Hellemans, Director
The Vysya Bank Limited
5th Floor, Dhondusa Complex
9/2, Residency Road
Bangalore 560 025, India
Telephone: 91-80 224-5135
Fax: 91-80 224-5136
The Vysya Bank Limited
5th Floor, Dhondusa Complex
9/2, Residency Road
Bangalore 560 025, India
Telephone: 91-80 224-5135
Fax: 91-80 224-5136