Examining Kotak-ING Vysya Bank merger deal, says CCI

New Delhi: Fair trade watchdog CCI is examining the Rs 15,000-crore merger deal between Kotak Mahindra and ING Vysya that would create the country’s fourth largest private sector lender.

Kotak Mahindra Bank had announced the buyout of ING Vysya Bank in an all-stock deal in November last year and the transaction received shareholders’ nod earlier this month.

Competition Commission of India (CCI) Chairman Ashok Chawla said the companies have notified the regulator about their deal.

“That (the deal) is being examined,” Chawla told reporters here.

He was responding to a query on whether the companies have approached the Commission for its approval of the deal.

The amalgamation of ING Vysya with itself would make Kotak Mahindra Bank the country’s the fourth-largest private sector lender.

The deal was approved by the shareholders of Kotak Mahindra and ING Vysya earlier this month.

The CCI keeps a tab on unfair business practices at the market place across sectors.

PTI