ING Vysya Bank > Company History > Banks - Private Sector > Company History of ING Vysya Bank - BSE: 531807, NSE: INGVYSYABK

ING Vysya Bank

BSE: 531807|NSE: INGVYSYABK|ISIN: INE166A01011|SECTOR: Banks - Private Sector
ING Vysya Bank is not traded in the last 30 days
ING Vysya Bank is not traded in the last 30 days
Company History - ING Vysya Bank
YEAR                                                           EVENTS
 1930 - The Bank was Incorporated at Bangalore City.  The Bank
 transacts general banking business of every description. 
 1958 - The Bank was granted a licence by the Reserve Bank of India to
 carry on banking business.
 1972 - With effect from 1st January, the Bank was upgraded to `B'
 1978 - 80,000 Right shares issued at par 1977 in prop. 2:1.
 1985 - 6,00,000 Rights equity shares issued at par in prop. 1:2.
 1987 - The Vysya Bank Leasing, Ltd. was incorporated on 4th January,
 as a subsidiary of the Company to take up equipment leasing and such
 other forms of business as are permissibile through the subsidiary. 
 The Vysya Bank Housing Finance, Ltd., is also a subsidiary of the
 - 6,00,000 Rights equity shares issued at par in prop. 1:2.
 1990 - The bank introduced the Investors' club activity to render
 buying and selling of capital market investments on behalf of its
 members apart from giving loans and providing security for the scrips
 deposited with the bank.
 1993 - At the Extraordinary General Meeting held on 27th September, a
 Special Resolution was passed for issue of Rights Shares to the
 shareholder and Preferential Allotment of Shares to the Managment
 Group and Employees.  The allotment of 24 lakh shares was made to
 Management Group on 10th December, which was kept in abeyance vide
 RBI directive dated 15th December. 
 1994 - The Bank launched new products like VYS STORE - credit
 facility for constructions of godowns, agri-vehicles for
 transportation of produce and inputs and cash credit for agricultural
 - A new division was set up to strengthened merchant banking
 activities of the bank.  The bank underwrote 118 capital issues
 aggregating Rs 34.47 crores.
 - A separate cell managed by professionals specialised in investment
 management was formed to look after the equity investments of the
 - The Company's schemes such as vysprime and vysinvest exist
 exclusively for NRIs.  Vysbuy for facilitating purchase of consumer
 articles, vysmobile for purchase of vehicles and vysequity
 facilitating purchase of shares.
 - 2,43,600 shares were allotted at a premium of Rs 10 per share to
 the employees of the bank and subsidiary companies.
 - The RBI has revoked its order letter dated 29th September, and
 permitted allotment as follows: (i) Issue of 2,66,500 shares of Rs 10
 each in the ratio of 50 shares to each employee of its subsidiary
 companies at a premiuim of Rs 10 per shares,
 (ii) Issue of 6,00,000 shares of Rs 10 each to the Management Group
 at a premium of Rs 364.25 per shares, (iii) After Completion of the
 above issues, rights issues to the shareholders
 including (i) and (ii) in the ratio of 5 shares for every share at a
 price in accordance with pricing guidelines of RBI.
 - 6 lakhs shares were allotted to Management Group at a premium of Rs
 364.25 as approved by RBI.  Balance of 18 lakh shares awaited for the
 decisive of the Company.
 - 1200 shares allotted.
 1995 - The bank launched two new schemes, namely Vysdouble Scheme -
 doubles money in less than 57 months & Vyswift Scheme - A scheme for
 fast collection of out station cheques.
 - The banks has signed a MOU with Bank Brussels Lambert for strategic
 alliance.  It enable the bank to globalise its operations.
 - The bank has appointed M/s. KPMC Peat Marwick to conduct a study of
 the bank for re-engineering the business processes of the bank and
 suggest an appropriate business strategy to remodel the bank as a
 World Class Bank.
 - 131,32,830 No. of equity shares of Rs 10 each at a prem. of Rs 25
 per share allotted to the existing shareholders on rights basis in
 the ratio of 5:1.
 1996 - A MOU was signed with MC Securities Ltd., London a group
 company of Bank Brussels Lambert for establishing a joint venture
 company for International Investment Banking.
 - 834,800 No. of equity shares of Rs 10 each at a premium of Rs
 316.07 per share allotted on preferential basis to BBL Mauritius
 Holidings, a wholly owned subsidiary of Bank Brussels Lavibert,
 Belgium and 13,435 No. of equity shares of Rs 10 each at a premium of
 Rs 25 per share allotted out of abeyance cases of Rights issue.
 1998 - Sri T. B. Dhananjaya Rao, Director, expired on 1st October. 
 - The Bank set-up V-SATs in 6 Metros using DAMA technology as an
 internal  communication support system through which 200 of the
 Bank's Branches are proposed to be linked to the Bank's Corporate
 Office for data transmission and  E-Mail Communication.
 1999 -The Bank launched Insurance linked Premium Savings Bank Account
 for individuals. 
 - The Bank has signed an MOU with ING for distribution of Life
 Insurance products, as  and when the insurance industry opens up in
 2000 - Indus Software Private Limited a Pune-based software products
 company has signed an agreement with the Vysya Bank Ltd., a leading
 private sector bank in India for the implementation of its product,
 ISI (lending solutions from Indus).
 - Vysya Bank Ltd. signed a MoU with Global TeleSystems Ltd. to
 utilise their e-commerce payments processing infrastructure.
 - The Bank has signed a memorandum of understanding with the ING
 group to pick up 26% stake in ING Asset Management Company for a
 nominal amount of Rs 10 crore.
 - Vysya Bank has signed an MoU with Satyam Infoway for its foray into
 - The Vysya Bank signed an MoU with Siri Technologies Pvt for a
 technical and marketing partnership to develop, customise and
 implement remittance/payment processing, software solutions according
 to a press release issued by Vysya Bank.
 - ING Insurance, a sub-holding company of Dutch financial major ING
 Group, has tied up with Bangalore-based Vysysa Bank to enter the
 Indian life insurance market.
 - Vysya Bank is likely to review its joint venture agreement with
 Citibank for the credit card business.
 - Bangalore-based private sector bank Vysya Bank is to launch a
 floating rate deposit.
 - ING Insurance, Vysya Bank Ltd. and the Damani Group have signed an
 agreement to form a life insurance joint venture in India.
 - The Bank announced launching of VysyAMulya project, envisaging an
 investment of  about Rs. 60 Crores spread over two financial years,
 which involves setting up of a Data  Centre and networking of 125
 branches for online real-time Centralised Processing through 
 Sanchez's Core banking suite of products - PROFILE/Anyware - IBS.  
 - The Bank has entered into an agreement with IBM India Ltd for the
 IT related ardware/software supply and system integration.   
 - The Bank has also entered into an agreement with M/s. Bangalore
 Labs for providing  suitable and stable communications network design
 and layout, which will allow the  Bank to operate 24 hours, seven days
 a week.
 - The Bank launched, during the year, two new technology aided
 products viz., -  Vys-Sambandh and Access Plus.
 - Sri K R Ramamoorthy, has been re-appointed as the Chairman and
 Chief Executive  Officer of the Bank for a period of three years. 
  - Vysya Bank named a new Managing Director Mr. K Balasubramanian,
 sees this as the first step in its long-term succession plan for the
 Bank's top job.
 -  :Vysya Bank Ltd as part of its restructuring exercise, has merged
 six regional offices and will be opening 30 branches, including
 extension counters, in the next three years
 -Vysya Bank announces Employees Voluntary Retirement scheme.
 -Vysya Bank Ltd has informed that the following changes have been
 approved consequent to increase in the stake of equity of BBL (ING
 Group) from 20% to 43.99%.
 The following Directors resigned from the office of Director w.e.f
 September 09, 2002:a) Mr. M K Ramachandra,b) Mr. H N Tarachandani, c)
 Mr. Yadalam A Subramanyam, d) Mr. K V K Seshavataram e) Mr. G B S
 Raju. Mr. Peter Alexander Smyth, a nominee of ING Group has been
 appointed as Director in the casual vacancy caused by the resignation
 of Mr. M K Ramachandra w.e.f. September 09,2002. Mr. Jacques P M Kemp,
 a nominee of ING Group has been appointed as Director in the casual
 vacancy caused by the resignation of Mr. G R S Raju w.e.f. September
 09, 2002.
 -Vysya Bank Ltd has informed that RBI has sanctioned the appointment
 of Mr Bart Hellemans as Managing Director & Chief Executive Officer
 and Mr G Mallikarjuna Rao as part time Chairman of the Bank.  Mr K
 Balasubramanian the outgoing Managing Director will continue as
 non-executive Director of the Bank.
 -G Mallikarjuna Rao takes charge as part time Chairman of Vysya
 -Vysya Bank Ltd has informed BSE that The Board of Directors through
 a Circular Resolution passed on November 9, 2002 has noted the
 resignation of Mr Leo Willy Janssen, nominee of ING from the Board of
 the Bank.
 -Vysya Bank Ltd has informed BSE that the Board of Directors of Vysya
 Bank Ltd at their meeting held on January 30, 2003 took on record the
 following: 1. Appointment of Arun Thiagrajan as Additional Director
 2. Appointment of K R Ramamorthy as Additional Director effective
 February 12, 2003 3. Resignation of A P Rao as Director effective Jan
 30, 2003.
 -Western Union, the top American money transfer firm has tied up with
 ING Vysya Bank for
 inward money transfer.
 -ING Group acquired 23.99% equity of Vysya Bank, and the name has
 been changed to
 ING Vysya Bank Ltd.
 -Change in the Management Structure:
 Appointment of Mr.Arun Thiagrajan as Additional Director
 Appointment of K Ramamorthy as Additional Director and 
 Resignation of A P Rao as the Director.
 -Mr Robin Roy, the point man for retail banking of ING Vysya Bank Ltd
 has resigned.
 -Mr Prakash G Apte has been appointed as Additional Director on the
 board of the bank.
 -ING Vysya has launched 3 new endowment products:
 Powering Life - Limited payment endowment plan
 Creating Life - Child Protection plan
 Reassuring Life - Endowment plan with revisionary bonus.
 -ING Vysya Bank Ltd has reported a 26% growth in its net profit for
 the year.
 -ING Vysya Bank has entered into a subscription and shareholders
 agreement with Nationale Nederlanden Interfinance BV, Kirti Equities
 Pvt Ltd and ING Investment  Management (India)Pvt Ltd.
 -Crisil assigs AA+ rating for the 200cr bond programme of ING vysya
 -ING vysya bank has launched new Saving Bank Account called Orange,
 with facilities like personal accident cover, free annual accident
 -ING  Vysya's new Registered office: at No 22, M G Road Bangalore
 560001. Ph.Nos : 080-5005000 & 5559222 Fax No. 080-5005555.
 -ING-Vysya has  raised Rs.200cr through tier-II capital bonds at
 6.25%. The bonds  are rated AA plus by both Fitch and Crisil.
 -Medvin Finance Private Ltd., shareholder of the Bank and a
 constituent of GMR Group of Companies, Indian Promoters, sells 452521
 equity shares amounting to 2% of the paid up capital of the company 
 -Resignation of Mr. Ramsay Alexander Urquhart and Mr. Jacques P M
 Kemp from the Board of the Bank. Further, the Board of Directors
 appointed i) Mr. Lars Kramer; ii) Mr. Cees Ovelgonne and iii) Mr.
 Peter Staal as Directors of the Bank in the casual vacancies arising
 out of resignation of Mr. Jacques P M Kemp, Mr. Ramsay Alexander
 Urquhart and Mr. K 

 Balasubramanian respectively as Directors.
 -ING Vysya Bank received Rs 4.35 crore to take back bad loans from
 its erstwhile housing finance arm that had been acquired by Dewan
 Housing Finance
 -iGate Global Solutions signs outsourcing deal worth approx 
 million with ING Vysya Bank
 -Toyota signs agreement with ING Vysya for auto finance
 -ING Vysya Life signed an agreement with public sector Madras
 Fertiliser Ltd (MFL) to sell its life insurance policies to farmers,
 using the fertiliser company's dealer network in rural sector
 -Dolphin Milk forges alliance with ING Vysya Bank
 -ING on course to amalgamate with Vysya venture
 -ING Vysya inks pact with Madras Fert
 -Introduced Protected Home Loans - a housing loan product
 -ING Vysya Bank names Mr Ned Swarup as CEO
 -Introduced Solo - My Own Account for youth and Customer Service Line
  Phone Banking Service
 -ING Vysya Bank launches an `Advantage Current Account' for mid-sized
 -ING Vysya Bank rolls out online money transfer service
 -ING Vysya Bank Issues Rights in the Ratio of 3:1
 -ING Vysya Bank Ltd has informed that the Company has appointed Mr.
 Vaughn Richtor as its new Chief Executive Officer (CEO) and Managing
 Director for a three-year term, following approval from the Reserve
 Bank of India.
 -ING Vysya Bank Ltd delists securities of the Bank from Bangalore
 Stock Exchange Ltd.
 -ING Vysya forays into portfolio management biz
 -Bank has networked all the branches to facilitate AAA transactions
 i.e. Anywhere, Anytime & Anyhow Banking
 -ING Vysya Bank has unveiled a scheme called `Freedom Savings
 Account.' The features of the account are a zero quarterly balance
 requirement and a zero penal charge for non-maintenance of minimum
 quarterly balance. 
 - ING Vysya Bank Ltd has appointed Mr. M Damodaran as a Non-Executive
 & Non Independent Director of the Bank.
 -ING Vysya Bank Ltd has appointed Mr. Vaughn Nigel Richtor as an
 Additional Director on the Board, effective June 01, 2009. He will be
 a Non-Executive and Non-Independent Director.
 - Ing Vysya Bank Limited has appointed Mr. Peter Henri Maria Staal as
 a Non-Executive & Non-Independent Director of the Bank effective
 January 21, 2010.
 - ING Vysya Bank Ltd has informed that the Board of Directors of the
 Company at its meeting held on January 21, 2010, have approved the
 appointment of Mr. Peter Henri Maria Staal as a Non-Executive &
 Non-Independent Director of the Bank effective January 21, 2010.
 -ING Vysya Bank signs MoU with LIC
 -ING Vysya Bank signs MoU with Oriental Insurance
 -ING Vysya Bank and Visa Launch Indias first Multi Currency Prepaid
 -Ing Vysya Bank have appointed Mr. Sanjeev Aga as an Additional
 -ING Vysya Bank unveils premium debit cards with rewards programme.
 -ING Vysya ties up with IRCTC for online ticketing services.
 -ING Vysya Bank merged with Kotak Mahindra Bank.
Source : Dion Global Solutions Limited
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