Kotak Mahindra Bank Ltd.

Kotak Mahindra Bank (KMBL) and ING Bank have signed a Memorandum of Understanding (MoU) where both institutions will cooperate and explore opportunities arising from cross border business, investment and trade flows across Benelux (Belgium, Netherlands and Luxembourg), Western Europe, Eastern Europe, North America, Asia and Australia.

The MoU covers an array of co-operation areas such as trade finance, remittances and services related to Non-Resident Indians, Nostro and Vostro accounts, funding to counterparties’ corporate relationships, fee-based products (including but not limited to foreign exchange, letters of credit, and guarantees), direct banking and digital strategy, and cross-border debt capital markets and M&A.

On November 20, 2014, KMBL and the erstwhile ING Vysya Bank (IVBL) announced the scheme of merger, where both KMBL and IVBL expressed intent to explore areas of cooperation in cross border business. Effective April 1, 2015, ING Vysya Bank has merged with Kotak Mahindra Bank creating a Rs 2 trillion institution (consolidated).