ING Vysya Bank

By: EconomyWatch Content   Date: 6 November 2009

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ING Vysya Bank is an emerging private sector bank with its headquarters at Bengaluru (earlier known as Bangalore), India. It offers integrated financial solutions to retail, corporate and enterprise customers. ING Vysya Bank LTD. began operations in the year 2002. It is a joint venture between Vyasya Bank, a private sector bank, and the ING Group, a major financial powerhouse of Dutch origin.

 

The parent banking unit, Vyasya Bank Ltd, catered to the banking needs of the Indian population since 1930. It became the largest private sector bank in early 1980s. The merger brought together the range of experience in Indian banking and the financial support from ING. After the merger, the bank diversified businesses to include a wider range of products and services, such as investment, insurance and securities.

ING Vysya Bank: Product Offerings and Branches

ING Vysya Bank has a countrywide presence in India. However, its operations are limited to major business centres, such as New Delhi, Bangalore, Ahmedabad, Mumbai, Chennai and Hyderabad. As of 2009, the bank has approximately 450 branches, 37 extension counters, 28 satellite offices and its ATM network in 351 locations. In terms of financials, the bank has a net worth of over Rs. 1,594 crore (2009 figures). It earned a net operating profit of Rs. 188 crore in the financial year 2008-09.

 

ING Vysya Bank offers an array of products and services to its retail and business customers. In the category of accounts and deposits, the banks offers savings, current and demat accounts, along with term deposits. Some of the featured products include:

·        Orange savings account

·        Solo savings (for young earners)

·        ING Formula (themed savings account with exclusive benefits)

·        Akshaya deposits (fast return term deposit)

·        Tax advantage deposits

 

ING Vysya Bank offers home loan products to retail customers and Non Resident Indians (NRIs). They also offer wealth management products such as life insurance, mutual funds and tax saving bonds. The bank provides comprehensive financial solutions for corporate and SMEs (small and medium enterprises. Also, ING Vysya Bank offers mobile banking, internet banking and phone banking through customer service lines.


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