ING Vysya Bank

ING Vysya Bank Ltd., is an entity formed with the coming together of erstwhile, Vysya Bank Ltd, a premier bank in the Indian Private Sector and a global financial powerhouse, ING of Dutch origin, during Oct 2002.

The Beginning

The origin of the erstwhile Vysya Bank was pretty humble. It was in the year 1930 that a team of visionaries came together to found a bank that would extend a helping hand to those who weren't privileged enough to enjoy banking services. It’s been a long journey since then and the Bank has grown in size and stature to encompass every area of present-day banking activity and has carved a distinct identity of being India's Premier Private Sector Bank.
In 1980, the Bank completed fifty years of service to the nation and post 1985; the Bank made rapid strides to reach the coveted position of being the number one private sector bank. In 1990, the bank completed its Diamond Jubilee year. At the Diamond Jubilee Celebrations, the then Finance Minister Prof. Madhu Dandavate, had termed the performance of the bank ‘Stupendous’. The current year (2005) is the 75th anniversary or Platinum Jubilee year. The bank rededicates to the service of the nation, on this momentous occasion. The long journey of over seventy five years has had several milestones, a few of which may be observed from the following table:

Milestones of the Bank over the long years of its services

The long journey of over seventy-two years has had several milestones, a few of which may be observed from the following table:

1930 Set up in Bangalore
1948 Scheduled Bank
1985 Largest Private Sector Bank
1987 The Vysya Bank Leasing Ltd. Commenced
1988 Pioneered the concept of Co branding of Credit Cards
1990 Promoted Vysya Bank Housing Finance Ltd.
1992 Deposits cross Rs.1000 crs
1993 Number of Branches crossed 300
1996 Signs Strategic Alliance with BBL., Belgium.
Two National Awards by Gem & Jewellery Export Promotion Council for excellent performance in Export Promotion
1998 Cash Management Services, & commissioning of VSAT.
Golden Peacock Award - for the best HR Practices by Institute of Directors.
Rated as Best Domestic Bank in India by Global Finance (International Financial Journal - June 1998)
2000 State -of - the -art Date Centre at \ITPL, B'lore.
RBI clears setting up of ING Vysya Life Insurance Company
2001 ING-Vysya commences life insurance business.
2002 The Bank launches a range of products & services like the Vys Vyapar Plus, the range of loan schemes for traders, ATM services, Smartserv, the account that comes with a personal assistant service, Save & Secure, an account that provides accident hospitalisation and insurance cover, Sambandh, the International Debit Card and the mi-b@nk net banking service.
2002 ING takes over the Management of the Bank from October 7th , 2002
2002 RBI clears the new name of the Bank as ING Vysya Bank Ltd
2003 Introduced customer friendly products like Orange Savings, Orange Current
2004 Introduced Protected Home Loans - a housing loan product

The origin of ING Group

On the other hand, ING group originated in 1990 from the merger between Nationale – Nederlanden NV the largest Dutch Insurance Company and NMB Post Bank Groep NV. Combining roots and ambitions, the newly formed company called “Internationale Nederlanden Group”. Market circles soon abbreviated the name to I-N-G. The company followed suit by changing the statutory name to “ING Group N.V.”.

Profile

ING has gained recognition for its integrated approach of banking, insurance and asset management. Furthermore, the company differentiates itself from other financial service providers by successfully establishing life insurance companies in countries with emerging economies, such as Korea, Taiwan, Hungary, Poland, Mexico and Chile. Another specialisation is ING Direct, an Internet and direct marketing concept with which ING is rapidly winning retail market share in mature markets. Finally, ING distinguishes itself internationally as a provider of ‘employee benefits’, i.e. arrangements of non-wage benefits, such as pension plans for companies and their employees.

Mission

ING`s mission is to be a leading, global, client-focused, innovative and low-cost provider of financial services through the distribution channels of the client’s preference in markets where ING can create value.

The new identity

The immediate benefit to ING Vysya Bank ltd is the pride of having become a member of global financial services giant, with an asset base of 866 billion euros (Rs.4849 thousand crores), operating net profit of 5.97 billion euros (Rs33.43 thousand crores) as of 31/12/04. Further, the presence of the group in over 57 countries, employing over 113000 people, serving over 60 million customers across the globe, only multiplies the credibility, not only across the country but also across the globe. The pride of this global identity, the back up of a financial power house and the status of being the first Indian International bank, would also greatly enhance productivity, profitability resulting in improved performance for the bank to translate into higher returns, to all the stake holders.

To know more about ING Vysya Bank visit www.ingvysyabank.com