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| ING Vysya Bank | Industry: Banking, Financial Services & Insurance Founded: 2002 (Est. 1930 as Vysya Bank) Head Office: Bangalore (India) Website: http://www.ingvysyabank.com Employees:65,000 |
| About: |
ING Vysya Bank is a Bangalore-based retail and commercial bank, formed after the ING Group formally merged with Vysya Bank in 2002. This merger marks the first between an Indian bank and a foreign bank.
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.”. 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 nonwage benefits, such as pension plans for companies and their employees.
The immediate benefit to the bank, ING Vysya Bank, has been the pride of having become a Member of the global financial giant ING. As at the end of the year December 2010, ING's total assets exceeded 1247 billion euros, with a underlying net profit of 3893 million euros, employed around 105000 people, serves over 85 million customers, across 40 countries. This global identity coupled with the back up of a financial power house and the status of being the first Indian International Bank, would also help to enhance productivity, profitability, to result in improved performance of the bank, for the benefit of all the stake holders.
| 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.
| History & Business Description: |
Founded in 1930, Vysya Bank was formally incorporated in the city of Bangalore, Karnataka. The state of Karnataka is known as the "cradle of Indian banking" due to the region's bygone banking relationship with several European East India Companies during the 17th, 18th and 19th centuries. Seven of the country's leading banks (Canara Bank, Syndicate Bank, Corporation Bank, Vijaya Bank, Karnataka Bank, State Bank of Mysore, and ING Vysya Bank) were originally established in Karnataka.
From the 1930's through the 1950's, Vysya Bank built its banking business organically in southern India. The bank focused on serving the Vysya community, a merchant/trading community operating across Karnataka and Andhra Pradesh. In 1958, the bank was licensed by the Reserve Bank of India (RBI) to expand its banking operations nationwide. In 1972, the RBI upgraded Vysya Bank to a national B class bank.
In 1987, Vysya Bank established two independently operating subsidiaries providing equipment leasing and home mortgaging services (Vysya Bank Leasing Ltd and Vysya Bank Housing Finance Ltd, respectively). In 1994, Vysya Bank began marketing several innovative financial products to the fast-growing Indian middle-class segment (e.g. Vysprime and Vysinvest for NRIs, Vysbuy for consumer financing, Vysmobile for auto loan financing, and Vysequity for common equity financing).
Globalization through Europe
In 1995, Vysya Bank entered into a long-term strategic alliance with Belgian bank Bank Bruxelles Lambert (BBL). Following this agreement, the Vysya Bank engaged KPMC Peat Marwick for assistance in re-engineering its business processes in preparation for globalization. In 1996, an international investment banking joint venture (JV) with MC Securities (London), an investment banking subsidiary of BBL, was formally established.
In 1998, the ING Group acquired BBL and all its contractual and JV interests in Vysya Bank. In 1999, Vysya Bank joined the ING Group in co-marketing/distribution of life insurance products in India. Vysya Bank also acquired a 26% equity stake in the ING Asset Management Company.
ING in India
In 2000, Vysya Bank, ING Insurance, and the Damani Group formed a life insurance JV; this innovative collaboration marks the first bancassurance venture in India.
In India, ING is present in all three fields of banking, insurance and asset management in the form of ING, ING Vysya Life Insurance and ING Investment Management respectively. The presence in all three fields signifies the importance that the group attaches to the Indian markets and the group's operations here, as well as its bullish future outlook on the country.
ING and ING Vysya Life Insurance are headquartered at Bangalore, while the corporate office of ING Investment Management is situated at Mumbai. The synergies arising out of the three distinct but complimentary businesses are bound to be an asset to the group in the changing market dynamics of the future. The first such signs are already visible on the horizon with combined products being successfully launched by the different entities of the group in conjunction with each other.
Formal merger with the ING Group
In 2002, Vysya Bank's Board of Directors and the RBI approved Vysya Bank's formal merger with the ING Group. Under Indian law, this move allowed ING to increase its total equity holdings in Vysya Bank from 20% to 44%. Peter Alexander Smyth and Jacques PM Kemp were appointed to the Board of the newly formed ING Vysya Bank.
ING Vysya Bank then appointed Bart Hellemans as CEO & Managing Director (MD) and G. Mallikarjuna Rao as Chairman of the Board.
Post-merger activities
In 2003, Western Union, a leading global money transfer firm, tied up with ING Vysya for inbound money transfer services across India. ING Vysya then launched three new endowment products and an innovative retail savings account called Orange with facilities such as personal accident and free annual accident coverage. Japanese auto manufacturer Toyota then signed an agreement with ING Vysya for auto financing services. ING Vysya then inked a deal with fertilizer concern, Madras Fertiliser Ltd (MFL), to co-market/distribute life insurance products to farmers by employing the fertilizer company's broker-dealer network in the rural sector.
In 2005, ING Vysya Bank named Ned Swarup to the CEO & MD role. ING Vysya launched an innovative checking account product for mid-sized businesses. ING Vysya Bank also rolled out its own proprietary online money transfer service.
In 2006, Vaughn Richtor stepped into the CEO & MD role for a fixed three-year term. Under Mr. Richtor's leadership, ING Vysya went private and delisted from the Bangalore Stock Exchange. ING Vysya also forayed into private banking and portfolio management services.
In 2009, Shailendra Bhandari was appointed as CEO & MD of ING Vysya Bank. He was formerly the Head of Private Equity at Tata Capital, the Tata Group’s private equity arm.Having completed his three-year term in India, Vaughn Richtor was promoted to CEO of ING Banking Asia.
In 2010, the Board of ING Vysya Bank nominated Mr. Arun Thiagarajan to succeed Mr. K.R. Ramamoorthy as Chairman of the Board. Mr. Thiagarajan was selected for his vast and diverse international experience across strategic planning, economics & finance, technology and systems.
Current operations
ING Vysya Bank has over 80 years of operating experience in the banking/financial services & insurance sector and currently serves over 2 million Indian consumers. The bank offers an entire range of financial products and services, organized under three strategic lines of business: retail, private and wholesale banking.
Retail banking
With 468 branches and 13 counters, 28 satellite offices and 357 ATM's nationwide, ING Vysya's retail operation offers checking accounts, savings deposits/CD's, retail wealth management services, consumer loans, agricultural/rural banking and retail life insurance products. The bank has rapidly expanded its distribution footprint and has created a national brand presence through several innovative marketing campaigns.
Private banking
ING Vysya's private bank operates on an advisory-driven model. Specialized market research remains the bank's focus for the introduction of new tailored products to serve the high-end private banking segment.
Wholesale banking
The wholesale banking operation offers both fund-based and non-fund-based products. The wholesale business is growing its customer base among leading multinational corporations with offices in India.
Company Overview
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 origin of the erstwhile Vysya Bank was pretty humble. It was in the year 1930 that a team of visionaries came together to form 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 75th anniversary, the Platinum Jubilee of the bank was celebrated during 2005.
The long journey of seventy-five years has had several milestones
| 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 crores | |||
| 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, Bangalore. RBI clears setting up of ING Vysya Life Insurance Company. | |||
| 2001 | ING-Vysya commenced life insurance business. | |||
| 2002 | The Bank launched a range of products & services like the Vys Vyapar Plus, the range of loan schemes for traders, ATM services, Smartserv, personal assistant service, Save & Secure, an account that provides accident hospitalization 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, vide their letter of 17.12.02 | |||
| 2003 | Introduced customer friendly products like Orange Savings, Orange Current and Protected Home Loans | |||
| 2004 | Introduced Protected Home Loans - a housing loan product | |||
| 2005 | Introduced Solo - My Own Account for youth and Customer Service Line – Phone Banking Service | |||
| 2006 | Bank has networked all the branches to facilitate ‘AAA’ transactions i.e. Anywhere, Anytime & Anyhow Banking | |||
ING Vysya bank has always been committed to making a positive contribution to Society. Promoting education for under-served children is one such cause which has been very close to the bank. Through the ING Vysya Foundation, it seeks to provide less advantaged children an opportunity to secure a better future by providing them with education.
Born out of three business entities of ING in India, ING Vysya Bank, ING Life Insurance, and ING Investment Management, the Foundation has been able to strike the right balance between supporting organizations financially and contributing time and effort of the employees to nurture and mentor these children, for a better future.
ING Vysya Foundation commenced its activities in December 2004 with a water-harvesting project in the Udaipur and Rajasmand districts of Rajasthan, North India. The initiative provided villagers with access to clean water and recharged ground-water wells which in turn support the local agricultural industry.
The Foundation has also been actively involved in relief efforts following the Tsunami that hit the South Indian coast on 26 December 2004. In cooperation with the regional headquarters of ING at Hong Kong, ING Vysya Foundation supported a number of projects, including the rebuilding of homes and schools, and other facilities for a number of villages. Another project included the micro-financing for 40 fishing boats and the attendant equipment for the villages of Mudaliyarkuppam and Arcotuthurai, in Tamilnadu.
As part of the ING Chances for Children programme, the Foundation signed a five-year agreement to support 100 orphans' living and schooling expenses. Additional funds, set up enabled of a day-care centre with training facilities which is used by the community at large.
Other initiatives include ING Investment Management's auctions of paintings drawn by street children for the NGO Pratham and ING Vysya Bank's 'Run Ricky Run' in which the bank sent a child back to school for each run the Australian cricket captain Ricky Ponting scored in international one-day matches during a one-year period ending September 2008.
Today, Foundation partners with thirteen local charity organizations in India. It helps children to be in the primary schools to realize their right to education as the first step towards breaking the cycle of poverty.
The Foundation depends on voluntary contributions for all its activities. The Foundation runs an annual fund raising campaign to help garner support from employees of its three entities for the cause. To make a contribution, please contact Joyatri.r@ingvysyabank.com or visit www.ingvysyafoundation.com
Board of Trustee
Mr. Kshitij Jain, MD & CEO, ING Life Insurance
Mr. Jayant Mehrotra, Chief Financial Officer, ING Vysya Bank
Mr. J M Prasad, Chief Human Resource, ING Vysya Bank
Mr. Appa Rao, Company Secretary, ING Vysya Bank
Ms. Priya Gopalakrishnan, Director- Human Resource
Foundation Functionaries:
Joyatri Ray, Director- Projects
Mr. Kshitij Jain, MD & CEO, ING Life Insurance
Mr. Jayant Mehrotra, Chief Financial Officer, ING Vysya Bank
Mr. J M Prasad, Chief Human Resource, ING Vysya Bank
Mr. Appa Rao, Company Secretary, ING Vysya Bank
Ms. Priya Gopalakrishnan, Director- Human Resource
Foundation Functionaries:
Joyatri Ray, Director- Projects
| Career: |
ING Group is a global financial institution, operating in over 40 countries with a strength of over 110,000 employees servicing over 85 million customers globally. ING Vysya Bank is a premier private sector bank with Retail, Private and Wholesale Banking platforms that serve over 2 million customers with a national footprint of over 500 outlets.
ING Vysya Bank (IVB) is the only bank in India that blends a competitive global work culture and nurturing Indian values. Human capital is a key focus area for our expansion plans across the country. We are looking for exceptional talent for the following positions, to partner us in this growth.
ING is happy to introduce Fone-a-Career 1800-425-4825, a telephonic job search portal dedicated to candidates seeking jobs at ING. Job search through Fone-a-Career 1800-425-4825 is specific to candidate needs, easy to access and is effective in identifying suitable jobs at ING. A team of experienced career counsellors equipped with a list of openings at the bank, secure information of the candidates; analyze their suitability and provide a comprehensive list of best-fitting jobs to help prospective candidates scale heights with the best-fitting career at ING.
| Contact: |
For any inquiry and further detail, please contact at following:
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