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ING looking to sell India ops?

ING looking to sell India ops?
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First Published: Tue, Jun 09 2009. 11 04 PM IST
Mumbai: The Netherlands-based ING Groep NV could be looking to sell its India operations. Four bankers have said on condition of anonymity that consultants have approached them in this regard.
Phone messages and emails to ING officials in India and Singapore remained unanswered.
ING officials in Amsterdam made a presentation recently, which is available on the company website, that the bank is looking to exit from 10 out of the 48 countries it has operations, without naming the nations.
A top official of Standard Chartered Bank in India said he had earlier approached ING, but was told that its India and China operations were not for sale. “But consultants and merchant bankers keep calling, asking if we are interested,” said the banker, who declined being named.
ING Vysya Bank Ltd is 43.8% owned by ING. It is the only foreign-owned bank to be treated like an Indian bank as it does not face any restrictions in opening branches, unlike other foreign banks. Its deposits on 31 March stood at Rs24,890 crore, advances stood at Rs16,751 crore and net worth was valued at Rs1,594 crore.
People familiar with the development, however, said there is currently a lack of buyers for banks in India. Foreign banks may not be allowed by the Reserve Bank of India and the three big Indian private banks, ICICI Bank Ltd, HDFC Bank Ltd and Axis Bank Ltd may not be interested for various reasons, and the others are too small, they said.
cnbctv18@livemint.com
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First Published: Tue, Jun 09 2009. 11 04 PM IST