Mumbai, July 31: ING Vysya Bank has acquired a 26% equity stake in ING Investment Management (India) — the asset management company of ING Savings Trust — for Rs 9.9 crore. In India, ING Investment Management is a subsidiary of Nationale Nederladen Interfinance, an ING outfit. Prior to ING Vysya Bank picking up the stake, the ING group held 75% in the mutual fund, while the balance 25% was held by diamond merchants Mehta family. ING Vysya Bank has acquired stakes from both ING and Mehtas. Both have diluted some of their shareholdings in favour of ING Vysya Bank, said Kavita Hurry, CEO of ING Savings Trust. While ING sold 19.5% of their stake, the Mehtas sold 6.5%.

The new shareholding pattern in the MF is: ING 55.5%, ING Vysya Bank 26% and Mehtas 18.5%. ING Savings Trust, the mutual fund arm of the Dutch ING group, was set up in February ‘99. At present, it is headed by Kavita Hurry. The trust runs eight schemes dedicated to both debt and equity. The ING group acquired a 24% stake in Vysya Bank last year, raising its holding to 44% and subsequently taking management control.
It also intends to acquire an additional 5% in the bank. It has a life insurance company called ING Vysya Life Insurance, where it has a 20% stake. The group was earlier holding a 49% stake in the insurance firm, but had to bring it down in compliance with the new foreign direct investment norms. Bureau Report