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ING Vysya acquires 26% stake in ING Investment
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.
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