I am delighted to inform that ING Vysya Bank has merged with Kotak Mahindra Bank with effect from April 1, 2015, and the combined entity will bear the name Kotak Mahindra Bank.
I see this as a historic moment in the Indian financial services sector, because never before has a merger of this magnitude ever taken place. Further, it consolidates our position as the fourth largest private sector bank in India.
This merger brings together two strong players in the industry to form a more robust and fundamentally sound bank. ING Vysya Bank has been a respected name in Indian banking, with a sterling legacy spanning eight decades. Similarly, in less than 30 years, Kotak Mahindra Group has built a comprehensive financial services conglomerate that truly serves all its customers' needs under the same roof.
My vision at the start of 2014 was to see a bigger, better, bolder Kotak. I am happy to say, over 29,000 colleagues have worked hard to make this a reality and I am confident that with another 10,000 colleagues becoming part of the Kotak family, we will together take Kotak Mahindra Bank to even greater heights.
The merged entity – Kotak Mahindra Bank, will have a significant national footprint, affording it the capacity and means to serve even better.
Our deep Indian roots, long and proven experience, and global standards of service will enable us to deliver a truly seamless banking and financial services experience.
This merger couldn't have happened at a better time. I am confident that the merger will firmly place us in a different orbit, and on a new trajectory of leadership and excellence. It is a new chapter in India's growth story that is waiting to unfold.
The other growth chapters that we added in the last financial year include our entry into general insurance space, expansion of our presence in asset management through acquisition of schemes of PineBridge Mutual Fund, proposed diversification into a payment bank, and investment in a commodity exchange, to create a Rupees Two Trillion institution.
It is India's time to fly. I foresee phenomenal future for our country in the next decade. We are at the cusp of a remarkable growth opportunity, and it is important to ensure that our fundamentals are strong to make the most of the time ahead.
I take this opportunity to thank all of you for your continued support, and assure you that we shall constantly strive to offer products and services par excellence.
I look forward to a long and mutually rewarding, fruitful relationship.
With warm regards,