Vysya Bank to buy 26% stake in ING AMC

APRIL 11: "We will be taking a 26 per cent stake in ING Asset Management Company… it will be at around Rs 10 crore," he said. The bank had signed an agreement for purchasing the stake a few months back and was likely to seek regulatory clearances.

In the next three years, the bank’s business turnover is likely to grow by 30 per cent from the current level, he said. The return on assets would grow from 0.5 per cent now to 1.80 per cent in the next three years. Presently, the bank has an asset base of Rs 81,619 million and a net worth of Rs 4,398 million.