Advertisement


Advertisement

Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Breaking News : Kotak Mahindra Bank and ING Vysya Bank merge
#1
Advertisement
Kotak Mahindra Bank and ING Vysya Bank merge

Kotak Mahindra Bank and ING Vysya Bank have received the necessary approvals from India's central bank to merge, and the unification of the two entities under the Kotak Mahindra brand is already in full swing.

The $2.5 billion acquisition of ING Vysya, announced last November, is set to create India's fourth largest lender in the private sector, with ten million customers and 1250+ branches. It will also give Kotak Mahindra a strong presence in the south of the country, which it lacked previously.

The question remains, however, over the underlying technology of the unified bank. Kotak Mahindra has been using Infosys' Finacle core banking system for the last five years or so (the decision to switch from Oracle FSS's Flexcube to Finacle was taken in 2009). It continues to be listed by Oracle FSS as a user of Flexcube for private banking operations. It also runs the Thomson Reuters-derived KTP platform (now residing with Misys) for treasury and capital markets.

Meanwhile, ING Vysya is a long-standing (and the first in the country) user of FIS's Profile core offering, and although it has not always been a smooth relationship, the bank was quite complimentary about the vendor and the established partnership when speaking to IBS last year. It also paved the way for further core banking software deals for FIS in the country, such as with Bandhan Financial Services, Bharatiya Mahila Bank and Shivalik Mercantile Co-operative Bank.

In 2013/4, ING Vysya went through an extensive IT modernisation exercise, including a major upgrade of Profile, a new data centre, and launching a mobile/smartphone banking solution. The bank's CIO at the time, C V G Prasad, stated that the bank's IT spend was 'viewed as investment, not cost', and hence it was 'all strategic in nature'.

According to Jaimin Bhatt, president and group CFO at Kotak Mahindra Bank, the decision regarding which core system to use going forward has not been taken yet.


source:https://www.ibsintelligence.com/news/ibs-journal/ibs-journal-news/kotak-mahindra-bank-and-ing-vysya-bank-merge


http://www.nasdaq.com/press-release/ing-...0407-00035

http://www.twst.com/update/103979-ing-gr...indra-bank
Reply
Thanks given by:
Advertisement
Advertisement




Possibly Related Threads...
Thread Author Replies Views Last Post
  General News: Aadhaar seeding must for bank accounts under KYC norms: RBI nairrk 0 721 04-22-2018, 02:58 PM
Last Post: nairrk
  General News: FM launches Paytm Payments Bank nairrk 0 733 11-29-2017, 09:58 AM
Last Post: nairrk
  General News: Airtel payments bank launched in India; offers 7.25% interest rate... nairrk 0 1,030 01-12-2017, 06:40 PM
Last Post: nairrk
  General News: Federal Bank partners Jio Money for One-Click payment service rahul1117_kumar 0 576 07-22-2016, 09:25 AM
Last Post: rahul1117_kumar
Information Help: Nokia Ties With Union Bank of India For Mobile Payments nairrk 0 1,038 03-21-2011, 11:48 AM
Last Post: nairrk
  General News: Bank account number is sole criteria for e-fund transfers now Mr.Bhat 0 798 01-02-2011, 12:30 PM
Last Post: Mr.Bhat
  Help: Swiss bank dress code: Skin-tone lingerie Kanwar 0 937 12-17-2010, 10:41 AM
Last Post: Kanwar
  Help: This bank lends you goats! nairrk 0 735 11-07-2010, 10:37 AM
Last Post: nairrk
Thumbs Up Help: European Investment Bank keen on financing solar park projects in India Mr.AB 0 946 11-04-2010, 12:03 PM
Last Post: Mr.AB
  Help: ICICI Bank launches ICICI American ExpressPrepaid Travel Card Mr.Bhat 0 997 10-25-2010, 01:18 PM
Last Post: Mr.Bhat

Forum Jump:


Users browsing this thread: 1 Guest(s)
Advertisement