HISTORY OF THE COMPANY ING Vysya Bank Ltd

Founded Headquarters Key people Employees

2002 (est. 1930 as Vysya Bank) Bangalore, India Shailendra Bhandari (CEO & MD) Arun Thiagarajan (Chairman of the Board) 6,500

COMPANY OVERVIEW
ING Vysya Bank Ltd., is an entity formed with the coming together of erstwhile, Vysya Bank Ltd, a premier bank in the Indian Private Sector and a global financial powerhouse, ING of Dutch origin, during Oct 2002. The origin of the erstwhile Vysya Bank was pretty humble. It was in the year 1930 that a team of visionaries came together to form a bank that would extend a helping hand to those who weren't privileged enough to enjoy banking services.

The origin of ING Group

ING group originated in 1990 from the merger between Nationale Nederlanden NV the largest Dutch Insurance Company and NMB Post Bank Groep NV. Combining roots and ambitions, the newly formed company called Internationale Nederlanden Group. Market circles soon abbreviated the name to I-N-G. The company followed suit by changing the statutory name to ING Group N.V..

PROFILE
ING has gained recognition for its integrated approach of banking, insurance and asset management. Furthermore, the company differentiates itself from

other financial service providers by successfully establishing life insurance companies in countries with emerging economies, such as Korea, Taiwan, Hungary, Poland, Mexico and Chile. Another specialisation is ING Direct, an Internet and direct marketing concept with which ING is rapidly winning retail market share in mature markets. Finally, ING distinguishes itself internationally as a provider of employee benefits, i.e. arrangements of nonwage benefits, such as pension plans for companies and their employees.

MISSION
ING`s mission is to be a leading, global, client-focused, innovative and low-cost provider of financial services through the distribution channels of the clients preference in markets where ING can create value

ING GROUP OPERATIONS

Today, ING is the largest banking/financial services & insurance conglomerate in the world by revenue with current gross receipts exceeding 54 billion ($77 billion) per annum. The Group is also the world's 12th largest corporation by revenue according to the Global Fortune 500. As of 2009, ING serves over 85 million individual and institutional clients in more than 45 countries, with a worldwide workforce exceeding 100,000.

HISTORY OF VYSYA BANK (NOW ING VYSYA BANK)

EARLY YEARS
Founded in 1930, Vysya Bank was formally incorporated in the city of Bangalore, Karnataka. The modern state of Karnataka is known as the "cradle of Indian banking" due to the coastal region's bygone banking/trading relationship with several European East India Companies. Seven of the country's leading banks (Canara Bank, Syndicate Bank, Corporation Bank, Vijaya Bank, Karnataka Bank, the State Bank of Mysore, and ING Vysya Bank) were first established in Karnataka. From the 1930's through the 1950's, Vysya Bank built its banking business organically, growing regionally across Karnataka. In 1958, the bank was licensed by India's central bank, the Reserve Bank of India (RBI), to conduct

banking operations nationwide across India. In 1972, the RBI upgraded Vysya Bank to a national B class bank. In 1987, Vysya Bank established separate operating subsidiaries for equipment leasing and home mortgaging (Vysya Bank Leasing Ltd and Vysya Bank Housing Finance Ltd). In 1994, Vysya Bank began marketing several innovative financing products to the fast-growing Indian middle-class segment .

GLOBALIZATION
In 1995, Vysya Bank signed a MOU with the Belgian bank Bank Bruxelles Lambert (BBL) that established a long-term strategic alliance for globalization. Following this agreement, the bank engaged KPMC Peat Marwick to assist in re-engineering business processes in preparation for globalization. In 1996, a MOU was signed with MC Securities (London), an investment banking subsidiary of BBL, to establish an international joint venture (JV) for investment banking. In 1998, ING Group acquired BBL and its contractual/JV interests in Vysya Bank. In 1999, Vysya Bank signed a MOU with ING Group for marketing/distribution of life insurance products in India. The Bank also signed a MOU with ING Group to acquire a 26% equity stake in ING Asset Management Company.

MERGER WITH ING GROUP

In 2002, the Board of Vysya Bank and the RBI approved a formal merger with ING Group; allowing ING to increase its equity holding in Vysya Bank from 20% to 44%. Peter Alexander Smyth and Jacques PM Kemp were immediately appointed to the Board of Directors. The newly-formed ING Vysya Bank then appointed Bart Hellemans as CEO & MD and G. Mallikarjuna Rao as Chairman of the Board. Also Vysya Bank was rebranded as ING Vysya after the merger was approved.

POST MERGER YEARS AT ING VYSYA BANK

In 2003, Western Union, a leading global money transfer firm, tied up with ING Vysya for inbound money transfer services across India. ING Vysya then launched three new endowment products and an innovative saving bank account

called Orange with facilities like personal accident and free annual accident coverage. Japanese auto manufacturer Toyota then signed an agreement with ING Vysya for auto financing. ING Vysya Life then signed an agreement with fertilizer concern, Madras Fertiliser Ltd (MFL), to market life insurance policies to farmers, employing the fertilizer company's broker-dealer network in the rural sector to distribute life insurance products. In 2005, ING Vysya Bank named Ned Swarup to the CEO & MD role. ING Vysya launched an innovative checking account product for mid-sized businesses. ING Vysya Bank also rolled out an online money transfer service. The 75th anniversary, Platinum Jubilee of the bank was celebrated during 2005. In 2006 ING Vysya also forayed into private banking and portfolio management. The Bank has also networked all the branches to facilitate AAA transactions i.e. Anywhere, Anytime & Anyhow Banking.