ING trims stake in India’s Kotak Mahindra Bank

PUBLISHED : Thursday, 29 September, 2016, 11:20pm
UPDATED : Thursday, 29 September, 2016, 11:20pm

Dutch financial services institution group ING announced on Thursday that it had reduced its stake in the Indian private sector bank Kotak Mahindra from 6.4 per cent to 3.9 per cent. ING gained 490 million from the sale of 46.7 million shares.

ING obtained its stake in Kotak through the merger of ING Vysya Bank with Kotak Mahindra Bank, which became effective from April 1, 2015.

According to a statement from ING, the transaction will not have a material impact on its profit and loss account, shareholders’ equity or capital ratios.