Staff of ING Vysya bank concerned over merger with Kotak Mahindra bank

ING Vysya bank merger with Kotak Mahindra bank

On January 3, 2015 all the employees and officers of ING Vysya Bank expressed their concerns over the issue of merger with concerns, as we all know that from April 1, 2015 ING Vysya Bank is going to merge with Kotak Mahindra Bank.

According to management of Kotak Mahindra Bank, “The employees of ING Vysya Bank would get the pension, but it will not be linked with dearness allowance”. Whereas; the management of ING Vysya Bank is happy on bi-partite negotiations through which the unions of ING Vysya Bank had entered regarding service conditions, but still the officials of Kotak Mahindra Bank are silent regarding commitment on the continuation of existing service and the different conditions on absorption into the new merged entity.

More the 4,000 officer and employees from ING Vysya Bank would be absorbed by Kotak Mahindra Bank in the rolls of the merged entity. As per the statement of Kotak Mahindra Bank management, “The employees of ING Vysya Bank would get the pension, but it will not be linked to dearness allowance”.

After this deal the Kotak Mahindra bank will become the fourth-largest private bank in India in terms of total business, whereas; the other three banks are ICICI Bank, HDFC Bank and Axis Bank in the order of ranks. The combined banking entity of ING Vysya Bank and Kotak Mahindra Bank will have a total network of 1,214 branches in all over the country.