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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.
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It's been a long journey since then and the Bank has grown in size and stature
to encompass every area of present-day banking activity and has carved a
distinct identity of being India's Premier Private Sector Bank.
In 1980, the Bank completed fifty years of service to the nation and post 1985;
the Bank made rapid strides to reach the coveted position of being the number
one private sector bank. In 1990, the bank completed its Diamond Jubilee year.
At the Diamond Jubilee Celebrations, the then Finance Minister Prof. Madhu
Dandavate, had termed the performance of the bank ‘Stupendous’. The 75th
anniversary, the Platinum Jubilee of the bank was celebrated during 2005.
The long journey of seventy-five years has had several milestones…
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| 1930 |
Set up in Bangalore |
| 1948 |
Scheduled Bank |
| 1985 |
Largest Private Sector Bank |
| 1987 |
The Vysya Bank Leasing Ltd. Commenced |
| 1988 |
Pioneered the concept of Co branding of Credit Cards |
| 1990 |
Promoted Vysya Bank Housing Finance Ltd. |
| 1992 |
Deposits cross Rs.1000 crores |
| 1993 |
Number of Branches crossed 300 |
| 1996 |
Signs Strategic Alliance with BBL., Belgium. Two National Awards by Gem &
Jewellery Export Promotion Council for excellent performance in Export
Promotion |
| 1998 |
Cash Management Services, & commissioning of VSAT. Golden Peacock Award -
for the best HR Practices by Institute of Directors. Rated as Best Domestic
Bank in India by Global Finance (International Financial Journal - June 1998) |
| 2000 |
State -of - the -art Date Centre at ITPL, Bangalore.
RBI clears setting up of ING Vysya Life Insurance Company |
| 2001 |
ING-Vysya commenced life insurance business. |
| 2002 |
The Bank launched a range of products & services like the Vys Vyapar Plus,
the range of loan schemes for traders, ATM services, Smartserv, personal
assistant service, Save & Secure, an account that provides accident
hospitalization and insurance cover, Sambandh, the International Debit Card and
the mi-b@nk net banking service.
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| 2002 |
ING takes over the Management of the Bank from October 7th , 2002
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| 2002 |
RBI clears the new name of the Bank as ING Vysya Bank Ltd, vide their letter of
17.12.02
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| 2003 |
Introduced customer friendly products like Orange Savings, Orange Current and
Protected Home Loans
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| 2004 |
Introduced Protected Home Loans - a housing loan product |
| 2005 |
Introduced Solo - My Own Account for youth and Customer Service Line – Phone
Banking Service |
| 2006 |
Bank has networked all the branches to facilitate ‘AAA’ transactions i.e.
Anywhere, Anytime & Anyhow Banking |
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In terms of pure numbers, the performance over the
decades can better be appreciated from the following table:
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| Rs. in millions |
| 1940 |
0.001 |
0.400 |
0.400 |
0.001
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4 |
| 1950 |
1.40 |
5.30 |
3.80
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0.09
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16 |
| 1960 |
1.60 |
20.10 |
13.50 |
0.13
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19 |
| 1970 |
3.00 |
91.50 |
62.80 |
0.74
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39 |
| 1980
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11.50 |
1414.30
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813.70 |
1.13 |
228 |
| 1990 |
162.10 |
8509.40 |
4584.80 |
50.35
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319 |
| 2000 |
5900.00 |
74240.00 |
39380.00 |
443.10
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481 |
| 2001
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6527.00 |
81411.10 |
43163.10
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371.90
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484 |
| 2002 |
6863.24 |
80680.00 |
44180.00 |
687.50
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483 |
| 2003 |
7067.90 |
91870.00 |
56120.00 |
863.50
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456 |
| 2004 |
7473.20 |
104780.00 |
69367.30 |
590.01
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523 |
| 2005 |
7094.00 |
125693.10 |
90805.90 |
(381.80)
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536 |
| 2006 |
10196.70
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133352.50
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102315.20 |
90.6 |
562 |
| 2007 |
11101.90
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154185.70
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119761.70 |
889.0 |
626 |
| 2008 |
14260.00 |
204980.00
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146500.00 |
1569.00 |
677 |
| 2009 |
15940.00 |
248900.00
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167510.00 |
1888.00 |
857* |
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*Outlets comprises of 441
branches, 37 ECs, 28 Satellite Offices and 351 ATMs as of March 31st 2009.
Additionally the bank also has Internet Banking, mi-b@nk and Customer Service
Line for Phone Banking Service.
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The origin of ING Group
On the other hand, 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 client’s preference in markets where ING can create value.
The new identity
The immediate benefit to the bank, ING Vysya Bank, has been the pride of having become a Member of the global financial giant ING. As at the end of the year December 2009, ING's total assets exceeded 1164 billion euros, employed around 110000 people, served over 85 million customers, across 40 countries. This global identity coupled with the back up of a financial power house and the status of being the first Indian International Bank, would also help to enhance productivity, profitability, to result in improved performance of the bank, for the benefit of all the stake holders.
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