While the combined entity coming into existence, the complete amalgamation of operations and staff integration will happen over the course of one year.
After the merger, ING Vysya's around 547 bank branches will be re-branded as Kotak Mahindra Bank outlets.
From today onwards the customers of the ING Vysya Bank are getting cheque books and other facilities of Kotak Mahindra Bank, said Kotak Mahindra Bank CFO Jaimin Bhatt.
"The process of re-branded has already started and it will be complete in the reasonable timeframe," he told PTI.
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"The scheme of amalgamation (of Kotak Mahindra Bank and ING Vysya Bank) shall come into effect from April 1, 2015," Kotak Mahindra Bank said in a statement quoting RBI approval.
It got RBI approval for the merger yesterday.
Following the merger, all the tangible and intangible assets have been transferred to Kotak Mahindra Bank. ING Vysya had around 10,000 employees, while Kotak Bank has around 29,000.
The merger deal between Kotak Mahindra and ING Vysya got the Competition Commission's approval in February.
In an order dated February 12, the CCI said that share of both entities in various relevant markets is "insignificant". In this case, the regulator took into account multiple relevant markets including those for deposits, home loans, agricultural banking and card business.
This is the first amalgamation of a profit earning entity post global financial meltdown in 2008. Although two more mergers took place during this period but those were amalgamations under different circumstances.
A subsidiary of SBI, State Bank of Indore was merged with the parent in the same year. This was in continuation of the proposed policy of amalgamation of its subsidiaries over a period of time.