ING chief to visit India on 7 March
By Our Banking Bureau | 05 Mar 2002
He will
meet senior government and industry officials in Mumbai, Bangalore
and New Delhi. Kists visit assumes significance in light of INGs
interest in the Bangalore-based Vysya Bank. ING Insurance
International has a 26 per cent interest in Vysyas life
insurance venture.
The
Dutch finance major, which already holds a 20-per cent stake in
the private
sector bank, wants to take a controlling equity holding and had
approached the Reserve Bank of India (RBI) for approval.
Though Finance Minister Yashwant Sinha reportedly gave the nod for a higher foreign investment in private banks, there is still some ambiguity regarding the specific levels of the permissible direct and portfolio investments.