ING Vysya Bank
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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 found a bank that would extend a helping hand to those who weren't privileged enough to enjoy banking services. 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 year of 2005 was the 75th anniversary or Platinum Jubilee year.
The long journey of over seventy-five years has had several milestones, a few of which may be observed from the following table:
Milestones:
| 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) |
| 1999 | Launch of Premium Savings Bank scheme with over 2 lakh new accounts |
| 2000 | State -of - the -art Date Centre at \ITPL, Bangalore RBI clears setting up of ING Vysya Life Insurance Company |
| 2001 | ING-Vysya commences life insurance business. |
| 2002 |
The Bank launches a range of products & services like the Vys Vyapar Plus, the range of loan schemes for traders, ATM services, Smartserv - the account that comes with a personal assistant service, the International Debit Card and the mi-b@nk - net banking service. |
| 2002 | ING takes over the Management of the Bank from October 7th , 2002 |
| 2002 | RBI clears the new name of the Bank as ING Vysya Bank Ltd. |
| 2003 | Introduced customer friendly products like Orange Savings, Orange Current |
| 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 | Saral Savings – No Frills Account for the common man |
In terms of pure numbers, the performance over the decades can better be appreciated from the following table:
Comparative Figures Rs. in millions
| Year | Networth | Deposits | Advances | Profits | Outlets |
|---|---|---|---|---|---|
| 1940 | 0.001 | 0.400 | 0.400 | 0.001 | 4 |
| 1950 | 1.40 | 5.30 | 3.80 | 0.09 | 16 |
| 1960 | 1.60 | 20.10 | 13.50 | 0.13 | 19 |
| 1970 | 3.00 | 91.50 | 62.80 | 0.74 | 39 |
| 1980 | 11.50 | 1414.30 | 813.70 | 1.13 | 228 |
| 1990 | 162.10 | 8509.40 | 4584.80 | 50.35 | 319 |
| 2000 | 5900.00 | 74240.00 | 39380.00 | 443.10 | 481 |
| 2001 | 6527.00 | 81411.10 | 43163.10 | 371.90 | 484 |
| 2002 | 6863.24 | 80680.00 | 44180.00 | 687.50 | 483 |
| 2003 | 7067.90 | 91870.00 | 56120.00 | 863.50 | 456 |
| 2004 | 7473.20 | 104780.00 | 69367.30 | 590.01 | 523 |
| 2005 | 7094.00 | 125693.10 | 90805.90 | (381.80) | 536 |
| 2006 | 1019.67 | 133350.00 | 102320.00 | 90.6 | 575 |
* Outlets comprises of 377 branches, 56 ECs, 28 Satellite Offices and 114 ATMs as of 31st March 2006. Additionally bank also has Internet Banking – mi-b@nk and Customer Service Line for Phone Banking Service.
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 ING Vysya Bank ltd is the pride of having become a member of global financial services giant, with an asset base of 1159 billion euros, net profit of 7.21 billion euros as of December 31st 2005. Further, the presence of the group in over 50 countries, employing over 115000 people, serving over 60 million customers across the globe, only multiplies the credibility, not only across the country but also across the globe. The pride of this global identity, the back up of a financial power house and the status of being the first Indian International bank, would also greatly enhance productivity, profitability resulting in improved performance for the bank to translate into higher returns, to all the stake holders.
1 Euro = Rs. 56/- (Approx.)
For more details call: Toll free 1-800-425-9900
ING Vysya Bank Ltd., Corporate Office: 'ING Vysya House', No. 22, M.G. Road,
Bangalore - 560 001.
