History of ING Vysya Bank Ltd.
YEAR EVENTS 1930 - The Bank was Incorporated at Bangalore City. The Bank transacts general banking business of every description.
1958 - The Bank was granted a licence by Reserve Bank of India to carry on banking business.
1972 - With effect from 1st January, the Bank was upgraded to `B' class.
1978 - 80,000 Right shares issued at par 1977 in prop. 2:1.
1985 - 6,00,000 Rights equity shares issued at par in prop. 1:2.
1987 - The Vysya Bank Leasing, limited was incorporated on 4th January, as a subsidiary of Comp. to take up equipment leasing & such other forms of business as are permissibile through the subsidiary. The Vysya Bank Housing Finance, Ltd., is also a subsidiary of bank.
- 6,00,000 Rights equity shares issued at par in prop. 1:2.
1990 - The bank introduced the Investors' club activity to render buying & selling of capital market investments on behalf of its members apart from giving loans & providing security for the scrips deposited with the bank.
1993 - At the Extraordinary General Meeting held on 27th September, a Special Resolution was passed for issue of Rights Shares to the shareholder & Preferential Allotment of Shares to the Managment Group & Employees. The allotment of 24 lakh shares was made to Management Group on 10th December, which was kept in abeyance vide RBI directive dated 15th December.
1994 - The Bank launched new products like VYS STORE - credit facility for constructions of godowns, agri-vehicles for transportation of produce & inputs & cash credit for agricultural lendings.
- A new division was set up to strengthened merchant banking activities of bank. The bank underwrote 118 capital issues aggregating Rs 34.47 crores.
- A separate cell managed by professionals specialised in investment management was formed to look after the equity investments of bank.
- The Company schemes such as vysprime & vysinvest exist exclusively for NRIs. Vysbuy for facilitating purchase of consumer articles, vysmobile for purchase of vehicles and vysequity facilitating purchase of shares.
- 2,43,600 shares were allotted at a premium of Rs 10 per share to the employees of bank & subsidiary companies.
- The RBI has revoked its order letter dated 29th September, and permitted allotment as follows: [is] Issue of 2,66,500 shares of Rs 10 each in the ratio of 50 shares to each employee of its subsidiary companies at a premiuim of Rs 10 per shares, [iis] Issue of 6,00,000 shares of Rs 10 each to the Management Group at a premium of Rs 364.25 per shares, [iiis] After Completion of above issues, rights issues to the shareholders including [is] & [iis] in the ratio of 5 shares for every share at a price in accordance with pricing guidelines of RBI.
- 6 lakhs shares were allotted to Management Group at a premium of Rs 364.25 as approved by RBI. Balance of 18 lakh shares awaited for decisive of Company.
- 1200 shares allotted.
1995 - The bank launched two new schemes, namely Vysdouble Scheme - doubles money in less than 57 months and Vyswift Scheme - A scheme for fast collection of out station cheques.
- The banks has signed a MOU with Bank Brussels Lambert for strategic alliance. It enable the bank to globalise its operations.
- The bank has appointed M/s. KPMC Peat Marwick to conduct a study of bank for re-engineering the business processes of the bank & suggest an appropriate business strategy to remodel the bank as a World Class Bank.
- 131,32,830 No. of equity shares of Rs 10 each at a prem. of Rs 25 per share allotted to the existing shareholders on rights basis in the ratio of 5:1.
1996 - A MOU was signed with MC Securities Ltd., London a group company of Bank Brussels Lambert for establishing a joint venture company for International Investment Banking.
- 834,800 No. of equity shares of Rs 10 each at a premium of Rs 316.07 per share allotted on preferential basis to BBL Mauritius Holidings, a wholly owned subsidiary of Bank Brussels Lavibert, Belgium & 13,435 No. of equity shares of Rs 10 each at a premium of Rs 25 per share allotted out of abeyance cases of Rights issue.
1998 - Sri T. B. Dhananjaya Rao, Director, expired on 1st October.
- The Bank set-up V-SATs in 6 Metros using DAMA technology as an internal communication support system through which 200 of Bank Branches are proposed to be linked to the Bank Corporate Office for data transmission & E-Mail Communication.
1999 -The Bank launched Insurance linked 'Premium Savings Bank Account' for individuals.
- The Bank has signed an MOU with ING for distribution of Life Insurance products, as & when the insurance industry opens up in India.
2000 - Indus Software Private Limited a Pune-based software products Comp. has signed an agreement with the Vysya Bank Ltd., a leading private sector bank in India for implementation of its product, ISI [lending solutions from Induss].
- Vysya Bank limited signed a MoU with Global TeleSystems limited to utilise their e-commerce payments processing infrastructure.
- The Bank has signed a memorandum of understanding with the ING group to pick up 26% stake in ING Asset Management Comp. for a nominal amount of Rs 10 crore.
- Vysya Bank has signed an MoU with Satyam Infoway for its foray into e-commerce.
- The Vysya Bank signed an MoU with Siri Technologies Pvt for a technical & marketing partnership to develop, customise and implement remittance/payment processing, software solutions according to a press release issued by Vysya Bank.
- ING Insurance, a sub-holding Comp. of Dutch financial major ING Group, has tied up with Bangalore-based Vysysa Bank to enter the Indian life insurance market.
- Vysya Bank is likely to review its joint venture agreement with Citibank for credit card business.
- Bangalore-based private sector bank Vysya Bank is to launch a floating rate deposit.
- ING Insurance, Vysya Bank limited & the Damani Group have signed an agreement to form a life insurance joint venture in India.
- The Bank announced launching of 'VysyAMulya' project, envisaging an investment of about Rs. 60 Crores spread over two financial years, which involves setting up of Data Centre & networking of 125 branches for online real-time Centralised Processing through Sanchez Core banking suite of products - 'PROFILE/Anyware - IBS'.
- The Bank has entered into an agreement with IBM India Ltd for IT related hardware/software supply & system integration.
- The Bank has also entered into an agreement with M/s. Bangalore Labs for providing suitable & stable communications network design & layout, which will allow the bank to operate 24 hours, seven days a week.
- The Bank launched, during the year, two new technology aided products viz., - 'Vys-Sambandh' & 'Access Plus'.
- Sri K R Ramamoorthy, has been re-appointed as the Chairman & Chief Executive Officer of Bank for a period of three years.
2001 - Vysya Bank named a new Managing Director Mr. K Balasubramanian, sees this as the first step in its long-term succession plan for Bank top job.
- :Vysya Bank Ltd as part of its restructuring exercise, has merged six regional offices & will be opening 30 branches, including extension counters, in the next three years
2002-Vysya Bank announces Employees Voluntary Retirement scheme.
-Vysya Bank Ltd has informed that the following changes have been approved consequent to increase in the stake of equity of BBL [ING Groups] from 20% to 43.99%.
The following Directors resigned from the office of Director w.e.f September 09, 2002:as] Mr. M K Ramachandra,bs] Mr. H N Tarachandani, cs] Mr. Yadalam A Subramanyam, ds] Mr. K V K Seshavataram es] Mr. G B S Raju. Mr. Peter Alexander Smyth, a nominee of ING Group has been appointed as Director in the casual vacancy caused by resignation of Mr. M K Ramachandra w.e.f. September 09,2002. Mr. Jacques P M Kemp, a nominee of ING Group has been appointed as Director in the casual vacancy caused by resignation of Mr. G R S Raju w.e.f. September 09, 2002.
-Vysya Bank Ltd has informed that RBI has sanctioned the appointment of Mr Bart Hellemans as Managing Director and Chief Executive Officer & Mr G Mallikarjuna Rao as part time Chairman of Bank. Mr K Balasubramanian the outgoing Managing Director will continue as non-executive Director of Bank.
-G Mallikarjuna Rao takes charge as part time Chairman of Vysya Bank.
-Vysya Bank Ltd has informed BSE that The Board of Directors through a Circular Resolution passed on November 9, 2002 has noted the resignation of Mr Leo Willy Janssen, nominee of ING from the Board of Bank.
2003
-Vysya Bank Ltd has informed BSE that the Board of Directors of Vysya Bank Ltd at their meeting held on January 30, 2003 took on record the following: 1. Appointment of Arun Thiagrajan as Additional Director 2. Appointment of K R Ramamorthy as Additional Director effective February 12, 2003 3. Resignation of A P Rao as Director effective Jan 30, 2003.
-Western Union, the top American money transfer firm has tied up with ING Vysya Bank for inward money transfer.
-ING Group acquired 23.99% equity of Vysya Bank, & the name has been changed to ING Vysya Bank Ltd.
-Change in the Management Structure: Appointment of Mr.Arun Thiagrajan as Additional Director Appointment of K Ramamorthy as Additional Director & Resignation of A P Rao as the Director.
-Mr Robin Roy, the point man for retail banking of ING Vysya Bank Ltd has resigned.
-Mr Prakash G Apte has been appointed as Additional Director on the board of bank.
-ING Vysya has launched 3 new endowment products: Powering Life - Limited payment endowment plan Creating Life - Child Protection plan Reassuring Life - Endowment plan with revisionary bonus.
-ING Vysya Bank Ltd has reported a 26% growth in its net profit for year.
-ING Vysya Bank has entered into a subscription & shareholders agreement with Nationale Nederlanden Interfinance BV, Kirti Equities Pvt Ltd & ING Investment Management [Indias]Pvt Ltd.
-Crisil assigs AA+ rating for 200cr bond programme of ING vysya bank.
-ING vysya bank has launched new Saving Bank Account called Orange, with facilities like personal accident cover, free annual accident cover.
-ING Vysya new Registered office: at No 22, M G Road Bangalore 560001. Ph.Nos : 080-5005000 and 5559222 Fax No. 080-5005555.
-ING-Vysya has raised Rs.200cr through tier-II capital bonds at 6.25%. The bonds are rated AA plus by both Fitch & Crisil.
-Medvin Finance Private Ltd., shareholder of Bank & a constituent of GMR Group of Companies, Indian Promoters, sells 452521 equity shares amounting to 2% of paid up capital of company
-Resignation of Mr. Ramsay Alexander Urquhart & Mr. Jacques P M Kemp from the Board of Bank. Further, the Board of Directors appointed is] Mr. Lars Kramer; iis] Mr. Cees Ovelgonne & iiis] Mr. Peter Staal as Directors of Bank in the casual vacancies arising out of resignation of Mr. Jacques P M Kemp, Mr. Ramsay Alexander Urquhart & Mr. K Balasubramanian respectively as Directors.
-ING Vysya Bank received Rs 4.35 crore to take back bad loans from its erstwhile housing finance arm that had been acquired by Dewan Housing Finance
-iGate Global Solutions signs outsourcing deal worth approx $20 million with ING Vysya Bank
-Toyota signs agreement with ING Vysya for auto finance
-ING Vysya Life signed an agreement with public sector Madras Fertiliser Ltd [MFLs] to sell its life insurance policies to farmers, using the fertiliser company dealer network in rural sector
2004
-Dolphin Milk forges alliance with ING Vysya Bank
2005
-ING Vysya Bank names Mr Ned Swarup as CEO
-ING Vysya Bank launches an `Advantage Current Account' for mid-sized businesses
2006
-ING Vysya Bank Ltd has informed that the Comp. has appointed Mr. Vaughn Richtor as its new Chief Executive Officer [CEOs] & Managing Director for a three-year term, following approval from the Reserve Bank of India.
-ING Vysya Bank Ltd delists securities of Bank from Bangalore Stock Exchange Ltd.
2008
- ING Vysya Bank Ltd has appointed Mr. M Damodaran as a Non-Executive and Non Independent Director of Bank.
