ING Group looks to increase stake to 49% in Vysya Bank

Last month, ING Group became the first foreign firm to increase its stake in an Indian bank under newly increased foreign direct investment (FDI) limits. ING proposed to purchase a 24% stake for Rs3.40 billion from Indian conglomerate GMR Group in Vysya Bank at Rs626.92 per share. ING already has a 20% stake in Vysya Bank through its subsidiary, Bank Brussels Lambert (BBL).