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ING To Offload Entire Stake In Kotak Mahindra Bank

Netherlands-based financial services firm ING is likely to sell its entire 3.1% stake in India-based Kotak Mahindra Bank for $173m, according to reports.

At the end of March 2010, ING Bank Singapore Branch held 3.07% stake in Kotak Mahindra Bank.

BSE-listed Kotak Mahindra Bank has an equity capital of INR3.48bn.

Citibank is said to be the sole book runner on the deal.

Few days back, another Dutch bank Rabobank sold its stake in Yes Bank for approximately $213m, to set up its own banking unit in India.

Standard Chartered, Credit Suisse and Citibank are also expanding their operations and Goldman Sachs has applied for a banking licence in India, whose economy is expected to witness a growth of more than 8% this fiscal.