In 2002, the ING group acquired a significant stake in the equity of Vysya Bank, and the name has been changed to I N G Vysya Bank (INGVYSYA). Headquartered in Bangalore, it has 400 branches and more than 158 ATM counters across the country. ING Vysya Financial Services is a wholly-owned subsidiary. The bank provides services like retail banking, corporate banking, commercial banking, treasury management and rural banking. For corporates it offers some special services like cash concentration account, letter of credit along with regular services. The bank has diversified into mutual fund, life insurance, housing finance and leasing services through its subsidiaries. The bank is a Category One Merchant Banker registered with SEBI. The bank plans to use its branches as nodal points for selling banking, insurance and asset management products of the ING group. It also plans to leverage the advantage of ING, which is globally active in real estate to target high net worth individuals with investment portfolios of Rs 10 million. The bank currently manages customer assets worth Rs 10 billion, covering 400 to 500 families through its offices in Bangalore, Mumbai, and Delhi.
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