Jurisdiction - India
India – CCI Approves The Merger Between Kotak And ING Vysy.

17 March, 2015


On February 12, 2015, CCI approved the proposed merger of Kotak Mahindra Bank Limited (‘Kotak’) with ING Vyasa Bank Limited (‘ING’) pursuant to a scheme of merger, wherein share holders of ING would get 725 shares of Kotak for every 1000 shares in ING held by them.


CCI acknowledged that the merging entities were engaged in the provision of banking services. Further, there was a horizontal overlap in other services such as investment advisory services, portfolio management services; and securities depository services. Interestingly, CCI observed that banking services would not constitute a relevant product market since many of the products provided by the banks may not be substitutable, and therefore, separate relevant markets based on type of services may have to be delineated within the overall market of banking services. Accordingly, CCI divided the relevant market for banking services into distinct relevant product markets, such as, (i) deposits; (ii) home loans; (iii) agricultural banking; (iv) card business; (v) retail banking services other than card business, deposits and home loan; (vi) medium and small business banking; and (viii) wholesale banking other than small business banking.


Taking notice of the relatively small market shares of Kotak and ING, coupled with the large number of competitors in in each of the relevant product markets, CCI concluded that the proposed merger would not have any AAEC in India. Accordingly, CCI approved the transaction.




For further information, please contact:


Zia Mody, AZB & Partners
zia.[email protected]


Abhijit Joshi, AZB & Partners 
[email protected]

Shuva Mandal, AZB & Partners 
[email protected]


Samir Gandhi, AZB & Partners
[email protected]

Percy Billimoria, AZB & Partners 
[email protected]


Aditya Bhat, AZB & Partners 
[email protected]

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