ING Vysya Bank Staff Concerned Over Merger With Kotak
Employees and officers of ING Vysya Bank have expressed concerns over their future after the merger with Kotak Mahindra Bank which will come into effect from April 1, 2015.
Press Trust of India | Last Updated: January 03, 2015 18:47 (IST)
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Kolkata: Employees and officers of ING Vysya Bank have expressed concerns over their future after the merger with Kotak Mahindra Bank which will come into effect from April 1, 2015.
The management of ING Vysya Bank used to honour the bi-partite negotiations which it had entered with the unions regarding service conditions but Kotak Mahindra Bank's management did not make any commitment on the continuation of existing service conditions on absorption into the new merged entity, the spokesman for officers and employees of ING Vysya Bank said here on Saturday.
The Kotak Mahindra Bank management has also said that ING Vysya employees would get pension but it would not be linked to dearness allowance, the spokesman added.
More than 4,000 employees and officers of ING Vysya Bank would be absorbed into the rolls of the merged entity.
The deal will make Kotak the fourth-largest private bank in the country in terms of total business. The biggest three are ICICI Bank, HDFC Bank and Axis Bank, in that order.
The combined banking entity will have a widespread network of 1,214 branches across the country.
Story first published on: January 03, 2015 14:51 (IST)