ING Raises $550 Million by Selling Part of Kotak Mahindra Stakeby
ING Groep NV raised about 490 million euros ($550 million) selling part of its stake in Mumbai-based Kotak Mahindra Bank.
The transaction reduces the Dutch bank’s holding in Kotak to 3.9 percent from 6.4 percent, ING said in a statement Thursday. The sale won’t have a material impact on ING’s earnings, it said.
Under Chief Executive Officer Ralph Hamers, ING has gone from being a global financial conglomerate to a lender oriented toward European consumers and companies. The lender recently sold its holding in Visa Europe Ltd. helping second-quarter profit to more than triple.
ING obtained the Kotak holding through the Indian bank’s merger with ING Vysya Bank in 2015, the company said. ING’s remaining stake will be subject to a 90-day lockup starting Oct. 4.