MUMBAI: Indian lender Kotak Mahindra Bank has agreed to buy ING Vysya in an all-share deal valuing its smaller rival at US$2.4 billion (RM8.06 billion), bulking up as analysts predict the start of long-awaited consolidation in a crowded banking sector. Dutch lender ING Groep NV owns roughly a 43 per cent stake in ING Vysya. It will be the second-largest shareholder in Kotak Mahindra after the deal ” the largest in the Indian banking sector to date ” with a holding of about seven to nine per cent. India has 40 publicly traded banks, 24 of them majority owned by the government. Reuters
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