Thursday, December 11, 2014

KOTAK-ING BANK DEAL HITS UNION HURDLE

The mega banking merger announced last month has hit the unexpected hurdle. Kotak Mahindra Bank Ltd announced its decision to purchase ING Vysya in an all-stock agreement, some employees of the latter are threatening to go on a strike if their demands for job and wage guarantees aren’t met. 

Unions representing about 35% of ING Vysya’s 11,000 workers may bog down the deal, according to Morgan Stanley. We will seek to stall the deal until our concerns are addressed. C.H. Venkatachalam, general secretary of the All India Bank Employees Union, Union wants Kotak Mahindra needs to guarantee the jobs and wages of all ING Vysya employees.


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