Kotak Mahindra Bank Ltd, the private sector bank announced that the ING Group has exited as an investor after selling its entire stake in the bank. About 1.20 per cent stake in Kotak Mahindra Bank was held by ING Group. According to an estimated, the stake sale would have fetched Rs 2,800 crores to the Dutch financial institution.

Mark Newman, a non-executive director of the bank resigned from the board of directors after the group sold their stake in the bank. Newman in a letter to the board said, “Earlier today ING Group sold its remaining stake in the bank. I hereby resign from my position as a director of the company with immediate effect.” Newman was nominee director of ING Group.

Earlier in November 2014, ING Group merged its banking arm ING Vysya Bank with Kotak Mahindra Bank. After the deal was cleared, ING Group acquired a 6.5 per cent stake in the merged entity, which it had been offloading gradually.

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