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IndusInd Bank Denies Takeover Bid, Calls It “Malicious”

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IndusInd Bank has denied reports of a proposed takeover of Kotak Mahindra Bank and has termed the same as malicious.

There were reports in the media of a possible takeover of the bank by its larger rival Kotak Mahindra Bank.

"The Promoter of Indusind Bank, IndusInd International Holdings Limited (IIHL), completely denies the said rumour and considers it malicious, untrue and baseless. IIHL is promoted by the Hindujas and a broad base of other successful NRIs from the overseas Indian diaspora. They reiterate their full support to the IndusInd Bank, now and always.

IndusInd Bank Denies Takeover Bid, Calls It “Malicious”
 

Whenever financial crises have impacted the Indian economy and its financial institutions, the Promoter of the Indusind Bank has positively intervened to support and improve the financial position of the bank. It has a solid track record of facilitating the acquisitions in 2002 of IndusInd Enterprises and Finance Ltd (IEFL) by the bank, followed by another one of Ashok Leyland Finance Ltd (ALF) in 2004. Very recently in July 2019, it supported the acquisition of Bharat Financial Inclusion Ltd (BFIL) by the Indusind Bank.

The Promoter would continue to support Indusind Bank's initiatives to grow inorganically should any such opportunities arise on the horizon in the future. It is worth recalling that amongst the 9 original licensees (4 institutional and 5 private) that were allowed to set up banking operations in 1994, IndusInd Bank is the only privately promoted bank that successfully continues its operations because of the promoter support. The Promoter reaffirms its unstinted support to the Indusind Bank," an exchange filing by the bank stated.

Story first published: Monday, October 26, 2020, 9:54 [IST]
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