labels: banks & institutions
Bank Brussels to hike stake in Vysyanews
Our Banking Bureau
05 February 2002
Mumbai: Bank Brussels Lambert (BBL), which announced its plans to hike its stake in Vysya Bank, "is in discussions with G M Rao and associates to ascertain if we can acquire the GMR Vasavi stake and how it can be done," says Bart Hellemans, deputy managing director, Vysya Bank and the BBL nominee to the banks board.

BBL, which is planning to acquire the controlling stake in Vysya Bank, is "still studying the implications of the 10-per cent cap on the voting limit," Hellemans says. BBL currently holds a 20-per cent stake in Vysya Bank and the markets have been in expectation of a move by BBL to hike its stake since the government has permitted foreign banks to hold up to 49 per cent stake in Indian banks.

"We have just started discussions between Vysya Bank and the GMR Vasavi group and it is too premature to comment on the implications," says Hellemans. He says the move will not make any impact on its life venture, ING Vysya Life Insurance, in which Vysya Bank holds a 49-per cent stake, ING 26 per cent and the GMR Vasavi group has a 25 per cent stake.


 

 


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Bank Brussels to hike stake in Vysya