Dutch banking group ING is considering a re-entry into the Indian market by acquiring a controlling stake in IDBI BankThe Economic Times has reported.

People familiar with the matter told the financial daily that ING recently looked into the state-run lender’s accounts, and some of its senior officials were in New Delhi to discuss the matter. 

In 2011, ING announced that it will sell its last tranche of shares in Kotak Mahindra Bank, according to the report. 

One of the officials stated that ING had submitted an expression of interest (EoI) for IDBI Bank, while the other said it would do so later, the report added. 

The Government of India and the Life Insurance Corporation of India plan to sell a 60.72% stake in IDBI Bank.

Five to seven potential candidates are thought to have submitted expressions of interest before the deadline of January 7, the publication said. 

The government representatives said that the government might consider any subsequent, attractive proposals as it looks to maximise value. 

However, it was not clear if the Amsterdam-headquartered bank met the deadline. 

Industry experts believe that the Reserve Bank of India (RBI) is also willing to work with foreign banks, allowing IDBI to become a subsidiary rather than building a branch.

Responding to the development, ING Group head of external communications and media relations Raymond Vermeulen told ET: “As a matter of policy, we do not respond to market rumours or speculations.”

Entities such as Sumitomo Mitsui Banking Corporation Group (SMBC Bank) Oaktree Capital Management  Emirates NBD and billionaire Prem Watsa’s Fairfax Group have reportedly submitted EoIs for IDBI Bank.