L&T Finance is seeking the prior approval of the Reserve Bank of India (RBI) to merge or acquire ING Vysya Bank.
L&T is reportedly in talks with ING Vysya Bank at present, but will at first require the go-ahead from RBI since the issue involves a non-banking financial company’s merger with or acquisition of bank.
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N Sivaraman, president and whole-time director at L&T Finance, had earlier said that L& T will offer both organic as well as inorganic route to enter banking business.
L&T was unsuccessful in procuring a banking licence in the four-year licensing process that ended in April this year, with RBI giving in-principle approval to set up banks to only IDFC and Bandhan Financial Services.
L&T Finance had earlier forayed into the mutual fund business through acquisition of DBS Cholamandalam AMC in 2009, acquired Fidelity’s India MF business in 2012, as well as entered the housing finance and auto loan business through acquisition of Indo Pacific Housing Finance and Family Credit.
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