What is the full form of IVB?
The full form of IVB is ING Vysya Bank. IVB is a privately owned Bangalore-based Indian multinational bank with retail, wholesale & private financial services founded by the Dutch ING Group as a result of the 2002 acquisition of equity stakes in Vysya Bank.
This merger was the first between an Indian bank & the foreign bank. Vysya Bank had a seven-year strategic partnership and shareholding agreement with the erstwhile Belgian bank Banque Bruxelles Lambert, which was also purchased by ING Group in 1998, previous to this deal.
Functions of IVB
ING Vysya Bank has been competing in the financial care & insurance markets for more than 80 years and currently employs more than two million Indian customers.
- The bank provides a wide variety of financial services and goods, structured as per three strategic business units: private retail and wholesale finance.
- Private bank ING Vysya works on an advisory-driven model. The bank focus remains on advanced market analysis for the launch of new targeted products to support the high end the private banking sector.
- ING Vysya’s retail operation provides savings deposits, cheque accounts, savings deposits, retail banking and wealth management, consumer loans, rural or agricultural banking and retail life insurance products with 547 branches and 10 counters, 28 satellite offices and 470 ATM’s nationwide.
- The wholesale banking company offers a variety of financial, transactional and electronic banking products to corporate customers in India. The bank provides customer-focused products such as financing for capital expenditures, trading and transaction-based services, foreign exchange, term loans & services for cash management.
- Agriculture and Rural Banking works with all agricultural and allied companies, gold loans, SHG loans and loans to government-sponsored projects. , Working Capital & Agriculture term funding for dairy, poultry, storage units, and so on. is also provided to meet the agricultural community’s different requirements.
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