On January 7, ING will be holding its annual general meeting in Bengaluru where they are going to seek shareholder’s approval for the merger of the bank with Kotak Mahidra Bank.
Last month, Kotak Mahindra Bank had announced that it is acquiring ING Vysya Bank in an all stock deal.
Kotak Mahindra Bank has mentioned that there won’t be any job losses. However, the bank’s union has asked for job and wage security.
S A Sridhar member of the ING Vysya Bank officers’ association said that a tri-partite agreement should be signed amongst Kotak, ING and employees and officers be signed. He also added that the union is not opposing the merger but want to ensure that their jobs will be secure.
The union also wants that the employees who are under the IBA wage board should be allowed to continue with the remuneration structure. The union represents about 35 per cent of ING Vysya’s work force.
Earlier in a letter, to ING Vysya Bank’s chief executive designate Uday Sareen, joint managing director Dipak Gupta had stated that the lender will honour all IBA settlements and bi-partite agreements.