Dutch banking group ING is considering coming back to India with a controlling stake in IDBI Bank, two people familiar with the situation told The Economic Times. ING had announced in 2011 that it would sell the last portion of its shares in Kotak Mahindra Bank, according to the report.

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A number of ING's senior officials were reportedly in New Delhi to address the subject after the company recently looked into the state-run lender's accounts.

As was already indicated, one of the representatives claimed that ING had issued an expression of interest (EoI) for IDBI Bank, while the other stated that it would do so in the future.

Also read: LIC to stay invested in IDBI Bank and rules out complete exit

The government and the Life Insurance Corporation of India (LIC) are reportedly planning to jointly sell a 60.72 percent stake in IDBI Bank. Five to seven potential candidates are thought to have filed EoIs before the deadline of January 7, according to the report.

According to government authorities, in order to maximise value, the government may consider any attractive bids that were made later. However, it is not clear whether ING met the deadline.

According to experts in the field, the Reserve Bank of India is willing to work with foreign banks and might make IDBI a subsidiary rather than a branch.

"As a matter of policy, we do not respond to market rumours or speculations," Raymond Vermeulen, Head of External Communications and Media Relations at ING Group, said, as per the ET report.

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(Edited by : Shoma Bhattacharjee)

First Published:Jan 18, 2023 6:31 PM IST