Arun Thiagarajan resigns from ING Vysya Bank

Arun Thiagarajan has relinquished his office as part-time Chairman and as a Director of ING Vysya Bank, effective September 6, 2014.

In a notice to the BSE, the Bangalore-headquartered private sector bank said it is taking necessary steps to appoint a successor in due course.

Thiagarajan had joined the bank, which has 547 branches and about 10,000 employees, in 2010.

The main stakeholders in ING Vysya Bank are: Dutch financial institution, ING Group (42.86 per cent stake); foreign institutional investors (28.16 per cent); and domestic institutional investors (15 per cent).

The bank had reported 18 per cent decline in net profit at Rs 143.4 crore in the first quarter ended June 30, 2014 as against Rs 175.1 crore in the year ago period.

Source : The Hindu