India's antitrust regulator has approved Kotak Mahindra Bank's record $2.4 billion purchase of ING Vysya, it said in an order published on Friday.
Kotak had announced its plan to buy ING Vysaya in November last year, in what analysts predicted was the beginning of a long-awaited consolidation in a crowded banking sector.
In a three-page order, the Competition Commission of India (CCI) said the proposed merger was not likely to have an adverse impact on competition in banking and allied services.
The deal is the first major bank takeover since top privately held lender ICICI Bank bought Bank of Rajasthan more than four years ago.
Image: Uday Kotak
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