Top ING executive quits Kotak, heading to Amsterdam

MUMBAI: Uday Sareen former chief executive officer (CEO) at the erstwhile ING Vysya, has quit Kotak Mahindra Bank, less than a year after the merger came into effect. He is headed to his former ING Group in Amsterdam, Kotak said in a reply to an email.

"Uday Sareen is moving to ING in an overseas assignment by April 30, 2016, post completion of the integration", a Kotak spokesperson said. Sareen could not be reached for comment.

Sareen, the senior most executive to exit the bank since the merger, was CEO designate of ING Vysya Bank when the all stock deal to merge ING with Kotak was announced in November 2014. The merger came into effect from April 2015.

Sareen joined ING Vysya Bank in July 2007 as country head, retail and private banking. He was appointed as CEO designate after Shailendra Bhandari quit the bank in October 2014, less than a month before the merger was announced.

Prior to joining ING Vysya Sareen was with Citigroup as senior vice-president.