ING planning return to India by buying controlling stake in IDBI Bank

Dutch banking group ING is planning to return to India by buying a controlling stake in the state-owned lender IDBI Bank, The Economic Times reported On Wednesday.

Citing two people familiar with the development, the publication reported that ING top brass were in New Delhi recently to discuss the matter with senior officials. 

The government and the Life Insurance Corporation of India together may sell 60.72 per cent of IDBI Bank.

Five to 7 prospective candidates – like Japan’s SBMC and Oaktree Capital -- are believed to have submitted EoIs before the deadline ended on January 7.