>ING VYSYA BANK (INDIA INFOLINE)

ING Vysya Bank with an asset base of Rs318 bn is the sixth largest bank in the private banking space. The bank had a market share of mere 3% in loans and ~3.5% in deposits among private banks at end FY09. IVB is gearing up for brisk growth by aggressively expanding its presence outside South India, its traditional stronghold market. The recent capital infusion of Rs4.15bn would support this initiative. At CMP Rs 270, the stock trading is 1.4x FY11 P/BV based on consensus estimates.

• Loan growth to revive in H2 FY10
• Aiming at pan-India presence
• NIM ti improve with decrease in cost-of-deposits
• Raised capital at relatively cheap valuations

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