Amarchand Mangaldas Mumbai office, which is in the midst of a potential split from the Delhi region offices, has acted for long-standing client Kotak Mahindra Bank, which has merged with ING Vysya Bank, according to a tweet from CEO Uday Kotak:

I am excited to announce the merger of Kotak Mahindra Bank & ING Vysya Bank, subject to approvals. We will work to create stakeholder value.

According to sources, the Amarchand deal team for Kotak was led by corporate partner Ashwath Rau with partner Shishir Vayttaden, assisted by managing partner Cyril Shroff. Senior associate Kashish Bhatia also assisted the team, with partner Nisha Uberoi advising on competition law aspects.

AZB & Partners Mumbai partners Ashwin Ramanathan and Essaji Vahanvati acted for ING, assisted by Delhi partner Samir Gandhi on competition law aspects.

Rumours have been buzzing about a potential merger in the past days, sending stock prices spiralling. ING has deposits of around Rs 40,000 crore with 573 branches, while Kotak has around Rs 60,000 crore in deposits with 641 branches, reported the Hindu Businessline.

Update: The transaction was structured as a share swap of 725 shares of Rs 5 each of Kotak Mahindra Bank for every 1,000 shares of Rs 10 each of ING, reported Mint.