ING Groep N.V. (ENXTAM:INGA) is evaluating a comeback in India by buying a controlling stake in IDBI Bank Limited (NSEI:IDBI), two people aware of the development told ET. ING has been examining the books of the state-owned lender in recent weeks and some members of its top brass were in New Delhi recently to discuss the matter with senior officials, they said. One of the officials mentioned above said ING has submitted an expression of interest (EoI) for IDBI Bank, while the other said they will do so at a later stage.

The government and Life Insurance Corporation of India (LIC) together are looking to sell 60.72% of IDBI Bank. Five to seven prospective candidates are believed to have submitted EoIs ahead of the January 7, 2023 deadline.