IDFC Bank and Capital First merged, to be known as IDFC First Bank, IDFC Bank Shares up 0.83% at BSE
Biznext India : IDFC Bank Ltd. and Capital First Ltd. have completed their merger effective from yesterday (18th Dec), following the receipt of all requisite shareholder and regulatory approvals and the merged entity will be called IDFC First Bank, subject to shareholders’ approval.
Shares of IDFC Bank today grew by 0.83% to Rs.41.45 in the Bombay Stock Exchange.
Following the merger, the Board of IDFC Bank today approved the appointment of Mr. V. Vaidyanathan, Founder and Chairman of Capital First Ltd, as Managing Director and Chief Executive Officer of the merged entity, subject to shareholders’ approval.
“The merger presents an incredible opportunity to strengthen our banking capabilities, operate as a larger universal bank and bring immense benefits to our customers”, V. Vaidyanathan, MD & CEO of IDFC First Bank, said.
IDFC First Bank will now offer a wider array of retail and wholesale banking products, services and digital innovations, to a greater number of customer segments. It will serve 7.2 million customers through its 203 bank branches, 129 ATMs, 454 rural business correspondent centers across the country’s urban and rural geographies.
The Boards of IDFC Bank and Capital First Ltd met today to take note of all requisite approvals and the order from National Company Law Tribunal; and approved the effective date of the scheme of amalgamation. The Board of IDFC Bank also approved the appointment of Dr. Rajiv Lall, Founder MD & CEO of IDFC Bank, as Part-time Non-Executive Chairman of IDFC First Bank, subject to approval from the RBI. The reconstituted board of the merged entity now stands expanded with the induction of five new directors.