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Private sector lender IDFC Bank and non-banking financial company (NBFC) Capital First has declared, on December 18, that their merger has completed. The post-merger entity, IDFC First Bank, has created a combined loan asset book of Rs 1.03 lakh crores.
The two firms released a joint statement, “IDFC Bank and Capital First merged effective 18th December 2018. The merged entity to be called IDFC First Bank, subject to shareholders’ approval.”
The board of IDFC Bank, following the merger, has approved the appointment of V Vaidyanathan as Managing Director and Chief Executive Officer of IDFC First Bank. Vaidyanathan, the founder and chairman of Capital First Ltd, said the statement that the appointment awaits shareholders’ approval.
Rajiv Lall, Founder MD & CEO of IDFC Bank, has been also appointed by the board of IDFC Bank as part-time non-executive chairman of IDFC First Bank, subject to approval from the RBI.
The joint statement also said that earlier in the day, the boards of IDFC Bank and Capital First met to take note of all requisite approvals and the order from National Company Law Tribunal; and approved the scheme of amalgamation.
