Read More>> MUMBAI: IDFC Bank and Capital First today announced the completion of merger following all approvals to form a combined entity with Rs 1.02 lakh crore loan book.
The merged entity will serve 7.2 million customers through its 203 bank branches, 129 ATMs, 454 rural business correspondent centres across the country’s urban and rural geographies. IDFC First Bank will now offer retail and wholesale banking products to a greater number of customer segments. V. Vaidyanathan, Founder and Chairman of Capital First will head the bank as managing director and chief executive officer. Rajiv Lall, Founder MD & CEO of IDFCNSE 0.61 % Bank has been appointed as part ..
The merger was announced on January 13, 2018, and as per the terms of the merger agreement shareholders will receive 139 shares of IDFC Bank for each 10 shares held of Capital First. IDFC, which started banking operation on October 1, 2015, had been focussing on increasing the retail portfolio.