The merger of IDFC Bank and Capital First has been completed thereby creating an entity with a combined loan asset book of Rs 1.03 lakh crore. It will now be called IDFC First Bank. The two firms said in a joint statement IDFC Bank and Capital First merged effective 18 December 2018 and the merged entity to be called IDFC First Bank, subject to shareholders’ approval. Following the merger, the board of IDFC Bank approved the appointment of V. Vaidyanathan, founder and chairman of Capital First as MD and CEO of the merged entity. 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, a statement said. 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.
