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Indian banking company IDFC Bank Ltd today announced a merger with the Mumbai based non-banking financial company Capital First. The merger between these two organizations will form a combined entity with assets under management of Rs 88,000 crore, branch network of 194 and customer base of over 5 million.
The present Chairman and MD of Capital First, V Vaidyanathan will be the new MD and CEO of the combined entity upon completion of the merger and necessary regulatory approvals. The Chief Financial Officer of IDFC Limited, Bipin Gemani, will now be the interim CFO of IDFC Bank.
As per the agreement, the swap ratio has been fixed at 139:10. This means the IDFC Bank will issue 139 shares for every 10 shares of Capital First.
In a press statement, the bank said this announcement is pursuant to IDFC Bank's stated strategy of ‘retailising’ its business to complete their transformation from a dedicated infrastructure financier to a well-diversified universal bank, and in line with Capital First’s stated intention and strategy to convert to a universal bank.
About IDFC Bank :
- IDFC had received the banking licence from the Reserve Bank of India (RBI) along with Bandhan Bank in the year 2015. in the year 2015 Full form : Infrastructure Development Finance Company
- Fonded on : 1st October 2015
- Founder : Rajiv B. Lall
- Received universal banking license from RBI in : July 2015
- Headquarters : Mumbai
About Capital First :
- Capital First is a non-banking financial company engaged in the lending business.
- Founder : V. Vaidyanathan
- Founded in : 2012
- Headquarters : Mumbai
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