Following the merger of IDFC Bank and non-banking financial company (NBFC) Capital First, the bank has now changed its name to IDFC First Bank, with effect from January 12, 2019. Capital First and IDFC bank had announced their merger in December, thereby creating a combined loan asset book of Rs 1.03 lakh crore.
“In compliance with the Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby inform you that the name of the Bank has been changed from IDFC Bank Limited to 'IDFC First Bank Limited' w.e.f. January 12, 2019 by virtue of "Certificate of Incorporation pursuant to change of name" issued by the Registrar of Companies, Chennai,” IDFC said in a filing to the Bombay Stock Exchange on January 12.
The merged entity will have 7.2 million customers across 203 bank branches, 129 ATMs, 454 rural business correspondent centres.
After the merger was completed in December, founder and chairman of Capital First, V Vaidyanathan, was appointed as the managing director and chief executive officer 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,” IDFC said in a statement during the merger.
As part of the merger agreement it was announced in December that shareholders will receive 139 shares of IDFC Bank for each 10 shares held of Capital First.
Post the merger, In December 2018, Vaidyanathan told Economic Times in an interview that IDFC First will look to open 500 additional branches in 4-5 years and will also develop payment solutions for traders, small entrepreneurs and corporates. In terms of customers, he said that both wholesale and retail customers will be catered to, while retail customers will be a larger focus, along with developing innovative products for them.