IDFC Bank has extended the CES Agreement with Shriram Group up to November 8, 2017 due to the extensive due diligence process involved and the on-going discussions.
Earlier on July 8, 2017, the bank had approved entering into Confidentiality, Exclusivity and Standstill Agreement (CES Agreement) with the Shriram Group to evaluate a potential combination of certain businesses and subsidiaries / affiliates / associate companies of the Shriram Group engaged in the credit and non-credit financial services sector with the IDFC Group. The CES agreement primarily provided for a mutually agreed 90 days exclusivity period from July 8, 2017 for due diligence and discussions between the relevant parties in relation to the Proposed Transaction.
IDFC Bank is a universal bank, offering financial solutions through its nationwide branches, internet and mobile. Envisioned as a new age bank, IDFC Bank seeks to set a new standard in customer experience, using technology and a service-oriented approach, to make banking simple and accessible, anytime and from anywhere.
