IDFC Bank has received an approval for its proposed merger with Capital First. The board of directors at its meeting held on January 13, 2018 has approved for the same. Pursuant to the merger which is subject to regulatory and shareholder approvals, IDFC Bank will issue 139 shares for every 10 shares of Capital First.
Post-merger, the combined entity of IDFC Bank and Capital First will have an AUM of Rs 88,000 crore; PAT of Rs 1,268 crore (FY 17); and a distribution network comprising 194 branches (as per branch count of December 2017 of both entities), 353 dedicated BC outlets and over 9,100 micro ATM points, serving more than five million customers across the country.
IDFC Bank is a universal bank, offering financial solutions through its nationwide branches, internet and mobile.
