Small enterprises debt financer Capital First and private lender IDFC Bank are all set to merge next month. Both the institutions are waiting to receive the final approval from the shareholders.
“Mainly the shareholder votes are left. IDFC Bank shareholders are likely to vote on September 3, and shareholders of Capital First will also vote later in the month,” said V Vaidyanathan, Chairman and Managing Director, Capital First.
Post the merger, the company’s focus will continue to be on the smaller entrepreneurs and MSMEs, it will also extend its services to large corporates and other firms as part of the banking system, said Vaidyanthan. He is soon expected to succeed Rajiv Lall as the Managing Director and CEO of the merged entity.
“The more important thing is that as the Indian economy begins to grow over the next few years, the opportunity is very big,” he added.
The IDFC Bank is a private sector lender with its headquarters in Mumbai. The bank initiated its operations on 1 October 2015.
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