The board of IDFC Bank on Tuesday approved the appointment of V Vaidyanathan, founder and chairman of Capital First Ltd, as MD and chief executive officer of the merged entity -- IDFC First Bank.

IDFC Bank and Capital First have also said that the merged entity got the approval from regulators and shareholders.

"The boards of IDFC Bank and Capital First Ltd met today to take note of all requisite approvals and the order from National Company Law Tribunal; and approved the scheme of amalgamation," the bank said in a statement.

"The board also approved the appointment of Rajiv Lall, founder MD and CEO of IDFC Bank, as Part-time non-executive chairman of IDFC First Bank, subject to approval from the RBI. The reconstituted board of the merged entity now stands expanded with the induction of five new directors," it said.

The merger presents an incredible opportunity to strengthen our banking capabilities, operate as a larger universal bank and bring immense benefits to our customers, said Vaidyanathan.

"We believe our complementary portfolio gives the combined entity access to high-growth customer segments. It enables us to enhance the lending platform and fast-track the building of the liability franchise, by offering customers a broader set of solutions," he added.

The merger was announced on January 13, 2018, and as per the terms of the merger agreement, shareholders will receive 139 shares of IDFC Bank for each 10 shares held of Capital First Ltd.

First Published:Dec 18, 2018 8:11 PM IST