IDFC Bank re-named IDFC First Bank

IDFC Bank re-named IDFC First Bank

Private sector lender IDFC Bank said its name has been changed to IDFC First Bank Ltd with effect from Saturday.

“…the name of the Bank has been changed from IDFC Bank Ltd to ‘IDFC First Bank Limited’ with effect from January 12, 2019 by virtue of ‘Certificate of Incorporation pursuant to change of name’ issued by the Registrar of Companies, Chennai,” it said in a BSE filing.

IDFC Bank and non-banking financial company Capital First had announced completion of their merger on December 18, creating a combined loan asset book of Rs 1.03 lakh crore for the merged entity.

Following the merger, the board of IDFC Bank had approved the appointment of V Vaidyanathan, founder and chairman of Capital First Ltd, as managing director and chief executive officer of the merged entity.

The combined entity will serve 7.2 million customers through 203 bank branches, 129 ATMs and 454 rural business correspondent centres.