IDFC FIRST Bank won Most Harmonious Merger Award – MD & CEO

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IDFC FIRST Bank won Most Harmonious Merger Award – MD & CEO

IDFC FIRST Bank won the Most Harmonious Merger Award - MD &CEO.

One of India’s leading, new-age private sector banks, IDFC FIRST Bank was created by the merger of two financial institutions, IDFC Bank and Capital First in December 2018.

IDFC Bank was initially promoted by a company called IDFC Limited, which was set up to finance infrastructure in 1997 with equity participation from the Government of India. IDFC Limited built a substantial franchise and was acknowledged as an expert in infrastructure financing.

Capital First was one of the highly potential partners for IDFC Bank. The non-bank financial company (NBFC), founded in 2012 by V Vaidyanathan through a Leveraged Management Buyout in 2012 after procuring a 10% stake in the company was a profitable one (PAT of INR3.28bn, $46m, FY 18), posting ROE of 15%.

Post-merger, the bank has seen significant success in profitability and asset quality. The European panel of judges recognised the efforts of MD & CEO, V. Vaidyanathan for steering the merger of two stellar financial institutions and putting the post-merger entity - IDFC FIRST Bank in high-growth trajectory and declared V. Vaidyanathan the winner of the award for Best Harmonious Merger – MD & CEO.