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IDFC FIRST Bank won Most Harmonious Merger Award – MD & CEO
IDFC First Bank won Most Harmonious Merger Award- MD CEO. One of India’s most leading 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 came to be acknowledged as experts in infrastructure finance. And whereas Capital First was the ideal potential partner 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%. The bank has been highly successful in transforming profitability and asset quality. The European judging panel recognizes the efforts of MD & CEO, V. Vaidyanathan for steering the merger of two stellar financial institutions and putting the IDFC FIRST Bank in the high growth trajectory. The judging panel declared V. Vaidyanathan as the winner of the award for Best Harmonious Merger – MD & CEO.