Photo: MintMumbai: Capital First Ltd on Friday said that it has received approval from the Competition Commission of India (CCI) for its merger with IDFC Bank Ltd. As on 31 December, 2017, IDFC Bank’s current and savings account stood at 10.1% while for most established banks the number is over 30%. As on 30 September, 2017, the bank’s retail book comprised 26% of the total loan book whereas Capital First’s retail book accounted for 93% of its assets. Lal will take on the role of the non-executive chairman of IDFC Bank, subject to regulatory approvals. As per the agreement, IDFC Bank will issue 139 shares for every 10 shares of Capital First.

Source: Mint March 09, 2018 14:26 UTC