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IDFC First Bank
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IDFC First Bank
IDFC First Bank (stylised as IDFC FIRST Bank) is an Indian private sector bank based in Mumbai. Founded in 2015 as a banking subsidiary of IDFC Limited, it shifted focus from infrastructure financing to retail banking after its 2018 merger with Capital First. In 2024, the bank took over the parent company IDFC Limited in a reverse merger.
IDFC Limited was set up in 1997 by Government of India to finance infrastructure projects in India. With time, the company diversified into asset management, institutional broking and investment banking.
In 2005, The Government of India and IDBI Bank, a public sector bank were the sponsor shareholders of IDFC. The government brought down its stake to 34.91% through IDFC's initial public offering in 2005.
In 2014, the Reserve Bank of India granted in-principle approval to IDFC Limited to set up a new bank in the private sector. Following this, the IDFC Limited divested its infrastructure finance assets and liabilities to a new entity - IDFC Bank. The bank was launched through this demerger from IDFC Limited, and it was officially inaugurated by the Prime Minister of India Narendra Modi in October 2015.
IDFC Bank started operations on 1 October 2015. The parent entity, IDFC Limited, retained the asset management, institutional broking and infrastructure debt fund businesses through IDFC Financial Holding Company Limited (IDFC FHCL).
IDFC Bank faced challenges due to bad loans from legacy infrastructure accounts. A planned merger with the Shriram Group was called off. By September 2017, the bank's deposits totaled ₹38,890 crore, with a CASA ratio of just 8.2%.
In January 2018, IDFC Bank and MSME financing company Capital First announced a merger. Capital First was founded as Future Capital Holdings under the Future Group, and was acquired by Warburg Pincus and V. Vaidyanathan in 2012. As per a September 2017 stock filing, Capital First had a retail loan portfolio of ₹229.7 billion. 139 shares of IDFC Bank were issued for every 10 shares of Capital First as part of the merger share swap.
The merger completed in December 2018, with IDFC Bank changing its name to IDFC First Bank. Vaidyanathan took over as the MD and CEO of the merged entity. The Reserve Bank of India approved his appointment for a period of three years, effective from 19 December 2018.
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IDFC First Bank
IDFC First Bank (stylised as IDFC FIRST Bank) is an Indian private sector bank based in Mumbai. Founded in 2015 as a banking subsidiary of IDFC Limited, it shifted focus from infrastructure financing to retail banking after its 2018 merger with Capital First. In 2024, the bank took over the parent company IDFC Limited in a reverse merger.
IDFC Limited was set up in 1997 by Government of India to finance infrastructure projects in India. With time, the company diversified into asset management, institutional broking and investment banking.
In 2005, The Government of India and IDBI Bank, a public sector bank were the sponsor shareholders of IDFC. The government brought down its stake to 34.91% through IDFC's initial public offering in 2005.
In 2014, the Reserve Bank of India granted in-principle approval to IDFC Limited to set up a new bank in the private sector. Following this, the IDFC Limited divested its infrastructure finance assets and liabilities to a new entity - IDFC Bank. The bank was launched through this demerger from IDFC Limited, and it was officially inaugurated by the Prime Minister of India Narendra Modi in October 2015.
IDFC Bank started operations on 1 October 2015. The parent entity, IDFC Limited, retained the asset management, institutional broking and infrastructure debt fund businesses through IDFC Financial Holding Company Limited (IDFC FHCL).
IDFC Bank faced challenges due to bad loans from legacy infrastructure accounts. A planned merger with the Shriram Group was called off. By September 2017, the bank's deposits totaled ₹38,890 crore, with a CASA ratio of just 8.2%.
In January 2018, IDFC Bank and MSME financing company Capital First announced a merger. Capital First was founded as Future Capital Holdings under the Future Group, and was acquired by Warburg Pincus and V. Vaidyanathan in 2012. As per a September 2017 stock filing, Capital First had a retail loan portfolio of ₹229.7 billion. 139 shares of IDFC Bank were issued for every 10 shares of Capital First as part of the merger share swap.
The merger completed in December 2018, with IDFC Bank changing its name to IDFC First Bank. Vaidyanathan took over as the MD and CEO of the merged entity. The Reserve Bank of India approved his appointment for a period of three years, effective from 19 December 2018.
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