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The merger of Capital First with IDFC Bank is on track, with the shareholders of the two institutions expected to approve the transaction next month.
“Mainly the shareholder votes are left. IDFC Bank shareholders are likely to vote on September 3, and shareholders of Capital First will also vote later in the month,” said V Vaidyanathan, Chairman and Managing Director, Capital First.
Vaidyanthan, who is expected to succed Rajiv Lall as the Managing Director and CEO of the merged entity, said the focus will continue to be on smaller entreprenuers and consumers, although it will also lend to large corporates and other firms as part of the banking system.
“The more important thing is that as the Indian economy begins to grow over the next few years, the opportunity is very big,” he told reporters on the sidelines of FIBAC 2018.
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