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India's IDFC Bank, Capital First complete merger

India's IDFC Bank Ltd. and Capital First Ltd. has completed its merger, with the combined entity named IDFC First Bank Ltd.

The merger received shareholder and regulatory consent, though the new name remains subject to shareholder approval, according to a Dec. 18 release.

Capital First founder and Chairman V. Vaidyanathan was named managing director and CEO of IDFC First Bank, with IDFC Bank founder and CEO Rajiv Lall appointed part-time nonexecutive chairman.

The merger was announced in January and involved IDFC Bank issuing 139 shares for every 10 Capital First shares. The union includes IDFC Bank and Capital First units, Capital First Home Finance Ltd. and Capital First Securities Ltd.