IDFC First Bank of India Foresees Enhanced Credit Growth Following Merger

IDFC First Bank expects robust credit growth following its recent merger with IDFC Ltd

The merger is part of a consolidation trend in India's financial sector

The merger follows a $40 billion mega merger between HDFC Bank and Housing Development Finance Corporation

V. Vaidyanathan, MD and CEO of IDFC First Bank, highlights India's significant growth trajectory and anticipates a 15% credit growth in the country's credit market

IDFC First Bank aims for a 25% credit growth with stable asset quality

The merger is projected to enhance IDFC First Bank's standalone book value by 4.9%

The merger will simplify the corporate structure and streamline regulatory compliance

The deal is subject to approvals from regulatory authorities such as the Reserve Bank of India and Securities and Exchange Board of India

Vaidyanathan expresses confidence in achieving inclusion in the MSCI index and considers it an honor for the bank