New Leader

V Vaidyanathan will be taking over as Managing Director & CEO, IDFC Bank, thus succeeding Rajiv Lall. Vaidyanathan will reportedly be the non-executive chairman of IDFC Bank. The news comes as Indian commercial lender IDFC Bank and Warburg Pincus-backed Capital First has announced a merger in an all share deal. The merger, as per reports, is in line with IDFC Bank's quest for mass retailisation and Capital First's intention to become a bank. Capital First specialises in financing small entrepreneurs and consumers, and has a good presence in the small and medium enterprises space. After the merger, the combined entity would reportedly have assets under management of Rs 880 billion and would serve more than five million customers across the country. As Vaidyanathan takes on his new role, we wish him all the success in this important endeavour.