Business Today

New Rider At IDFC First Bank

V Vaidyanathan, the new boss of the merged entity, has had a good run but now faces challenges and high expectations.

Sandy Weill, the former Chairman of Citigroup, now in his mid 80s, had an exceptional five decade long career during which he rose from being a professional to an entrepreneur to head the largest bank in the world. Weill sold his securities business to American Express for a billion dollars in the 1980s and also became the president of the merged entity. After leaving American Express mid way, he founded a small finance company, and went on to acquire some big Wall Street names like Primerica, Travelers and Salomon. But his biggest kill was merging his entire business with Citicorp. After close to a decade at Citigroup, Weill hung up his boots as Chairman in 2006.

The latest merger of a non bank finance company Capital First and IDFC Bank draws similarities with Weill. V. Vaidyanathan, 50, who coincidently worked with Citigroup in India as part of the consumer banking division, has got a bank by way of a merger and also the CEO's job to run the merged entity.

You're reading a preview, sign up to read more.

More from Business Today

Business Today3 min read
A Season Like No Other
An Atoll Getaway Just when you thought that the Maldives had no space left for yet another hotel, Raffles announced the opening of its 38 villa resort on the Gaafu Alifu Atoll, which is far removed from the gaggle of resorts located all over the isla
Business Today2 min read
Personal and Powerful
Room air purifiers are quite common nowadays but have you ever heard of a personal air purifier? The latest product from Dyson is just that a radically redesigned fan that sits close by and blasts out a stream of clean air directly at you. Technica
Business Today4 min read
A Makeover To Power Ahead
Apple has finally taken some decisive steps. A few days ago, it had released the beta version of a feature packed operating system (OS) for its iPads and currently allows all to instal the prerelease software for a taste of things to come. The compan