Slice, North East Small Finance Bank merge one year after RBI approval

The merger process was completed over one year after the bank received a no-objection certificate from the Reserve Bank of India

Fintech firm Slice on Monday completed its merger with North East Small Finance Bank, consolidating the operations, assets, and brand identities of the financial entities into a single institution.

 

The merger received requisite shareholder and regulatory approvals, the companies said in a joint statement.

 

The merger process was completed over one year after the bank received a no-objection certificate (NOC) from the Reserve Bank of India (RBI).

 

The merged entity aims to deepen the bank’s presence in the country’s north-eastern region.

 

“We are grateful to the regulatory authorities, especially the RBI and the Government of Assam, for trusting us with this transformative journey. We’ll place a strong emphasis on delivering exceptional customer experience, while maintaining robust risk management and governance as the foundation of our operations,” said Rajan Bajaj, founder and chief executive officer (CEO) of Slice.

 

 

The entity will introduce banking products and services, including savings accounts, fixed deposits, and credit products.

 

“In the coming months, the focus will be on streamlining operations to ensure seamless integration and leveraging the combined strengths of both organisations,” the companies added.

 

Each customer of the entity will be able to utilise services as Slice and North East Small Finance Bank undergo the transition.

 

“We are thrilled to welcome Slice into our journey, as their cutting-edge technology and innovative approach will be instrumental in redefining banking standards across the nation. I extend my deepest gratitude to the entire team of Slice and NESFB for their foresight and openness to embrace this significant change,” said Satish Kumar Kalra, managing director (MD) and CEO of North East Small Finance Bank.

 

Earlier, Slice had acquired a 5 per cent stake in North East Small Finance Bank for $3.4 million in September 2022.