The merger of consumer payments and lending company 'Slice' with North East Small Finance Bank (NESFB) has been completed, following the receipt of all requisite shareholder and regulatory approvals, a company statement said on Monday.
The merger combined the innovation of a leading fintech with the trusted foundation of a traditional banking institution and set the base for building a tech-driven bank
The merger of consumer payments and lending company 'Slice' with North East Small Finance Bank (NESFB) has been completed, following the receipt of all requisite shareholder and regulatory approvals, a company statement said on Monday.
Effective Sunday, the merger unified the operations, assets, and brand identities of both entities into a single, integrated banking institution, it added.
The merger combined the innovation of a leading fintech with the trusted foundation of a traditional banking institution and set the base for building a tech-driven bank, prioritising stability, risk management and a robust governance framework as its key pillars, the statement said.
Commenting on the merger, Rajan Bajaj, the founder and CEO of Slice and executive director of the merged entity, said the teams at slice and NESFB worked for over a year to make the merger a reality.
He expressed his gratitude to the regulatory authorities, especially the Reserve Bank of India and the Assam government, for providing the necessary approvals.
"We are especially committed to strengthening our roots in the Northeast, striving to bring more people into the formal banking system. We will place a strong emphasis on delivering exceptional customer experience while maintaining robust risk management and governance as the foundation of our operations," Bajaj added.
Satish Kumar Kalra, MD and CEO of NESFB termed the merger an important event in the banking sector, particularly for a financial institution rooted in the Northeast.
"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," he said.
“We begin a new journey with a reinforced commitment to the northeast region, while also striving to bring advanced banking services to every corner of India,” the NESFB top functionary added.
The merged entity will ensure the continuation of services of NESFB, and also drive strategic expansion across the region, the statement said.
It will introduce a range of banking products and services, including savings accounts, fixed deposits and credit products, among others.
Customers will continue to enjoy uninterrupted access to the services of NESFB and Slice through this transition, the statement added.