slice Completes Merger With North East Small Finance Bank
A key goal of the merger is to strengthen NESFB’s presence in the Northeast
slice, a consumer payments and lending company, has completed its merger with North East Small Finance Bank (NESFB), effective from October 27, 2024. This follows the approval of shareholders and regulatory bodies.
The merger combines Slice’s fintech innovation with NESFB’s traditional banking foundation, creating a single integrated banking institution. The newly formed entity aims to become a tech-driven bank focused on stability, risk management, and strong governance.
A key goal of the merger is to strengthen NESFB’s presence in the Northeast. The bank intends to enhance its services in the region and expand its reach across India, using advanced technology to promote financial inclusion and economic development.
Rajan Bajaj, Founder and CEO of Slice and Executive Director of the merged entity, stated, “For over a year, the teams at Slice and NESFB have worked tirelessly to make this merger a reality. Today, we’re thrilled to be at the starting line of building India’s most loved bank. We are grateful to the regulatory authorities, especially the RBI and the Govt of Assam, for trusting us with this transformative journey. While our words express intent, our actions will reflect our commitment to creating a truly customer-centric banking institution that is set to change the way Indians bank. We’re especially committed to strengthening our roots in the Northeast, striving to bring more people into the formal banking system. We’ll place a strong emphasis on delivering exceptional customer experience while maintaining robust risk management and governance as the foundation of our operations.”
Satish Kumar Kalra, MD and CEO of NESFB, added, “We’re ushering in a new chapter not only for our bank but for the nation as a whole. While India has witnessed tremendous innovation across various industries, this is a landmark 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. I extend my deepest gratitude to the entire team of Slice and NESFB for their foresight and openness to embrace this significant change. Today, 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. Our mission is clear: to drive financial inclusion and deliver a banking experience that is progressive, accessible, and impactful for all."
Moving forward, the merged entity plans to offer various banking products and services, including savings accounts, fixed deposits, and credit products. Customers will have uninterrupted access to NESFB and Slice services during this transition, with a focus on streamlining operations for seamless integration in the coming months.
