This strategic integration sets the foundation for building India’s foremost tech-driven bank, prioritizing stability, risk management, and a robust governance framework as its key pillars.
FinTech BizNews Service
Mumbai, 28 October, 2024: slice, India’s leading consumer payments and lending company has successfully completed its merger with North East Small Finance Bank (NESFB), effective from 27th October 2024, following the receipt of all requisite shareholder and regulatory approvals. This merger unifies the operations, assets, and brand identities of both entities into a single, integrated banking institution.
This merger marks a pivotal milestone in India’s financial landscape, combining the innovation of a leading fintech with the trusted foundation of a traditional banking institution. This strategic integration sets the foundation for building India’s foremost tech-driven bank, prioritizing stability, risk management, and a robust governance framework as its key pillars. With a strengthened financial position, the merged entity is well-equipped to expand its operations, meet evolving customer needs, and enhance risk management, setting new benchmarks in customer experience.
A Stronger Presence in the Northeast
The merged entity is committed to deepening NESFB’s already strong presence in the Northeast region. The integration reinforces NESFB’s dedication to its core markets, ensuring not only the continuation of services but also a strategic expansion across the region. By harnessing advanced technology and digital solutions, the bank is set to drive regional growth with a clear objective: to enhance financial inclusion, stimulate economic development in the Northeast, and expand its reach across India.
Reflecting on the merger, Rajan Bajaj, Founder & CEO, slice and Executive Director of the merged entity, said, “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.”
Sharing his thoughts on this new chapter, Satish Kumar Kalra, MD & CEO, NESFB, said, “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 will introduce a range of banking products and services including savings account, fixed deposits, and credit products among others. Importantly, customers will continue to enjoy uninterrupted access to the services of NESFB and slice through this transition. In the coming months, the focus will be on streamlining operations to ensure seamless integration and leveraging the combined strengths of both organizations.
