NEW DELHI, Oct 28:
Consumer payments and lending company “slice” on Monday said it has completed its merger with North East Small Finance Bank (NESFB) 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, the company said in a release.
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.
The merged entity is committed to deepening NESFB’s already strong presence in the Northeast region, it said.
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,” he added.
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.”
Moving forward, the merged entity will introduce a range of banking products and services, including savings accounts, fixed deposits, and credit products, among others.
(UNI)
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