Bengaluru, Oct 28
Fintech company Slice and North East Small Finance Bank (NESFB) on Monday announced a successful completion of their merger, following the shareholder and regulatory approvals.
The deal is the first-of-its-kind, with a new-age finance company stepping in to rescue a licenced bank. This merger unifies the operations, assets and brand identities of both entities into a single, integrated banking institution.
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 company said in a statement.
"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 North-east," said Kumar Kalra, MD and CEO, NESFB.
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.
"We are grateful to the regulatory authorities, especially the RBI and The government 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," said Rajan Bajaj, Founder and CEO, Slice and Executive Director of the merged entity.
The merged entity will introduce a range of banking products and services including savings account, fixed deposits, and credit products among others.
Notably, 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 organisations, said the company.
NESFB offers a comprehensive suite of financial services, encompassing bank accounts, deposits, debit cards, loans and mutual funds.