Fintech company Slice and North East Small Finance Bank (NESFB) on Monday announced the successful completion of their merger, following shareholder and regulatory approvals.
The deal is the first of its kind, with a new-age finance company stepping in to rescue a licensed bank. The merger combines the operations, assets and brand identities of the two organizations into a single, integrated banking entity.
With a strong financial position, the merged entity is well-equipped to expand its operations, meet customer needs and enhance risk management, setting new standards in customer experience, the company said in a statement.
Kumar Kalra, MD & CEO, NESFB said, “India has seen a lot of innovation in various industries, this is a significant development in the banking sector, especially for financial institutions with roots in the Northeast.” said
The integration further strengthens NESFB’s dedication to its core markets, ensuring not only continuity 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, who trusted us for this transformative journey. While our words reflect intent, our actions reflect our commitment to build a truly customer-centric banking organization that is poised to transform the way Indians bank,” said Rajan Bajaj, Founder and CEO, Slice and Merger Institute. Executive Director said.
