The merger of slice and NESFB unifies the operations, assets, and brand identities of both entities into a single, integrated banking institution
The newly merged company will be able to expand its operations, to meet evolving customer needs, and enhance risk management
The fintech startup and the bank publicly announced the proposed merger in October 2023
Months after receiving the nod from National Company Law Tribunal (NCLT) for the merger of fintech unicorn slice with North East Small Finance Bank (NESFB), the fintech unicorn has confirmed that the merger was completed on October 27 (Sunday) following all regulatory approvals.
This merger unifies the operations, assets, and brand identities of both entities into a single, integrated banking institution, slice said in a statement.
The company said that the newly merged company will be able to expand its operations, to meet evolving customer needs, and enhance risk management. The newly formed entity aims to strengthen NESFB’s presence in the Northeast region.
Additionally, with the help of adopting advanced technology and digital solutions, the bank looks to enhance financial inclusion, stimulate economic development in the Northeast, and expand its reach across India.
“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,” said Rajan Bajaj, founder and chief executive of slice and executive director of the merged entity.
The fintech startup and the bank publicly announced the proposed merger in October 2023.
Both entities have received approvals from the Competition Commission of India (CCI), the Registrar of Companies (RoC), and the Regional Director (RD), as well as no objection certificates from the Reserve Bank of India (RBI) and the Income Tax Department.
(The story will be updated soon.)
