India’s consumer payments and lending giant, Slice, has finalized its merger with North East Small Finance Bank (NESFB), effective October 27, 2024. This integration follows the receipt of all necessary shareholder and regulatory approvals, uniting both entities’ operations, assets, and brand identities into a single, robust banking institution.
The merger signifies a pivotal shift in the Indian financial landscape, bringing together Slice’s fintech innovation and NESFB’s solid traditional banking foundation. This strategic alliance lays the groundwork for a tech-driven banking model focused on stability, enhanced risk management, and a strong governance framework. With a fortified financial position, the merged entity is poised to expand its operations, meet the dynamic needs of customers, and set new standards for customer experience.
Committed to deepening its presence in the Northeast, the combined institution reaffirms NESFB’s focus on serving core markets in the region. Leveraging advanced technology and digital solutions, the bank aims to boost financial inclusion and economic growth throughout the Northeast while expanding its footprint across India. The unified entity will continue offering essential banking products, including savings accounts, fixed deposits, and credit products, ensuring uninterrupted service for customers of both Slice and NESFB during the transition.
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.”
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In the coming months, efforts will focus on operational streamlining to ensure seamless integration and the effective utilization of the strengths brought by both organizations. This merger marks a transformative step toward creating India’s leading tech-driven bank, committed to inclusive and accessible banking solutions.
