Bengaluru-based fintech startup Slice on Monday said it had completed its merger with North East Small Finance Bank (NESFB) with effect from October 27 after receiving all requisite shareholder and regulatory approvals.
The merger will unify the operations, assets and brand identities of the two companies into a single banking entity, it said.
The fintech unicorn said in a statement that the integration will pave the way for the creation of a technology-driven bank along with a strengthened financial position focused on expanding operations, enhancing risk management frameworks and improving customer experience.
The merged entity will deepen its presence in the Northeast and expand its reach across India, it said.
“For over a year, the teams at slice and NESFB have worked tirelessly to make this merger a reality. We are grateful to the regulatory authorities, especially the Reserve Bank of India (RBI) and the Government of Assam, for trusting us with this transformative journey,” said Rajan Bajaj, CEO, Slice. “We are especially committed to strengthening our roots in the Northeast, striving to bring more people into the formal banking system.”
Slice had received the RBI’s approval to merge with the beleaguered NESFB in October 2023, after which it applied to multiple regulatory bodies for the merger. The Competition Commission of India’s nod came in March this year and the National Company Law Tribunal approved the merger in August.
