Financial merger ernhances banking services in Northeast India

Slice, a leading consumer payments and lending company, has announced the successful completion of its merger with North East Small Finance Bank (NESFB) as of October 27, 2024. The merger follows the approval from shareholders and regulatory bodies, uniting the operations and brand identities of both entities into a single banking institution.

This merger represents a significant shift in India’s financial sector, merging innovative fintech solutions with the reliable framework of a traditional bank. The new entity aims to establish itself as a tech-driven bank, focusing on stability, risk management, and strong governance as core pillars. With this merger, the combined organization is positioned to enhance its financial capabilities, adapt to evolving customer needs, and set new standards for customer service.

A central aim of the merged entity is to bolster NESFB's established presence in the Northeast region. The integration is expected to deepen the bank's commitment to its core markets, ensuring the continuation and expansion of services across the region. By leveraging advanced technology and digital solutions, the bank intends to promote financial inclusion and stimulate economic development in the Northeast while broadening its reach across India.

Rajan Bajaj, Founder & CEO of Slice and Executive Director of the merged entity, expressed enthusiasm about the merger's completion. “We’re thrilled to be at the starting line of building India’s most loved bank. Our commitment to creating a customer-centric banking institution reflects our dedication to bringing more people into the formal banking system, particularly in the Northeast,” he stated.

Satish Kumar Kalra, MD & CEO of NESFB, highlighted the transformative potential of this merger, describing it as a landmark event for the banking sector in India. “Our mission is clear: to drive financial inclusion and deliver a banking experience that is progressive, accessible, and impactful for all,” he said.