Bengaluru-based fintech startup Slice announced on Monday that it has successfully completed its merger with North East Small Finance Bank (NESFB) as of October 27, following the approval of shareholders and regulators. This merger will combine the operations, assets, and brand identities of both companies into a single banking entity. The fintech unicorn stated that this integration will lead to the establishment of a technology-driven bank with a stronger financial position aimed at expanding operations, enhancing risk management, and improving customer experiences. The combined entity will strengthen its presence in the Northeast and broaden its reach across India. “For over a year, the teams at Slice and NESFB have worked diligently to make this merger happen,” the statement concluded. Rajan Bajaj, CEO of Slice, expressed gratitude to the regulatory authorities, particularly the RBI (Reserve Bank of India) and the Government of Assam, for their trust in this transformative journey. “We are particularly dedicated to enhancing our presence in the Northeast, aiming to integrate more individuals into the formal banking system.” In October 2023, Slice obtained the RBI’s approval to merge with the struggling NESFB, subsequently applying to various regulatory authorities for the merger. The Competition Commission of India approved the merger in March this year, and the National Company Law Tribunal gave its approval in August. Nominations for the ET MSME Awards are currently open. The final date for applications is November 30, 2024. Click here to submit your entry for any of the 22 categories and have a chance to win a prestigious award. (You can also subscribe to our Economic Times WhatsApp channel now.)
