Fintech Slice and North East Small Finance Bank have officially merged on October 27, following all necessary shareholder and regulatory approvals.
“The Slice and NESFB teams have been working tirelessly for over a year to make this merger a reality. Today, we are excited to be at the starting line of building India’s most loved bank. We are grateful to the regulators, especially the RBI and the Government of Assam, for trusting us in this transformation journey,” said Rajan, Founder and Chief Executive Officer of Slice and Executive Director of the post-merger. Bajaj said.
In the coming months, the companies said their focus will be on streamlining operations to ensure seamless integration and leverage the combined strengths of both organizations.
The combined entity plans to introduce a wide range of banking products and services, including savings accounts, term deposits and credit products, among others.
The official announcement comes more than a year after the Reserve Bank of India granted a no-objection certificate to the merger of fintech unicorn Slice and Northeast Small Finance Bank.
The deal is the first of its kind in which a new-age financial company steps in to rescue a chartered bank.
