Bengaluru-based fintech Slice-backed North East Small Finance Bank (NESFB) has recently revealed the appointment of Satish Kumar Kalra as its interim managing director (MD) and chief executive officer (CEO). This significant move comes as part of the ongoing merger process between Slice and NESFB, marking a unique development in the fintech and banking space.
Approval from the Board and RBI
NESFB announced that the appointment of Satish Kumar Kalra as the interim MD and CEO has received approval from both the bank’s board and the Reserve Bank of India (RBI). Kalra, a seasoned professional with over four decades of experience in the banking industry, is expected to play a crucial role in steering the merged entity toward success.
Merger Between Slice and NESFB
In October, Slice and Guwahati-based NESFB had declared their intention to merge, a pioneering move that transformed the fintech company into a Small Finance Bank (SFB). The merger aims to integrate technology with grassroots financial inclusion, offering a unique proposition in the evolving landscape of fintech and banking.
Kalra’s Impressive Banking Background
Satish Kumar Kalra, the newly appointed interim MD and CEO, comes with an impressive background in banking. Previously serving as the MD and CEO of Andhra Bank, Kalra played a pivotal role in driving significant growth, achieving a 13% compound annual growth rate in credit, and adding over 1200 branches. His expertise encompasses credit, treasury, and risk management.
Expertise for Fintech Major with Credit Ambitions
As the merged entity aspires to become a fintech major with credit ambitions, Kalra’s expertise will be instrumental in successful credit distribution to first-time borrowers and digital-first customers. The collaboration between Slice, known for working with college students and new-to-job employees, and NESFB, with a focus on rural areas and the bottom of the pyramid segment, is poised to reshape the financial landscape.
Seamless Cultural Integration and Operational Optimization
Kalra is expected to spearhead the ongoing merger process, ensuring the seamless cultural integration of Slice and NESFB. Additionally, his leadership is crucial for optimizing bank operations and navigating the challenges associated with combining two distinct entities.
- Bengaluru-based NESFB appoints Satish Kumar Kalra as interim MD and CEO, receiving approval from the board and RBI for the merger with fintech Slice.
- The merger, announced in October, transforms Slice into a Small Finance Bank (SFB), marking a pioneering development in fintech and banking.
- Kalra, a banking veteran, brings over four decades of experience, previously serving as MD and CEO of Andhra Bank, with expertise in credit, treasury, and risk management.
- The merged entity aims to become a fintech major with credit ambitions, leveraging Slice’s focus on college students and new-to-job employees and NESFB’s emphasis on rural areas and the bottom of the pyramid segment.
- Kalra’s role includes spearheading the merger process, ensuring cultural integration, optimizing operations, and positioning the entity to access funds for credit at favorable rates, overcoming challenges in the evolving fintech space.