Slice Completes Merger with North East Small Finance Bank

Fintech firm Slice has successfully merged with North East Small Finance Bank over a year after receiving approval from the Reserve Bank of India (RBI). This merger consolidates their operations, assets, and brand identities into one institution, enhancing the bank’s footprint in India’s northeastern region.

Rajan Bajaj, CEO of Slice, emphasized the importance of exceptional customer experience and strong governance, while the merged entity plans to introduce various banking products, including savings accounts and credit services. This strategic move aims to streamline operations and leverage the strengths of both organizations.

Background of the Merger

The merger process began after the RBI issued a no-objection certificate, paving the way for shareholder and regulatory approvals. Slice had previously acquired a 5% stake in North East Small Finance Bank for $3.4 million in September 2022, marking the start of their collaborative journey.

Approval and Process

The NCLT Guwahati bench approved the merger arrangement, which involved Slice’s parent entities, Garagepreneurs Internet Private Limited and Quadrillion Finance Private Limited, to enable a seamless integration.

Strategic Goals

The merged entity aims to leverage advanced technology to deepen financial inclusion, boost economic growth in the Northeast, and expand banking services across India.

Future Plans

As the merger transitions, customers will continue to access services from both brands. The focus will shift towards operational integration and the introduction of new banking products to better serve the customer base.

Leadership Remarks

Both CEOs expressed optimism about the merger. Rajan Bajaj highlighted the commitment to customer service and risk management, while Satish Kumar Kalra of North East Small Finance Bank praised Slice’s technology and innovation in redefining banking standards across the nation.