Slice Merges with North East Small Finance Bank
The fintech company Slice and North East Small Finance Bank, NESFB have successfully concluded the merger. This is a historical deal for Indian banking as it becomes the first in which a fintech company merges with a licensed bank after acquiring all the mandatory shareholder and regulatory approvals in place.
The merger will integrate the assets, operations, and brand identities of both Slice and NESFB into one banking institution that will be ready to offer an entire suite of financial services. According to a company statement, the merger further strengthens the financial position of the entity, allowing for scaling up of operations, improvement in risk management, and an enhanced customer experience.
This is a landmark event for the banking sector, more so for the financial institution that has a strong history in the North-east, said Kumar Kalra, MD and CEO of NESFB. NESFB also has regional market plans up its sleeves, and thus, the merger aligns well with strategic goals set for expanding across the Northeast region.
He thanked all regulatory authorities, from RBI to the Government of Assam for such support and said, "Our commitment is to create a truly customer-centric institution that will redefine banking in India".
Among them, some of the banking products that are being launched during this integration process include a variety of saving accounts, fixed deposits, and credit facilities. All services shall be available to NESFB customers for this period. Later months will focus on complete process simplification for excellent customer experience.
Already provided by NESFB are a bank account, deposit accounts, debit cards, loans, and mutual funds to be expanded further. In the hands of Slice in combination with NESFB, there is scope for much greater influence over the finances in the region.