India’s leading consumer payments and lending company, Slice, has successfully completed its merger with North East Small Finance Bank (NESFB), effective from 27th October 2024.

The company has got the receipt of all requisite shareholder and regulatory approvals.

This merger unifies the operations, assets, and brand identities of both entities into a single, integrated banking institution, the company said in a statement.

“With a strengthened financial position, the merged entity is well-equipped to expand its operations, meet evolving customer needs, and enhance risk management, setting new benchmarks in customer experience,” the statement said.

Reflecting on the merger, Rajan Bajaj, Founder & CEO, Slice and Executive Director of the merged entity, said, “For over a year, the teams at Slice and NESFB have worked tirelessly to make this merger a reality. Today, we’re thrilled to be at the starting line of building India’s most loved bank. We are grateful to the regulatory authorities, especially the RBI and the Government of Assam, for trusting us with this transformative journey.

“We’ll place a strong emphasis on delivering exceptional customer experience, while maintaining robust risk management and governance as the foundation of our operations,” he added.

The merged entity will introduce a range of banking products and services including savings account, fixed deposits, and credit products among others. Importantly, customers will continue to enjoy uninterrupted access to the services of NESFB and slice through this transition.

In the coming months, the focus will be on streamlining operations to ensure seamless integration and leveraging the combined strengths of both organisations.

Sharing his thoughts on this new chapter, Satish Kumar Kalra, MD & CEO, NESFB, said, “We’re ushering in a new chapter not only for our bank but for the nation as a whole. While India has witnessed tremendous innovation across various industries, this is a landmark event in the banking sector, particularly for a financial institution rooted in the Northeast.”