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In a note shared on Monday, Slice said the merger will unify the operations, assets, brand identities of both the entities into a single banking entity.
The company said in a statement the integration will help in the creation of a technology-driven bank along with expanding operations, enhancing risk management frameworks and improving customer experience.
The merged entity will deepen its presence in the northeastern region of the country and focus on the economic development in the region.
“For over a year, the teams at Slice and NESFB have worked tirelessly to make this merger a reality. We are grateful to the regulatory authorities, especially the RBI and the Government of Assam, for trusting us with this transformative journey,” said Rajan Bajaj, chief executive officer, Slice. “We are especially committed to strengthening our roots in the Northeast, striving to bring more people into the formal banking system,” he added.
Slice had received the Reserve Bank of India nod to merge with the beleaguered NESFB in October 2023, along with approvals from the Competition Commission of India and the National Company Law Tribunal which came in subsequently.
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