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North East Small Finance Bank to rebrand as Slice Small Finance Bank

EntrackrEntrackr ยท 10m ago
North East Small Finance Bank to rebrand as Slice Small Finance Bank
Medial

North East Small Finance Bank Limited (NESFB) is set to undergo a rebranding initiative with a proposed name change to Slice Small Finance Bank Limited (Slice SFB), according to a company extraordinary general meeting (EGM) notice. The name change has already received a โ€œno objectionโ€ letter from the Reserve Bank of India (RBI) on January 16, 2025, and is subject to final approval by the Registrar of Companies. Slice had announced the completion of the merger in October last year, following approval from the NCLT. The deal originated in March 2023, when Slice acquired a 5% stake in the Guwahati-headquartered bank for around $3.42 million. This merger combines the operations, assets, and brands of both companies, forming a unified, tech-driven banking institution. Post-merger, the bankโ€™s net worth has surged to Rs 912.58 crore, while its CRAR has risen to 23.67%, according to the EGM notice. Additionally, the NNPA has improved from 6.69% to 4.62%. Slice is also in talks to raise $250-300 million. Last year, the company raised nearly $8.6 million from its founder and CEO, Rajan Bajaj, via partly paid-up shares and over $36 million in a debt funding round. Slice saw threefold growth in revenue to Rs 847 crore in FY23 from Rs 283 crore in FY22. However, this rapid growth came at a cost, as the companyโ€™s losses increased by 59.8% to Rs 406 crore during the period.

Slice completes merger with North East Small Finance Bank

EntrackrEntrackr ยท 1y ago
Slice completes merger with North East Small Finance Bank
Medial

Fintech unicorn Slice has completed its merger with North East Small Finance Bank (NESFB), effective October 27, 2024. This milestone comes two months after Slice secured approval from the National Company Law Tribunal (NCLT) for the merger, which was first announced in October 2023. In March last year, Slice acquired a 5% stake in the Guwahati-headquartered bank for approximately $3.42 million. This merger combines the operations, assets, and brands of both companies, forming a unified, tech-driven banking institution, according to a press release from Slice. The new entity will offer a range of banking products, including savings accounts, fixed deposits, and credit services, with a seamless integration process that ensures uninterrupted service for existing customers. NESFBโ€™s established presence in the Northeast will remain a focus, as the new entity aims to enhance financial inclusion and promote economic growth in the region. Satish Kumar Kalra, MD & CEO of NESFB, described the merger as a landmark development, highlighting its transformative potential for banking in India, particularly in the Northeast. Last month, Slice raised Rs 300 crore ($35 million) through convertible debentures, co-led by the Taneja Family Trust, Anju Family Personal Trust, UK2 Family Trust, and MN Family Trust. The companyโ€™s founder, Rajan Bajaj, also invested $8.6 million this month. Despite facing disruptions from the RBIโ€™s regulatory changes for card issuers, Slice managed significant growth during FY23. The Bengaluru-based company recorded a threefold increase in revenue to Rs 843 crore in FY23, while losses grew by 59.8% to Rs 406 crore. It has yet to file its annual financial results for FY24.

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