 "Slice to rebrand as Slice Small Finance Bank after North East SFB merger")
Months after fintech firm Slice completed its merger with North East Small Finance Bank, the bank is set to rebrand its name to Slice Small Finance Bank Limited (Slice SFB), according to its extraordinary general meeting (EGM) notice.
The merged entity has received a no-objection certificate from the Reserve Bank of India (RBI) for the rebranding exercise.
“...subject to obtaining requisite approvals, the name ‘North East Small Finance Bank Limited’ wherever it occurs in the Memorandum and Articles of Association of the company, letterheads, notice boards, and other stationery of the company be substituted by the name ‘Slice Small Finance Bank Limited,’” a clause in North East SFB’s EGM read.
Business Standard has reviewed a copy of the EGM.
According to an ET report, Slice is planning to raise $250-$300 million. The company is in talks with investors.
The bank’s net worth is recorded at Rs 912.58 crore. It has a base of 20 million registered users.
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The merged entity in the form of a bank plans to introduce products such as savings accounts, fixed deposits, co-branded credit cards, personal loans, small and medium enterprise (SME) lending, gold loans, and digital banking solutions.
In August last year, the company received the National Company Law Tribunal’s (NCLT) approval for its merger with North East Small Finance Bank.
The Guwahati bench of the NCLT sanctioned the scheme of arrangement and amalgamation involving Garagepreneurs Internet, Quadrillion Finance, Intergalactory Foundry, RGVN (North East) Microfinance, and North East Small Finance Bank.
Earlier, Slice had acquired a 5 per cent stake in North East Small Finance Bank for $3.4 million in September 2022.