CCI approves merger of Slice with North East Small Finance Bank

The Competition Commission of India (CCI) on Tuesday authorised the merger of fintech startup Slice with North East Small Finance Bank (NESFB).

Garagepreneurs Internet, which owns the model Slice, will merge with its in-house non-banking finance firm (NBFC) Quadrillion Finance and the mixed entity together with the financial institution’s microfinance entity, RGVN Microfinance will merge with NESFB.

The merger scheme will must be cleared by the National Company Law Tribunal (NCLT) to be absolutely accomplished. The RBI allowed the merger of troubled small finance lender North East SFB with Slice in October 2023. The traders of Slice specifically Gunosy Capital, Blume Ventures, Insight Partners have been made get together to the merger course of too.
The Commission has proposed that finally, the merged entity will function within the monetary companies house providing digital funds, deposit companies, lending companies and mutual fund choices.

“The proposed amalgamation does not require the Hon’ble Commission to define any relevant market(s) given that it is unlikely to cause any appreciable adverse effect on competition in any market in India,” the order said.

ET reported on December 25 that Satish Kumar Kalra, beforehand a senior govt at Andhra Bank has been appointed the chief govt officer of the proposed merged entity. ET additionally wrote on December 18 that Slice is eyeing round $100 million in fairness funding to propel its banking aspirations.