Friday , September 21 2018

NIBL acquires ACE

Nepal Investment Bank Ltd. (NIBL) has started a joint operation after the acquisition of Ace Development Bank (ACE) from Thursday. After acquiring the Ace Development Bank, the total paid-up capital of NIBL has reached to 9.24 billion which is highest among others private sector commercial banks.
The Management Committee and the Chief Executive Officer of the bank will remain unchanged even after the acquisition process. Also, the Head Office will remain at Durbarmarg, Kathmandu.
After acquiring Ace Development Bank, NIBL total deposit has reached 124 billion and total loan and advances has reached 107 billion. Similarly, the bank’s capital adequacy ratio has reached 13.9 percent.
Ace had been in operation since 1995 and has total of 12 branches, 12 Atm and 1 extension counter. NIBL will now have a network of 61 branches, 98 ATM’s and 4 extension counters. The branches of Ace Development Bank inside the valley are at Naxal, New-road, Chabahil, Jawalakhel, Kaushaltar and Kirtipur. Similarly its branches outside the valley is located at Birgunj, Chitwan, Pyuthan ,Bharatpur, Morang ,and Sankhuwashaba.
Nepal Investment Bank is the only commercial Bank to be awarded with the prestigious Financial Times “Bank of The Year” award for the fifth time in 2016 and has been consistently receiving ICRA credit rating Nepal ‘A’.

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