Kathmandu, July 12

Nepal Investment Bank Ltd (NIBL) has started joint operation with Ace Development Bank (Ace) from today.

After acquiring Ace Development Bank, the total paid-up capital of NIBL has reached Rs 9.24 billion, which is the highest among private sector commercial banks, as per a statement issued by NIBL.

The management committee and the chief executive officer of NIBL will remain unchanged even after the acquisition process. Also, its head office will remain at Durbarmarg, Kathmandu.

After acquiring Ace Development Bank, the total deposit of NIBL has reached Rs 124 billion and total loan and advances has reached Rs 107 billion. Similarly, the bank’s capital adequacy ratio has reached 13.9 per cent.

Ace had been in operation since 1995 and has total of 12 branches, 12 automated teller machines and one extension counter. NIBL will now have a network of 61 branches, 98 ATMs and four extension counters.

The branches of Ace Development Bank within Kathmandu Valley are at Naxal, New Road, Chabahil, Jawalakhel, Kaushaltar and Kirtipur. Similarly its branches outside the Valley are located at Birgunj, Chitwan, Pyuthan, Bharatpur, Morang and Sankhuwasabha.

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’, the statement adds.