Kathmandu, August 5 Nepal Investment Bank Ltd (NIBL) is set to acquire Ace Development Bank Ltd. A memorandum of understanding in this regard was signed between NIBL and Ace Development Bank amid a function here on Friday, as per a media release. Nepal Investment Bank is a class ‘A’ commercial bank with a paid-up capital of Rs 7.25 billion, while Ace Development Bank is a class ‘B’ development bank. NIBL has 46 branches while Ace Development Bank has 12 branches across the country. After the acquisition process, Ace Development Bank Ltd and NIBL will provide consolidated services under the name ‘Nepal Investment Bank Ltd’. The acquisition process is expected to be completed within January, 2017, the release says. As per fourth quarter results of the fiscal year 2015-16, NIBL has a deposit base of Rs 108.63 billion and loan and advances of Rs 87.01 billion. The net profit of the bank as of mid-July (Ashad end 2073 BS) was Rs 2.55 billion, while the total assets of the bank reached Rs 131.33 billion. Nepal Investment Bank has achieved a paid-up capital of Rs 7.25 billion and a shareholder’s fund of Rs 17.81 billion. NIBL has a customer base of more than 700,000 being served from 46 branches and 43 branchless banking locations nationwide. The bank’s ATM network is comprised of 82 ATMs across the country and over 550,000 cardholders. NIBL has been awarded with the prestigious ‘Bank of the Year’ title awarded by ‘The Banker’, Financial Times, based in London, four times, and has also been continuously receiving an ICRA Nepal credit rating ‘A’ since 2010-11 till date.