Kathmandu, August 13:

For the first time in the history of Nepal’s financial sector, a finance company — Ace Finance Company — has been upgraded to a national level development bank.

The recipient of ‘Best Presented Accounts’ awards from Chartered Accountants Association twice, Ace Development Bank Ltd has a paid up capital of Rs 320 million. It has collected a total of Rs 988,129,000 deposits and posted Rs 22,322,000 million net profits.

“As a development bank, we will continue our clear focus on customer satisfaction, good governance and corporate social responsibility,” states a press release issued here by the bank.