NIBL acquires Ace Development Bank

Published On: July 13, 2017 03:00 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU July 12: Nepal Investment Bank Ltd (NIBL) has completed acquisition of Ace Development Bank (Ace). Issuing a statement on Wednesday, NIBL said that its total paid-up capital has has reached Rs 9.24 billion after the acquisition of the development bank.

"The paid-up capital is the highest among private sector commercial banks in Nepal," the bank claimed in the investment. NIBL further said that its total deposits and loans have Rs 124 billion and Rs 107 billion, respectively. "The management committee and the CEO of NIBL as well as the bank's head office will remain the same even after the acquisition," the bank added in the statement.

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