NIBL to Acquired Ace Devt Bank

August 7: Nepal Investment Bank (NIBL) is set to acquire Ace Development Bank. Both banks have signed a memorandum of understanding (MoU) regarding the acquisition. NIBL is an 'A' class commercial bank with paid-up capital of Rs 7.25 billion where as Ace Development Bank is 'B' class development bank. NIBL is providing its services through 46 branches and Ace Development bank has 12 branches nationwide. After acquisition, the banks will provide their integrated services under the name of Nepal Investment Bank Ltd. According to the bank, the consolidated transactions will be started after the completion of acquisition process with in January 2017.