Nepal Investment Bank to start joint operation from Asadh 29 after acquiring Ace Dev Bank

Nepal Investment Bank Limited (NIB) had received final approval from NRB to acquire Ace Development Bank Limited (ACEDBL) on Asadh 1, 2074. Their joint transaction is going to start from Asadh 29, 2074. The joint operation will start in the name of “Nepal Investment Bank Limited” as a class “A” commercial bank. The head office of the bank will remain in the current address i.e. Durbarmarga, Ward No. 1, Kathmandu. NIB had acquired ACEDBL in a share swap ratio of 100:41. Shareholders having 100 shares of Ace Development Bank will be given 41 shares of Nepal Investment Bank. Nepal Investment Bank has earned net profit of Rs 2.37 arba until the end of third quarter of FY 2073/74. Its paid up capital after acquisition of Ace Development Bank will reach Rs 9.24 arba.