Ace Development Bank Limited
Update: The bank was acquired by Nepal Investment Bank Limited (NIBL) in 2017.
Founded in August 1995 as Ace Finance Company, Ace Development Bank Limited was upgraded as a fully fledged ‘B’ category development bank in the year 2007 and since then, it had been one of the leading banks in the financial market of Nepal.
The bank developed its financial products and innovations keeping in mind the need and satisfaction of its customers and regulators. The wide choices of deposit account schemes and diversified risk assets portfolio of the bank served the economy of the country for many years. It considered ‘Banking on Innovation and Integrity’ as its mission statement and it was established with the aim to be the preferred provider for financial services by introducing a wide range of banking products by enhancing and maintaining quality service to its clients.
To serve a larger base of customers by expanding geographically, to participate in the economic development of Nepal by providing services in micro finance infrastructure development financing, etc., to ensure maximum value to stakeholders, to focus on good corporate governance and corporate social responsibilities, to diversify revenue stream, to continue to invest in talent and to become a financial conglomerate were the major objectives of the bank.
The bank resolved to provide client-centric solutions along with keeping up with the expectations of their stakeholder. It provided various products and services to serve all its customers’ needs under one umbrella and had become more competitive than before with its new products and innovations coming. The bank that believed in corporate governance, Ace Development Bank Limited had been awarded with the ‘Best Presented Account Award’ by the Institute of Chartered Accountants of Nepal for four years in a row, which was quite an achievement.
Nepal Investment Bank Ltd. (NIBL) acquired Ace Development Bank in 2017 and started joint operation . Ace had been in operation since 1995 with total of 12 branches,12 ATMs and 1 extension counter. The branches of Ace Development Bank inside the valley were at Naxal, New-road, Chabahil, Jawalakhel, Kaushaltar and Kirtipur. Similarly its branches outside the valley were located at Birgunj, Chitwan, Pyuthan ,Bharatpur, Morang ,and Sankhuwashaba.