Dr. Mahat inaugurates Ace Development Bank

Finance Minister Dr Ram Sharan Mahat on Thursday inaugurated Ace Development Bank, which had started operations as Ace Finance in 1996.

Ace Development Bank Ltd. has also become the first finance company in Nepal to be upgraded to a development bank.

Speaking on the occasion, Dr Mahat said that the development of the banking sector is not possible without the development of other sectors. He urged the banking sector to play leading role in the economic activities of the country.

According to a statement by the Bank, its paid up capital is 320 million crores, with total deposits of Rs 988.12 million, loans and advances of Rs 988.12 million, profit from regular activities at Rs35.69 million and net profit of Rs 22.32 million.