Finance company upgraded to development bank
For the first time in the history of Nepal's financial sector, a finance company - Ace Finance Company - has been upgraded to a national level development bank.
The recipient of 'Best Presented Accounts' awards from Chartered Accountants Association twice, Ace Development Bank Ltd has a paid up capital of Rs 320 million. It has collected a total of Rs 988,129,000 deposits and posted Rs 22,322,000 million net profits.
Automation in Stock market to begin, Test starts
Nepal stock exchange started automated stock trading from today in its 14-year long history. Though the complete automation of the stock exchange will start from August 19, today and tomorrow will be the test sessions. With this new and modern technology, the Nepali stock trading enters into the age of technology and development. The present open-out cry system is now phased out and the stock trading is almost a mouse-click away.
The real stock market begins from August 19, after its successful test on Wednesday and Thursday this week.