Mongol Post and the Savings banks to merge

Major shareholders of the Mongol Post and the Savings Bank announced about merger of the two banks this afternoon. The decision was made public at press conference held at the Mongolian Press Institute attended by Damdinjav, Board member the Savings Bank and Khurelbaatar, executive director of the Savings Bank and Orgodol, Board chairman of the Mongol Post Bank and Oyunjargal, executive Director of the Mongol Post Bank and Badamtsetseg, Finance director of the "Just Group" company.

Both banks are mid size private banks. The Savings bank was purchased by Mongol Daatgal (Mongol Insurance) consortium of Russian owned Chinggis-Khan investment bank and Bratsk Savings Bank of Russia during open bidding held in late 2006. In April, 2009, "Just Group" Mongolian conglomerate with diverse interests in fields ranging from construction to sale of petroleum products, meat processing and export, purchased it from the Russian owners.

Mongol Post Bank is a Mongolian bank majority owned by Zorigt, legislator of the Mongolian democratic party and his family.

Through the merger, the banks would have consolidated capital amount of 48.2 billion tugrig, 132300 deposit holders, 287300 customers, 76850 borrowers and 324 branches and 1982 employees. Name for the new bank is not yet given as shareholders meeting of the banks will have to approve the merger formally on Oct 14, 2009.

By Ganbat, reporter of MonInfo News Service
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