Management team of Zoos bank will continue, said Mongol Bank governor

Management team of Zoos Bank led by Benjamin Turnbull, American banker will be retained, said today Purevdorj, MongolBank Governor.Last week, MongolBank nationalized bankrupt "Zoos" bank as the bank sought merger with Savings Bank.
Benjamin Turnbull was appointed as CEO of the bank in July of this year to represent European Bank of Reconstruction and Development, majority shareholder of the bank.
Mongolian and foreign shareholders of the bank differed on how to save the bank from bankruptcy.

Mongolians wanted to merge with Savings Bank managed by Mongolian conglomerate "Just" group. EBRD was reluctant to merge with Savings Bank as Mongol Bank stepped in. After reviewing merger request of the banks, MongolBank refused to approve the merger, instead it nationalized the bank.

Zoos bank is renamed "State Bank" and all its employees are being terminated with option to renew their employment agreement with the new bank.
According to Ochirkhuu, Vice Minister of Finance, asset of the new bank is "modest" and not close enought to other Mongolian banks.
Turnbull praised the effort of the MongolBank and said" the decision to nationalize the Zoos Bank is most wise decision of the central bank and I'm honored to manage the new state bank".
It is alleged that inability of Mongol Gazar Holdings, privately held Mongolian gold mining company to repay its loan led the Zoos Bank to bankruptcy.

By Ganbat, Editor of MonInfo News Service



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