Banking Law comes into effect, on paper

The new law under which banks must reveal the names of their directors and major shareholders took effect on July 1. This information will help customers choose a bank and will also helpful the general public to track the ownership of financial institutions. However, the banks’ websites do not give much information that will help in either. This is what we found.

1. Golomt Bank was established in 1995. Its Representative Administrative Board comprises D.Bayasgalan, L.Boldkhuyag, and M.Zorigt. The bank accounts for 23 percent share of the banking sector, is fully Mongolian invested and is the only bank in the country receiving financial support from Credit Suisse.

2. XAC Bank was established in 2001 when Development Golden Fund LLC and Gobiin Ekhlel LLC merged. The Director of its Representative Administrative Board is Ch.Ganbold, and the members are M.Bold, S.Bekhbat, P.Erdenejargal, Ch.Gankhuyag, J.Anderson, M.Madden. O.Marcuet, R.Ranken, and S.Jary

3. Capital Bank got the new name in 2003. Mongolia’s transition to the market economy brought with it the urgent need to restructure banking and financial systems in the country. In 1990, 16 state and private factories and business entities established the Industrial Shareholding Bank which was precursor to Capital Bank. In 1998, the bank was renamed Renovation Bank and in 2003, all members of the Board approved a proposal to change its name. It is the first private commercial bank with 100 percent domestic investment.

4. Capitron Bank – no information.

5. Credit Bank – no information.

6. Erel Bank – no information.

7. Chinggis Khaan Bank gives all details of its administration team on the website. The Director of its Representative Administrative Board is Sergei Gromov.

8. Trade and Development Bank – no information.

9. Savings Bank – The Representative Administrative Board menu of the bank’s website is under construction.

10. Khan Bank – All details of the Representative Administrative Board are on the website.

11. Trans Bank was established in 1997. It cooperates with Russia’s Sudostroitelni, Russlavbank, Baikalbank, Mejdunarodni Bank of Economic Cooperation, Austria’s Raffaisingbank, and China’s China Construction Bank Corporation. Its shareholders are D.Enkhtaivan, D.Enkhtuya, B.Orgilmaa and Infrastructure LLC

As we saw most of the banks reveal nothing about their shareholding pattern.


Post a Comment

Facebook page

Powered by Blogger.


Advertising in Mongolia An Culture Editorial of the Mongolianviews education Environmental protection Famous Mongolians Foreigners in Mongolia Inner Mongolia Ivanhoe Mines Mongolia agriculture Mongolia analysis Mongolia and Australia Mongolia and Belorussia Mongolia and Cambodia Mongolia and Canada Mongolia and central Asia Mongolia and China Mongolia and Cuba Mongolia and EU Mongolia and Germany Mongolia and Hongkong Mongolia and Hungary Mongolia and India Mongolia and Inner Mongolia Mongolia and Iran Mongolia and Israel Mongolia and Italy Mongolia and Japan Mongolia and Kazakhstan Mongolia and Korea Mongolia and Kuwait Mongolia and Kyrgyzstan Mongolia and Malaysia Mongolia and Nato Mongolia and North Korean Mongolia and Poland Mongolia and Russia Mongolia and Singapore Mongolia and South Korea Mongolia and Taiwan Mongolia and the world Mongolia and Tibet Mongolia and Turkey Mongolia and UK Mongolia and Ukraine Mongolia and UN Mongolia and US Mongolia and USA Mongolia and Vietnam Mongolia Banking Mongolia civic society Mongolia crime Mongolia diplomacy Mongolia Economy Mongolia Education Mongolia Energy Mongolia Finance Mongolia Health Mongolia History Mongolia holiday Mongolia in international media Mongolia Industries Mongolia Joke Mongolia law Mongolia LGBT Mongolia medical Mongolia military Mongolia Mining Mongolia Mining Developments Mongolia Mortgage Mongolia natural disaster Mongolia Petroleum Mongolia public announcements Mongolia railways Mongolia Religion Mongolia society Mongolia Sports Mongolia Stamp Mongolia telecommunication Mongolia tourism Mongolia Urbanization Mongolia Wild Life Mongolian Agriculture Mongolian Archeology Mongolian Food Mongolian Gay Mongolian Government news Mongolian History Mongolian Military Mongolian Mining Development Mongolian Movie Mongolian News Mongolian Parliament Mongolian Political news Mongolian Press Mongolian Songs Mongolian Women Mongolian Youth Mongolians abroad Moninfo Opinion Oyu Tolgoi Investment Agreement Photo news Press Release Rio Tinto Tavan Tolgoi coal mine Ulaanbaatar development Weird expatriates in Mongolia

Blog Archive