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.
source: news.mn
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