GOLDMAN SACHS INVESTS IN TRADE AND DEVELOPMENT BANK OF MONGOLIA

Trade and Development Bank of Mongolia (TDB) today announced that The Goldman Sachs Group, Inc. (Goldman Sachs), a leading global financial services firm, will acquire a 4.8 percent stake in TDB. The investment will assist TDB in growing its business to meet the expected increased needs of its clients as Mongolia’s economy enters a period of strong economic growth.

Mr. David Ryan, President of Goldman Sachs Asia Ex Japan, said: “This investment affirms Goldman Sachs’ confidence in TDB’s strategy, financial strength and management.”

"Mongolia is a booming and fast developing economy driven by growth in mining sector and commodities exports. Goldman Sachs’ global expertise and financial strength will help us grow further and enhance our offering for our clients.” said Balbar Medree, CEO of TDB. 

TDB, the oldest and one of the largest banks in Mongolia, prides itself on its leading position in the Mongolian universal banking market. It acts as a primary lender to most of the country’s leading corporations as well as foreign corporations and foreign representative offices across all major industrial and commercial sectors. TDB is a major innovator in financial services in Mongolian. In 2004, TDB was the first bank in the country to receive an investment from the Asian Development Bank (ADB) and the International Finance Corporation (IFC). In 2006, TDB became the first commercial bank in Mongolia rated by an international rating agency. TDB remains the country’s only issuer of international publicly traded debt. 


Sole Arranger:  TDB Capital LLC

TDB Capital, TDB’s wholly owned subsidiary and its investment banking arm, is Mongolia’s first investment banking services provider, providing corporate finance, research and advisory, securities brokerage and asset management services. In addition to this deal, TDB Capital has made several investments since its incorporation. The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Source:TDBank of Mongolia
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