Mongolbank reveals banks’ ownership details
With none of the 14 commercial banks posting on their website all the information they are legally bound to reveal publicly, the Mongolbank has now published all relevant details about their capital base, shareholding pattern, internal administrative structure, amount and status of loans, assets and liabilities etc. The banks were expected to go public with the information by July 1 and when they failed to do so the deadline was extended to August 31. When this, too, did not lead to full disclosure, the central bank stepped in and provided the details from its own records. The errant banks are likely to be fined around MNT50 million each for their failure to observe the law.
Of the 14 banks operating in the country, the State Bank is State-owned; and three, Chinggis Khaan Bank, Saving Bank, and Credit Bank are 100% foreign-owned; Trade and Development Bank, Khan Bank, National Investment Bank, and Transportation Development Bank have mixed foreign and domestic shareholding; and Golomt Bank, Capital Bank, Capitron Bank, Ulaanbaatar City Bank, Erel Bank, and XasBank are 100% owned by Mongolians.
The total equity of all these banks is MNT252.1 billion. Saving Bank has the largest capital base of MNT60 billion, while Ulaanbaatar Bnk, Erel Bank, and Transportation Development Bank all have MNT8 billion, the minimum capital permitted by the Mongolbank.
Ownership of banks as revealed by Mongolbank.
Of the 14 banks operating in the country, the State Bank is State-owned; and three, Chinggis Khaan Bank, Saving Bank, and Credit Bank are 100% foreign-owned; Trade and Development Bank, Khan Bank, National Investment Bank, and Transportation Development Bank have mixed foreign and domestic shareholding; and Golomt Bank, Capital Bank, Capitron Bank, Ulaanbaatar City Bank, Erel Bank, and XasBank are 100% owned by Mongolians.
The total equity of all these banks is MNT252.1 billion. Saving Bank has the largest capital base of MNT60 billion, while Ulaanbaatar Bnk, Erel Bank, and Transportation Development Bank all have MNT8 billion, the minimum capital permitted by the Mongolbank.
Ownership of banks as revealed by Mongolbank.
Sl.No. | Name of the bank | Equity fund amount | Principal share holders |
| | | Emdi securities LLC (Just group) |
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| | MNT21.9 billion | |
| | | Basic Element Finance Limited Company (Cyprus), 100% |
| | MNT14 billion | |
| | MNT13.3 billion | Tenger Financial unit 99.9%, and 4 individuals own the remaining 0.1%. |
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14 | | MNT8 billion | D.Erdenebileg79.9%, Ulaanbaatar Fund 20.0%, D.Batjargal 0.01%. |
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