Orix to enter capital alliance with Mongolian financial group
Orix Corp. announced May 23 that it will enter the Mongolian market through a capital alliance with TenGer Financial Group.
The financial services group agreed to purchase about 16 percent of shares in TFG and will proceed to obtain the necessary permits in view of investment in June.
TFG is a financial services holding company offering banking, leasing, insurance and investment banking. Its main subsidiary, Xac Bank, is Mongolia’s fourth largest commercial bank in terms of assets and has a robust customer base comprised mainly of small and medium-sized mining- and construction-related businesses and individuals.
Orix plans to expand into new areas of business, such as card loans and Internet banking, and use its financial services business experience to expand and strengthen TFG’s existing businesses.
In addition, Orix will capitalize on TFG’s business platform to obtain new investment opportunities and expand its assets within Mongolia, where annual economic growth rate of 20 percent is expected over the next five years.
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