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Website Xacbank
Location Mongolia
Key figures Impact story


XacBank’s vision is to become a preferred banking partner for clients providing comprehensive and value adding financial services, while maintaining our leadership in microfinance.


The bank’s mission is to become a leading financial institution with commitment to the triple bottom line of People, Planet and Profit.


  • Designing and developing products and services for well-being of people
  • Striving to be a lifetime banker for customers
  • Treating employees as the most precious asset


  • Striving to keep the planet green
  • Engaging in environmentally responsible lending
  • Minimising environmental impact-a primary objective


  • Believing profit is not a stand-alone objective
  • Valuing corporate social responsibility
  • Doing socially responsible banking


XacBank was created as a result of the merger of the two largest non-bank financial institutions (NBFI) in Mongolia, Goviin Ehlel (Gobi Start) LLC and XAC (Golden Fund for Development) LLC, on October 1, 2001. Since its establishment, XacBank has grown steadily in the banking and financial sector of Mongolia, and has become one of the largest systemic banks.


  • An undisputed leader in corporate social responsibility and good corporate governance in Mongolia
  • Leading bank in terms of long-standing quality of loan portfolio
  • Leader in corporate governance, transparency and risk management
  • The first carbon trading ‘Green Bank’ in the northern hemisphere
  • Implementor of international best practices, community projects and advanced technologies in banking
  • Fastest growing local bank with full national coverage
  • Partner with over 50 international organisations
  • Provider of  responsive, complete and flexible business banking solutions

Shareholding Structure

XacBank is a wholly-owned subsidiary of TenGer Financial Group, a holding company with a portfolio of other businesses in leasing, insurance, investment banking and microfinance. TenGer Financial Group has international financial institutions, local and foreign reputable companies, investment funds, non-government organisations and individuals as its shareholders and is currently the only company in the banking and financial sector of Mongolia with such a diverse shareholding structure (see below).

MAK (Mongolian Alt Corporation) (20.0%), International Finance Corporation (19.1%), ORIX corporation (15.5%), the European Bank for Reconstruction and Development (11.6%), RONOC Partners (10.1%), Mercy Corps (7.5%), Mongolia Opportunities Fund (4.9%), Ard Financial Group LLC (4.2%), Triodos Fair Share Fund (3.7%), Open Society Forum (1.5%), MCS Holding (0.9%), and UB Rotary Club (0.3%).


  • Bank of the Year, 2013 – The Banker Magazine
  • Best Retail Bank of Mongolia, 2013 – Global Banking and Finance Review Awards
  • Best Emerging Markets Bank, 2014 – Global Finance Magazine
  • Best Corporate Governance, 2014 – Capital Finance International magazine
  • 5th European Microfinance Award on Microfinance and the Environment
  • Best SME Bank of Mongolia, 2014 – Global Banking and Finance Review awards
  • The Best Partner in Fragile Countries, 2014 – Global Trade Partners Meeting /IFC/

Market Focus, Products and Services (Social Responsibility)

XacBank differs from other commercial banks in its constant service of socio-economic development in Mongolia and for its commitment to Planet, People and Profit. The bank is a leader in terms of social responsibility, not only in Mongolia but in the world.

Planet Rating, an independent rating agency has granted XacBank grade “4”, which is the highest grade for an institution in Asia relating to its social performance. This means that the institution has excellent practices, and strives to achieve positive social impact. At an international level, XacBank ranks in the top 15 MFIs out of the 160 social performance ratings.

To support social responsibility and build Mongolian culture and heritage, provide knowledge to children and adolescents, protect the environment, and improve recreation, XacBank organises and sponsors a number of annual activities including:

  • ‘Temuulel’, ‘Aflatoun’: training 38.000 children in financial education;
  • XAC NGO: establishing and (employee) salary-financing an NGO engaged in environmental and child welfare activities. XAC NGO has 1,536 members;
  • Children’s Welfare: managing the children’s dormitory yard of School No 29;
  • People with Disabilities: collaborating with the Labor and Training Centre for People with Visual Disabilities;
  • Culture and Art: supporting projects organised by the Mongolian Art Council;
  • Environment: supporting businesses that are environmentally responsible. Between 2009-2014 XacBank distributed over 162,676 energy efficient products, resulting in a total reduction of over 700,000 tons of carbon dioxide emissions. In 2009, with the purchase of emission reductions by MicroEnergy Credits, XacBank became the first institution to receive carbon revenues. Overall savings on fuel exceed USD39.6 million per year.
  • Xac Meadow: planting 32,000 trees at 27 Xac Meadow between 2009-2014. Average survival rate of the planted trees is 80%.
  • Well-being programme: organising snow days, hiking walking tours, and five XacCup sports competitions to encourage healthy and active employee lifestyles.

Board of Management

  • Bold Magvan, Chief Executive Officer
  • Amar Hanibal, President
  • Delgerjargal Bayanjargal, Vice President for Retail Banking
  • Tsevegjav Gumenjav, Vice President for Retail Banking
  • Erdenebayar Ganzorig, Chief Financial Officer
  • Ulambayar Enebish, Chief Operating Officer
  • Aart Jongejans, Chief Risk Officer
  • Gerelmaa Yunden, Chief Credit Officer
  • Enebish Ulambayar, Chief Auditor
  • Zul Ganzorig, Chief Human Resource Officer
  • Ashidmaa Dashnyam, Chief Investor Relations and Corporate Affairs Officer
  • Taishir Tumurbaatar, Chief Legal Officer
  • Sandeep Khera, Chief Information Officer

Key figures for XacBank

* Figures in USD million
** Based on local currency
Total Assets 1,105 1,125 754 595 381
Total Loans 695 647 443 391 264
Total Deposits 420 392 360 261 191
Total Equity 71 76 68 60 28
Equity/Total Assets 6.5% 6.7% 9.1% 10.1% 7.4%
BIS 1 Ratio 9.8% 11.2% 13.6% 14.4% 9.7%
Total Revenue 53 61 47 40 22
Net Income 6.5 16.2 10.7 9.7 4.8
Total Loans/Total Assets 62.9% 57.5% 58.7% 64.9% 69.4%
Total Deposits/Total Assets 38.0% 34.9% 47.7% 43.9% 50.2%
Loan Growth** 27.4% 64.1% 17.5% 65.5% 65.3%
Deposit Growth** 24.1% 22.9% 43.0% 52.7% 57.4%
Cost/Income Ratio 56.1% 57.2% 66.6% 63.0% 66.9%
Return on Assets 0.63% 1.69% 1.61% 1.89% 1.65%
Return on Equity 9.0% 22.2% 16.9% 20.7% 20.6%
Co-Workers 1,465 1,533 1,436 1,327 1,172

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