Our vision is to be a lifelong partner for individuals, families and businesses in providing value added financial solutions. The Group will strive to be the dynamic leader in setting the highest standards of triple bottom line mission (People, Planet and Profit) in corporate governance, social and environmental responsibility while returning fair value to our Shareholder.

Short History

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 1st of October 2001. Goviin Ehlel LCC was established by Mercy Corps in December 1999 with funding from USAID as a NBFI serving rural businesses. XAC LLC began in 1998 as part of the MicroStart Mongolia project under UNDP, shortly afterwards transformed into Mongolia’s first NBFI by uniting the micro-financial service activities of six national NGOs.

These NBFIs originally operated in different geographic regions and were serving different markets, small and medium enterprises loans vs. Micro business. However, both organizations had the same strategic goal of becoming nationwide banking institutions, offering a wide range of financial services. All these factors became the foundation of the merger of these two independent institutions to form XacBank – the first commercial bank in Mongolia with a social mission. By the end of its first year of operation in 2002, the Bank established its presence in each of 21 provinces in the country. Since that time the Bank has continued to expand with new branches and extensions, Saving and Credit Cooperatives franchise service, branchless banking solutions, fulfilling its mission and strategy of providing the most accessible and transparent banking services aimed at the marginalized citizens in remote rural areas, including the nomadic herders. XacBank is continuously growing and becoming an innovative leader in offering a full range of innovative loan and deposit products with personalized customer service targeted at various segments of the market.


XacBank’s ownership comprises the MAK (Mongolian Alt Corporation) (20.00%), International Finance Corporation (19.17%), ORIX corporation (15.54%), the European Bank for Reconstruction and Development (11.63%), RONOC Partners (10.15%), Mercy Corps (7.56%), Mongolia Financial Services (4.91%), EIT LLC (4.26%), Triodos Fair Share Fund (3.73%), Open Society Forum (1.59%), MCS Holding 0.95%, and UB Rotary Club (0.30%).

Board of Management

  • Bold Magvan (CEO)
  • Bat-Ochir Dugaruran (President)
  • Amar Hanibal (President)
  • Delgerjargal Bayanjargal (Vice-President for Retail Banking)
  • Erdenebayar Ganzorig (Chief Financial Officer)
  • Munhbayar Chogsom (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)
  • Battugs Chadraa (Chief Information Officer)


Our Banks