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


Our mission is to become a leading finanicial institution with committment to the triple bottom line of People, Planet and Profit.


  • Our products and services are designed and developed for well-being of people
  • We strive to be a lifetime banker for our customers
  • Our employees are our most precious asset


  • We strive to keep our planet green
  • We engage in environmentally responsible lending
  • Minimizing environmental impact is our objective


  • Profit is not our stand-alone objective
  • We value corporate social responsibility
  • We do socially responsible banking

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.Since its establisment, 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 organizations
  • 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 organizations 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 shown 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/

Social Responsibility

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

Planet Rating (, an independent rating agency has granted XacBank the grade “4” which is the highest grade given by Planet Rating to an institution in Asia for a Social Performance rating. This means that the institution has excellent practices, and is likely to achieve a positive social impact. At the international level, XacBank ranks in the top 15 MFIs out of the 160 Social Performance ratings performed so far by our agency.

Realizing its social responsibility in order to promote Mongolian cultural annual heritage, providing knowledge to children and adolescents, environmental protection and recreation as well as art and culture promotion, XacBank organizes and sponsors the following annual activities.

  • “Temuulel”, “Aflatoun” – Financial education training was provided for 38.000 children.
  • Bank staff volunteered to establish and finance from their salaries and wages X.A.C NGO. X.A.C NGO engaged in environmental and children welfare activities. XAC NGO has 1,536 members.
  • Aiding in Children’s Welfare – XacBank staff gardened and camp crafted the children’s dormitory yard of the School No 29.
  • For People with Disabilities – XacBank cooperates with the Labor and Training Center for People with visual disabilities.
  • Culture and Art – We support projects organised by the Mongolian Art Council every year.
  • Environment – XacBank is committed to support businesses that are environmentally friendly and environmentally responsible.
  • Environment – Between 2009-2014 XacBank has distributed over 162,676 energy efficient products, resulting in 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 – Altogether 27 Xac Meadow among 32,000 trees and bushes was created and planted between 2009-2014. Average survival rate of the planted trees is 80%.
  • Well being program – We have organized snow days, hiking and walking tours, and five types of XacCup sports competitions among our employees in order to facilitate behavioral changes towards healthy and active lifestyles.

Board of Management

  • Bold Magvan (CEO)
  • 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)


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