Top List of Banks in Mongolia
There are several banks in Mongolia. They provide a variety of services. The most common is to receive deposits from individuals and other companies and lend them money at interest. Banks also provide foreign exchange and investment services such as securities brokerage. Some branches may even include ATMs for clients to withdraw their money 24/7. The best banks are the ones that do not go out of business. They keep enough money on hand to pay their customers who want to withdraw their money, and they have enough capital to cover any losses they might incur on loans. Some of the best banks are:
Golomt Bank
The Bank was founded in 1992 by Mongolian entrepreneurs who formed a partnership. In 1995 the partnership passed into an open joint-stock company with an initial capital of USD 3 million. Golomt Bank is one of the largest banks in Mongolia, with total assets as of 2019 December 6,643,136. The Bank has 100 branches and 521 POS terminals in Mongolia. The Bank offers retail banking services such as deposits and loans and corporate banking services such as loans and trade financing. It also offers investment banking services, including underwriting and bond placement. The Bank is one of the country's largest commercial banks by assets and largest by deposits as of December 2019.
Khan bank
Khan bank is a Mongolian commercial bank headquartered in Ulaanbaatar, Mongolia. It has more than 530 branches with more than 647 employees. Khan Bank is the largest commercial Bank in Mongolia by total assets. Its total assets are MNT 2.2 trillion. It is engaged in commercial banking and related activities such as deposit-taking, lending, currency transactions and safekeeping. The Bank employs 647 people across its branches in the country. The Bank offers a range of products and services such as retail banking, commercial banking, corporate banking, investment banking, trade finance, cash management, securities custody, foreign exchange services and online banking.
Trade and Development Bank
The Trade and Development Bank of Mongolia (TDB) is a commercial bank in Mongolia. It was formed in 2006 but traced its heritage back to the 1960s. The headquarters of the Bank is located on Peace Avenue in Ulaanbaatar. As of 2018, the Bank has 109 employees, 5.56 Billion USD worth of assets, and 109 employees operating in its branches. The main products and services include deposits, loans, cards, foreign exchange, trade finance, project finance, security brokerage, asset management, bancassurance and investment banking. The Trade and Development Bank (TDB) is an international financial institution established to promote economic development by providing financial services such as financing, guarantees, insurance, and risk management.
XacBank
XacBank is a Mongolian bank established in 2001. It has 64 branches and offers financial services to people living in Mongolia. The Bank is one of the largest private commercial banks in Mongolia. As a universal bank, it provides financial services to small and medium-sized enterprises and retail customers through its network of branches and its online banking website. In addition, XacBank also offers microfinance services to unbanked individuals and micro-entrepreneurs through its XacLeasing, XacFund and XacSale subsidiaries. The Bank offers deposit products, loans, international banking services, trade finance, electronic banking services, and other services. The Bank employs around 1,550 people, and its total assets were approximately 3,474,669 as of 2016.
Capitron Bank
Capitron Bank is a Mongolian commercial bank based in Ulaanbaatar. Capitron Bank was established in 1997 as the first private bank in Mongolia. The Bank offers retail, corporate banking, leasing and brokerage services to its customers.
Capitron Bank is a leading commercial bank in Mongolia. The Bank also offers financial services to individuals and corporate customers. Capitron Bank operates more than 40 branches in the country. The Bank has representative offices worldwide, such as Hong Kong, Beijing, New York, Beijing, St. Petersburg and Ulaanbaatar. Capitron Bank is based in Ulaanbaatar, Mongolia. The Bank was incorporated in 1991. As of December 31, 2013, Capitron Bank had total assets of 467 billion MNT and 29 employees.
The National Investment Bank of Mongolia
The National Investment Bank of Mongolia (NIB) is a state-owned commercial bank that provides financial services to entrepreneurs. It has 52 branches, 25 employees and total assets of 34.9 trillion MNT as of 2019. The Bank was founded in 2013 and is based in Ulaanbaatar, Mongolia. NIBM provides investment banking products and services to corporate, institutional and individual clients. It also offers corporate finance, research, sales and trading, prime brokerage, asset management, private wealth management and retail banking services.
Chinggis Khaan Bank (CKB)
Chinggis Khaan Bank (CKB) is a commercial bank in Mongolia that offers general banking services and products to individuals and corporate clients. It is one of the banks in Mongolia licensed by the Bank of Mongolia, the national banking regulator. Chinggis Khaan Bank is one of the prominent banks in Mongolia. The Bank was established in 2001 as a joint venture between EBRD and Nomura Holdings, Inc. The Bank currently has one branch and 180 employees. It has total assets of 301,365 million MNT and deposits of 244,486 million MNT.
Trans Bank
Trans Bank JSC is a commercial bank in Mongolia. Trans Bank was established on November 11, 1996. The Bank has 38 total employees, according to the Central Bank of Mongolia. As of March 31, 2019, the Bank's total assets were MNT 360 billion (US$128 million), with customer deposits of MNT 240 billion (US$85.5 million) and loans of MNT 153 billion (US$53.9 million).
Trans Bank is considered one of the most technologically advanced banks in the country, offering a full range of banking services and products to corporate clients, small and medium-sized businesses and individuals.
Arig Bank
Arig Bank, established in 2004, is the first private Bank in Mongolia. The bank is a commercial bank in Mongolia. The Bank is one of the financial institutions licensed by the Bank of Mongolia, the national banking regulator. Arig Bank's total asset valuation was MNT 102,264 million (approx. US$38 million) as of December 31 2019. As of December 2018, Arig Bank maintained a network of fifteen (15) branches, with twenty-five (25) employees on its payroll. Arig Bank is a commercial bank in Mongolia with 15 branches as of 2018.
Arig Bank provides banking services to both retail and corporate customers. The Bank offers current accounts and savings accounts; consumer loans; corporate loans; SME loans; express and secured lending; mortgage loans; online banking; internet and phone banking services; payroll card and debit cards; credit cards; investment funds/unit trusts and wealth management products.
FAQs
Q. How many banks are in Mongolia?
A. There are 14 commercial banks in Mongolia, 1 of which is state-owned. The rest of the banks are privately owned. These banks make up 96% of the system assets.
