Telefoon: 1800-1888, 75771888
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
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.
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