Xacbank Receives High International Rating In Social Performance
(4th July 2011, Ulaanbaatar) The Paris based global rating agency Planet Rating (www.planetrating.com) awarded XacBank, the fourth largest bank in Mongolia, with a highly successful development finance banking root, a rating grade of “4-” for its 2010 social performance.
XacBank was internationally rated highly for its institutional governance and financial services impact in 2004 and 2006, and this time it is the Bank’s first social rating for 2010, which corresponds to a credible level of social performance and commitment to its social goals and its capability of managing social responsibilities by XacBank. The rating positions XacBank in the top 15% among 100 development and inclusive financial institutions that have received global Social Performance Ratings from Planet Rating. The rating proves XacBank’s dedication to reach social goals as part of its triple bottom-line mission has so far been successful in its impact on improving the lives of many customers.
The grades obtained for each domain are the following:
“3” for Social Performance Management
“4-” for Financial Inclusion
“3+” for Client Protection and Ethical Finance
“4-” for Human Resources Policy
XacBank’s efforts in providing financial literacy programme to youth, diversifying its financial services to include environmentally friendly products, as well as creating financial inclusion among low-income customers, whilst creating excellent employment opportunities and conditions were highly praised by the rating agency.
Speaking of the social performance rating results, Bat-Ochir Dugersuren, CEO of XacBank, said “International ratings such as this one helps to shape XacBank as a living organism with its own strong socially-oriented institutional roots and provides a good ground for further improvement to develop our bank as a LIFETIME BANK FOR OUR CUSTOMERS”.
