XacМank Establishes US$300 Million Euro Medium Term Note Programme
/04.08.2011, Ulaanbaatar/ XacBank LLC ("XacBank") announces it has established a US$300,000,000 Euro Medium Term Note Programme (the "Programme"). ING and UBS have been appointed to act as the joint arrangers and dealers of the Programme.
Under the Programme, XacBank may issue senior or subordinated notes in any currency as may be agreed between XacBank and the relevant dealer(s), subject to any applicable legal or regulatory restrictions.
Moody's Investors Service has assigned a provisional (P)Ba3 senior debt rating to the Programme. The (P)Ba3 is the same as the bank's issuer rating, and the rating outlook is stable.
Mr Bat-Ochir Dugersuren, XacBank's CEO said: "In recent years, we have leveraged our extensive microfinance experience to broaden our presence in the small to medium-sized enterprise (“SME”) business sector, in line with economic development in Mongolia. The Programme will enable us to diversify our funding sources, and play an important role in the future development of XacBank".
Mr Amar Hanibal, Managing Director of TenGer Financial Group, the parent company of XacBank added: "The establishment of the Programme is an important milestone in the development of the bank and the group, and it reflects our strategy of maintaining leadership in the Mongolian financial sector".
XacBank is one of Mongolia’s leading commercial banks, and is an established leader in the microfinance industry with a growing presence in the SME business segment. The bank offers a broad range of products, including microbusiness loans, consumer loans, SME loans, agricultural loans and mortgage loans, as well as deposit accounts, overdraft facilities, credit cards and other banking services. As at 31 March, 2011, XacBank had 86 branches and support centres across Mongolia.
This document is not an offer of securities for sale anywhere, including in the United States. Notes referred to above may not be offered or sold in the United States absent registration or an exemption from registration. No public offering of the Notes will be made in the United States or elsewhere and the Bank does not intend to register any part of the offering of any Notes in the United States or elsewhere.
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About XacBank
XacBank (www.xacbank.mn) is one of Mongolia’s largest banks, serving Micro customers, Small and Medium-sized Businesses as well as large corporations with a range of inclusive banking, fair investment and other financial products and services. It operates in all 21 provinces and the capital city serving more than 400 thousand customers through its 86 retail branches and specialized banking outlets including 400 AMAR mobile banking agents. The Bank aims to create a sustainable value for its shareholders and institutional investors, while promoting a triple-bottom line vision and mission as built around the “Planet, People and Profit.”
