ANNOUNCEMENT
Election and re-election of board directors
XacBank announces that, due to the expiry of their 2-year terms, Mr.Bat-Ochir Dugersuren, Mr.Bold Magvan and Mr.Michael Madden were re-elected on the Board of Directors (the “Board”) of XacBank with immediate effect at the Annual General Meeting of the shareholders of XacBank held on 25 April 2013.
Mr. Bat-Ochir Dugersuren is the Chief Executive Officer of XacBank and has served as executive director on the Board of XacBank since May 2011. Bat-Ochir is a seasoned banker with a long-standing professional career with XacBank at various management positions.
Mr. Bold Magvan is the Chief Executive Officer of TenGer Financial Group, the holding company of XacBank, and has served as non-executive director on the Board of XacBank since May 2011. Bold is a senior banking professional with over 20 years of experience in the banking and financial sectors, including service with international financial institutions.
Mr. Michael Madden has served as non-executive director of the Board of XacBank since May 2009. Michael is the Managing Director of Ronoc, an investment and advisory services company based in Dublin, Ireland. Michael has extensive experience in banking business and has worked for American Express for 15 years.
XacBank announces also that Ms. Tselmuun Nyamtaishir was elected as non-executive director on the Board of Directors of XacBank with immediate effect at the Annual General Meeting of the shareholders of XacBank held on 25 April 2013.
Ms. Tselmuun is the Vice President of MAK (Mongolyn Alt Corporation) LLC, one of the largest companies in Mongolia. Ms. Tselmuun was nominated by EIT Capital Management LLC, a shareholder of TenGer Financial Group, the holding company of XacBank, and was appointed as an interim member on the Board of Directors of XacBank on 23 August 2012 until final approval at the shareholders’ meeting.
The Board of Directors congratulates Bat-Ochir, Bold, Michael and Tselmuun and wishes them success during their service.
As of the date of this announcement, the Board of XacBank consists of Mr. Chuluun Ganbold, being the chairman, Mr. Bat-Ochir Dugersuren, being the executive director, Mr. Bold Magvan, Mr. Arvid Tuerkner, Ms. Erdenejargal Perenlei, Mr. Michael Madden, Mr. Richard Ranken, Ms. Sarah Djari and Ms. Tselmuun Nyamtaishir, being the non-executive directors, and Ms. Saran Binderiya, being the independent non-executive director.
25 April 2013
XacBank
