XacBank enters into an agreement with the International Finance Corporation to convert US Dollars into Togrog
November 1, 2013, Ulaanbaatar. XacBank signed a swap agreement for USD 50 million with the International Finance Corporation (IFC), a member of the World Bank Group. This will allow XacBank to provide MNT financing to its clients by converting USD funds into MNT funds without holding the currency exchange risk.
Mr. D. Bat-Ochir, CEO of XacBank, remarked during the signing ceremony of the swap agreement, “This agreement made with the IFC allows XacBank to keep pace with the robust economic growth in Mongolia. Also, it will significantly help us to optimize our risk management and therefore, we will be able to increase access to our services by micro and small and medium entrepreneurs”.
With such financing, XacBank will increase its capacity, expand its activities, support micro small and medium enterprises and strengthen its financial resources. The parties also noted during the signing ceremony that this financing will play a significant role in support of SME, which make a significant contribution to Mongolia’s economy.
International Finance Corporation
The IFC is a member of the World Bank Group and one of the largest international development organizations, targeting support to development of the private sector .It has made investments in in over 100 countries worldwide. It also provides support for the improvement of corporate governance, increases in tax collection and promotion of non-financial activities such as environmental protection. XacBank has worked with the IFC since 1999.
XacBank
XacBank is one of the largest banking and financial services organizations in Mongolia, providing banking, investment and other financial products and services to micro, small and medium entrepreneurs and large organizations. XacBank serves over 500 thousand clients through its 107 branches, business service centers, settlement centers and over 400 AMAR mobile banking agents. XacBank manages its business to increase value to the shareholders and investors with its mission focused on Planet, People and Profit.
