XacBank received USD 41 million funds from foreign institutions
XACBANK STARTED A COOPERATION WITH DEVELOPMENT BANK OF AUSTRIA
December 2, 2013. XacBank and Development Bank of Austria, a member of European Development Financial Institution signed a USD 15 million, long term loan agreement. It is the first investment in Mongolia from Development Bank of Austria. This loan increases the amount of sustainable funds which provide long-term growth to XacBank.
About Development bank of Austria:
OesterreichischeEntwicklungbank AG (OeEB-the Development Bank of Austria) has been an EDFI member since April 1, 2008. OeEB is a wholly owned subsidiary of OesterreichischeKontrollbank AG (OeKB), the Export Credit Agency of Austria, and is mandated to support commercially self-sustaining projects in the private sector of developing countries (OECD DAC-list) that contribute to sustainable development and respect social and environmental standards. The activities of OeEB are not tied to national interests and as a development bank it does not compete with commercial banks, but complements their activities.
XACBANK SUCCESSFULLY ISSUED USD 9.8 MILLION BOND
XacBank, one of Mongolian largest banks, successfully issued USD 9.8 million bond by cooperating with Symbiotics. The issuance of this bond creates opportunity for XacBank to enter into global market. Also it enhances reputation of XacBank and strengthens its market position. In addition, XacBank and Symbiotics signed a MNT loan agreement equivalent to USD 3 million to increase the medium term funds of XacBank. This fund will be disbursed to customers who are in micro, small and medium businesses.
About Symbiotics:
Symbiotics is an investment boutique specialized in emerging, sustainable and inclusive finance which offers research, advisory and asset management services. It is a regulated asset manager of collective investment schemes by FINMA, the Swiss Financial Market Supervisory Authority. The company is based in Geneva, London, Mexico City, Singapore and Cape Town, with a staff of over fifty professionals. Since 2004, Symbiotics has invested over USD 1.5 billion in more than 200 microfinance institutions in 50 emerging countries, working with more than 28 investment funds and many institutional investors.
XACBANK SIGNED AN AGREEMENT WITH TRIODOS INVESTMENT MANAGEMENT B.V.
XacBank and its long-term partner Triodos Investment Management B.V., subsidiary of Triodos Bank signed a USD 13 million loan agreement. About 40 percent of this loan was disbursed in MNT which allows XacBank to provide MNT loans directly to its customers who is in micro, small and medium businesses.
About Triodos Investment Management B.V.:
Triodos Investment Management, a wholly owned subsidiary of Triodos Bank, manages 18 sustainable investment funds, with a total value of EUR 2.2 billion at year-end 2012.
The funds span a broad range of sectors including Energy and Climate, Emerging Markets, Arts and Culture and Sustainable Real Estate. They include some funds open to private investors and others suitable for institutions, charitable foundations, family offices and private wealth managers.
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 500 thousand customers through its 97 retail and business branches as well as specialized banking outlets which includes 400 AMAR mobile banking agents and 70 Savings and Credit Cooperatives. 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.”
