XacBank Welcomes a Strategic Investor
Ulaanbaatar, October 12 2015 – The Bank of Mongolia (Central Bank) issued its regulatory approval for the National Bank of Canada (“NBC”) as a new shareholder of XacBank. The investment in XacBank would be made through the holding company of XacBank, TenGer Financial Group (“TFG”).
NBC’s investment in XacBank and TFG is the first investment by a foreign commercial bank in the financial sector of Mongolia. The transaction is subject to Canadian regulatory approval.
National Bank of Canada (www.nbc.ca), together with its subsidiaries, forms one of Canada’s leading integrated financial groups. Thanks to its 20,000 employees, it provides comprehensive financial services to 2.4 million retail and commercial clients.
XacBank is the largest subsidiary of TenGer Financial Group companies providing fair access to broad financial services. XacBank is the fourth largest bank in Mongolia.
