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Board of Directors

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Sanjay Gupta
CHAIRMANSanjay Gupta was elected on 28 March 2019 as the Chairman of the Board of Directors of XacBank and its holding company TenGer Financial Group. Chairman Gupta continues to serve also as a member of the Board Governance, Nomination and Compensation Committee. He was nominated by International Finance Corporation (IFC) in 2017 and has served on the Board for 2 years as Non-Executive Director, working also as a member of the risk management and governance, nomination and compensation committees chairing the latter prior to his appointment as Chairman. Sanjay Gupta is a seasoned banker with 34 years of banking experience in senior leadership roles in Asia Pacific, Europe, Middle East and Africa (EMEA), and India with Bank of America and Credit Agricole Group. He started his career with Bank of America in India in 1981 and progressed to head the Corporate Banking, Corporate Finance and Financial Institutions Groups. In 1993, he moved to Bank of America's London office where he was Managing Director in Risk Management and later in Structured Credit Group for EMEA. In 1997, he moved to Hong Kong as Managing Director for Bank of America’s Asia Investment Banking Group. In 2001, Sanjay Gupta moved to Credit Lyonnais as the Head of Corporate Origination for Asia Pacific. He was Co-Head of Structured Credit Group for Asia for Calyon in 2007-2009 and subsequently was Asia Head of Global Energy Group for Credit Agricole. Sanjay has an MBA from the University of Delhi.
Mr. Tsevegjav Gumenjav was appointed as the CEO of XacBank in May 2019. He joined XacBank and TenGer Financial Group in 2011 and has held various management positions within the Group as Chief Financial Officer of TenGer Financial Group and later of XacBank from 2011 to 2013, Chief Retail Banking Officer and, subsequently, President, Retail Banking from 2015, Chairman of Board of Directors of Tenger Insurance LLC from 2014 to 2017 and CEO of XacLeasing since 2013 until his current appointment. Tsevegjav holds a MBA from Regis University, USA and a Bachelor of Science degree in International Business and Information Systems Management from the University of Colorado, USA. Prior to joining the TFG Group, Tsevegjav lived and worked in the United States in 2004-2011 working as treasury manager and financial analyst for a number of large US companies.

Michael Madden
Mr. Michael Madden has served on the Board of Directors of XacBank since 2009. Michael is the chair of the board governance, nomination and compensation committee. Mr. Madden is the Founder, Chairman and Managing Partner of several global advisory and investment businesses as Ronoc, an investment and advisory services business based in Dublin, founded in 2007, Teneo Capital, founded in 2011 and based in New York, providing strategic counseling to large and complex companies internationally and Ongo (Ronoc Asia PTE Limited), an app-based mobile money service, available to businesses and consumers in Myanmar, founded in 2015, Prior to founding Ronoc in 2007, he was the founding CEO of Renaissance Credit, the third largest consumer finance bank in Russia, established in 2003. In 1993-2003, Mr. Madden had been involved in the cards and banking business in the Eastern European markets working for American Express on different positions. Mr. Madden has a diploma in industrial engineering from the College of Management Studies, Limerick, Ireland.

Tselmuun Nyamtaishir
Ms. Tselmuun Nyamtaishir serves on the Board of Directors of XacBank since 2013. Tselmuun is a member of the board risk management and audit committees. She is the President and Board Member of Mongolyn Alt (MAK) Corporation, one of the largest Mongolian multi-business companies. Prior to her current position in MAK, she has held various other managerial positions at the company since 2007 working as Vice President responsible for Social Responsibility Department, Procurement Department and Trading Department and Head of the Investment and Financing Department. Tselmuun started her professional career at Trade and Development Bank of Mongolia in 2005 as a bank officer for the Treasury Trading Back Office. Tselmuun graduated from Valparaiso University, Indiana with a bachelor’s degree in business administration. She also completed the Financial Engineering Program of Stanford University in Hong Kong in 2010.

Yves Jacquot
Mr. Yves Jacquot was appointed as a non-executive director of XacBank in March 2016. Yves is a chair of the board risk management and audit committees. Yves is the First Vice President for International Development National Bank of Canada Group and Deputy Director General of NATCAN International. He is also a member of the boards of directors of ABA Bank in Cambodia, Ongo in Myanmar and Byblos Bank in Lebanon. From 1993 to 2014, Yves served for Bred Banque Populaire in Paris as Deputy Director General and Director General of Cofibred, BRED’s wholly-owned subsidiary, and earlier as Financial Director and Director of Treasury and Market Activity. Prior to joining Bred Banque Populaire in 1993, he has had various positions in the banking area including as Chief Executive Officer in different banks and financial institutions in France since 1980. Yves was also with the French Banking Commission as interim director. In 1980-1984, Yves served at the Inspection Group of the Trade Union of Banques Populaires. Yves is a graduate of Essec Business School and completed also a PhD Finance Program of Wharton School.
Andrzej Witak was nominated by European Bank for Reconstruction and Development (EBRD) and elected in March 2019 as a non-executive director on the Board of Directors of XacBank. Andrzej Witak is a member of the Board’s Governance, Nomination and Compensation Committee and Audit Committees. Andrzej is a former EBRD Senior Banker who is now engaged with EBRD as a self-employed consultant focusing on distressed credit management. He was with EBRD from 1997 to 2007 and served as the Head of the EBRD Resident Office in Uzbekistan and Deputy Head of the Resident Office in Ukraine. He has held in the past various non-executive directorships in Poland, Russia, former Soviet republics, Mongolia and East European countries. Andrzej is a graduate of the University of Silesia, Poland with a Master's Degree in Law.

Albertus Bruggink
Mr. Albertus Bruggink was nominated by ORIX Corporation and appointed by the Board’s decision[1] in June 2020 as Non-Executive Director on the Board of Directors of TenGer Financial Group with membership on the Board’s Risk Management Committee and Audit Committee.  Albertus is a seasoned banker with a career of 30 years at Rabobank, a Dutch multinational banking and financial services company headquartered in Utrecht, Netherlands. Starting with various roles in Finance and Control in the Rabobank Group in 1986, Albertus has held the positions of Director Finance & Control Rabobank International and Director Group Finance & Control prior to becoming the Chief Finance and Risk Officer and Member of the Executive Board of the Rabobank Group in 2004 and worked in this capacity until 2016. Currently, Albertus is a Board Advisor at ORIX Corporation and a member of Advisory/Supervisory Boards of several entities in the Netherlands. Albertus is also a Professor of Financial Engineering and Risk Management at the Twente University of Technology in Enschede, Netherlands. Throughout his professional career, Albertus has held also positions outside of Rabobank including as Board Advisor JP Morgan Ltd. in London, Member/Chairman of the Supervisory Board of Robeco Group, Member of the Supervisory Board of FMO (Dutch Development Bank) and Member of the Supervisory Board of Friesland Bank (a Dutch regional bank). Albertus holds a Msc and PhD in Business Administration from Twente University of Technology in the Netherlands. 

[1] Interim appointment by board’s decision is subject to approval at the next AGM. 

Suzannah Herring Carr
Ms. Suzannah Carr was elected on 26 April 2022 as a non-executive director representing IFC in the Board of Directors of XacBank. She is an experienced banker with over 25 years of experience with financial institutions and emerging markets. Her broad expertise span from investment structuring, portfolio management and credit policy to development impact measurement and corporate governance.

She is a Board member of ProCredit Bank, based in Republic of Serbia since 2018 as well as Microfinance Enhancement Facility, based in Luxembourg, and member of the Investment Committee since January 2020. Prior to serving as Board member to aforementioned entities, she held various senior roles in IFC between 1996-2016, including CIO, Director of Corporate Business Technologies, Director of Business Planning and Administration, Head of Credit Policy, and Pricing. She graduated from Duke University with B.A. in Economics.
Ulambayar Bayansan
Mr. Ulambayar Bayansan was elected as Independent Non-Executive Director in July 2015. He serves currently as Advisor/Co-Founder of a financial consulting and investment firm Gobi Business Finance. Mr. Ulambayar is an investment professional with international work experience. He was an investment banker with Lehman Brothers and Nomura Securities in Tokyo, Japan from 2007 to 2009. After returning to Mongolia, he worked as Director and Advisor for a number of investment funds and advisory firms as Draper Capital, Composite Capital and Monet. He served also as the Managing Director of Altai Holding LLC, one of Mongolia’s large conglomerates. Prior to his investment banking career, Mr. Ulambayar worked for Sony Corporation in Tokyo, Japan and had also short-term assignments in the US and Finland. Mr. Ulambayar holds a MBA degree from the University of Chicago and has also Master’s and Bachelor’s degrees in engineering from the Tokyo Institute of Technology. Mr. Ulambayar is fluent in Japanese and English.
Niraj Vedwa
Mr. Niraj Vedwa was electedas Independent Director in March 2019. Niraj is a member of the board audit and risk management committees. Mr. Niraj Vedwa is the Founder and CEO of Acceleric FZ LLE, UAEproviding IT consulting services. Niraj a banking transformation and information technology professional with 30 years of global experience. Prior to launching his advisory business, he served as Global Head and Member of Leadership Council at Tech Mahindra, a leading public listed IT company of India. Prior to joining Mahindra in March 2013, he has worked for 2 years as Global Consumer Banking Director and Asia/Pacific Regional Director at Temenos AG, a banking software provider based in Switzerland. From 1999 to 2011, Niraj served as Chief Operating Officer at Nucleus Software, India, one of the leading retail and corporate banking software companies. His early career covers the period from 1987 to 1999, during which he worked in various IT companies of India. Niraj graduated from Delhi University with a BA degree in 1987 and completed his MBA program in 1989 at Indira Gandhi National Open University.
Erik Versavel was appointed as an Independent Director at the Board of XacBank by the Shareholders of XacBank on their meeting held on 21 October 2022. He is a Belgian national and had graduated from Antwerp University with a Masters of Law degree. He started his career in Bank Brussels Lambert in 1983 and left Belgium in 1989 to work in BBL London, Seoul and Jakarta. He transferred to ING just after the acquisition in 1998 and joined PT ING Indonesia Bank as Director. He became Branch Manager ING Shanghai and Country Head China in 2000, Country Head Korea in 2004, and moved back to Europe to head the Asia Desk in 2009. In 2011 he became Country Head Ukraine and Chairman of the Management Board of PJSC ING Bank Ukraine. After 5 turbulent years of political, economic and financial crisis, Erik Versavel moved back to Asia and became Country Representative for ING in Mongolia. From 2019 until he was elected as an Independent Director at the Board of XacBank, he served as an Independent Director at the Board of Tenger Insurance LLC.

Erik Versavel has developed a strong track record in emerging and distressed markets and has managed multiple international client relationships and cross border businesses. Throughout his career Erik Versavel has taken on several leadership roles in ING and in civil society. Amongst others he was the founder and first Chairman of Bencham in China, Chairman of the Foreign Banks in Ukraine and in March 2017 founded the Financial Services Committee of Amcham in Mongolia.

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