Board of Directors
The Board of Directors (the “Board”) of XacBank (the “Bank”) is responsible for the strategic management and oversight of the Bank's operations. They ensure that the Bank's operations align with its vision, mission, and strategic objectives, all while safeguarding the interests of its shareholders and stakeholders.
The board is composed of 12 directors, which includes 4 independent directors and 8 ordinary directors. The CEO, Tsevegjav Gumenjav, is also part of the Board, serving as an ordinary director in accordance with the Bank's charter. When appointing board directors, they are evaluated based on criteria outlined in the Company Law and Banking Law. Assessment also includes an evaluation of any potential conflicts of interest, in line with the Board Director Selection and Nomination Policy of the Bank.
The Board operates under Mongolian laws, including the Company Law, Banking Law, Bank of Mongolia regulations, and the Financial Regulatory Commission standards. They also adhere to the Bank's Charter, Governance Codes, the Board Rules and other applicable internal rules and procedures. With regards to transactions involving potential conflicts of interest, the Board follows the Bank’s “Conflict of Interest and Related Party Transaction Policy”.
Remuneration for Board directors are set within the scope of the Board budget during the shareholders' meetings pursuant to Articles 62.1.13 and 29.2.9 of the Company Law and the Banking Law respectively.
| Зураг | Нэр | Албан тушаал | Товч намтар |
|---|---|---|---|
 | Sanjay Gupta | CHAIRMAN | Sanjay Gupta is the Chairman of the Board of Directors of XacBank LLC since March 2019 and has been on the BoD of the Bank since March 2017. He holds a Bachelor of Science degree in Physics from St. Stephen's College, University of Delhi and a Master of Business Administration degree from the Faculty of Management Studies, University of Delhi. Mr. Gupta worked for Bank of America from 1981 to 2001 in India, UK & Hong Kong. During this period, he held several positions including the Head of Corporate Bank, Head of Corporate Finance and Head of Financial Institutions Group for India, Managing Director Risk Management for Europe, Middle-East and Africa (EMEA), Managing Director Structured Credit Group for EMEA and Managing Director Investment Banking Group for Asia. He was the Head of Corporate Origination for the Asia Pacific for Credit Lyonnais from 2001 to 2005. He worked for Credit Agricole Group from 2006 to 2015 in various capacities including the Co-Head of Structured Finance for Asia and the Asia Head of Global Energy Group. |
 | TSEVEGJAV Gumenjav | EXECUTIVE DIRECTOR | Mr.Gumenjav serves as the Chief Executive Officer of XacBank and member of the Board of Directors since May 2019. He has held numerous senior management positions with Tenger Financial Group and XacBank since 2011, serving as President of XacBank, Chief Retail Banking Officer of XacBank, CEO of XacLeasing, Chairman of the Board of Directors of Tenger Insurance, and Chief Financial Officer of XacBank and TenGer Financial Group. He has also worked for several large companies in the United States. Mr. Tsevegjav has an undergraduate degree from University of Colorado, USA and MBA from Regis University, USA. |
 | Michael Madden | NON-EXECUTIVE DIRECTOR | Mr. Michael Madden has been serving on the Board of Directors of XacBank since May 2009 based on the nomination by Ronoc Partners. He has thirty years of experience in Financial Services. His success has been built on inventive business intelligence, the ability to engage with international partners, and as a leader and consensus builder. Michael has significant knowledge of the payments industry, both cards and digital, the retail banking sector and as a business leader and entrepreneur in emerging markets. Michael is the Chairman, US Financial Advisory, and Vice Chair of Teneo, since 2011. In addition to his role with Teneo, he is the Managing Partner of Ronoc, an investment business he founded in 2008. He is the longest serving board director of XacBank and TFG, where his company Ronoc Partners Kft is a significant shareholder. In Myanmar, he is the founder and Chairman of OnGo, a market leading digital payments business. In 2003, he joined the Renaissance Capital Group as the founding CEO of Renaissance Credit. During his tenure, it grew to one of the largest consumer finance banks in Russia. Prior to that time Michael had a successful career with American Express, holding various positions in Ireland, then establishing the American Express Card business across Russia and finally in the UK as Vice President and Head of the EMEA franchise business. |
 | Tselmuun Nyamtaishir | NON-EXECUTIVE DIRECTOR | Ms.Nyamtaishir serves as member of the Board of Directors of XacBank since August 2012, based on the nomination of Mongolyn Alt (MAK) LLC. She has extensive experience in the investment and business sector and currently serves as President/CEO of Mongolyn Alt (MAK) LLC. Ms. Nyamtaishir has extensive knowledge and experience in extractive industry, construction materials and processing, and airline industries. Ms. Nyamtaishir has an undergraduate degree in business administration from Valparaiso University, Indiana, USA, and has certificates in financial engineering from Stanford University Hong Kong and Harvard Business School. |
 | Dominic Jacques | NON-EXECUTIVE DIRECTOR | Mr. Jacques was appointed as a Board member in 2024 based on the nomination by the National Bank of Canada (NBC). He holds a Bachelor's Degree in Business Administration and a Graduate Diploma (DESS) in Public Accounting from HEC Montréal,. He is a Chartered Public Accountant (CPA) and a Chartered Financial Analyst (CFA). With a diverse background in audit, finance, and corporate development, Mr. Jacques began his career at PricewaterhouseCoopers, where he served in various roles in audit and M&A in Canada, UK and France. He then transitioned to the National Bank of Canada, where he currently serves as Deputy Vice-President, International. Mr. Jacques is also actively involved in board leadership roles, including serving as a Member of the Board for ABA Bank in Cambodia, NSIA Banque Côte d'Ivoire in Ivory Coast and other international organizations. |
 | Andrzej Witak | NON-EXECUTIVE DIRECTOR | Mr.Witak serves on the Board of Directors of XacBank since February 2019 based on the nomination by EBRD. He is a seasoned banker and finance professional with over 30 years of experience with a long-term engagement with EBRD, working in the Financial Institutions Team and later serving as Resident Representative at the EBRD office in Uzbekistan and Deputy Director in Ukraine. He has served as a board member of various organizations in numerous countries and territories such as Poland, Mongolia, Russia, former Soviet Republics, and East Europe. He is currently a self-employed consultant advising on distressed assets and risky loan management, mainly on projects implemented by EBRD. Mr. Witak has a Master's degree in law from Silesia University, Poland. |
 | Albertus Bruggink | NON-EXECUTIVE DIRECTOR | Mr.Bruggink serves on the Board of Directors of XacBank since June 2020 based on the nomination by ORIX Corporation. He has over 30 years of experience with Rabobank, one of the largest financial institutions in the Netherlands, serving as Finance and Risk Officer in the Executive Board from 2004 to 2016. He is currently a Board Advisor at ORIX Corp and a Board member of a number of organizations and companies in the Netherlands and other countries. Mr. Bruggink has a Master's and Doctorate from Twente University, the Netherlands. |
 | Suzannah Herring Carr | NON-EXECUTIVE DIRECTOR | Ms. Carr was nominated by IFC to serve as a member of Board of Directors of XacBank in 2022. She is a development banker with over 30 years of experience with financial institutions and emerging markets. Her broad expertise spans from investment structuring, portfolio management and credit policy to development impact measurement and corporate governance. Ms. Carr has been a Board member of ProCredit Bank, based in the Republic of Serbia, since 2018 as well as that of the Microfinance Enhancement Facility, based in Luxembourg, from 2018 to 2019.She has been a member of the Investment Committee of the Microfinance Enhancement Facility since 2020. Prior to the aforementioned roles, she held various senior roles in IFC between 1996-2016, including CIO, Director of Business Planning and Administration, Head of Credit Policy, and Pricing, and Head of Global Portfolio, Financial Markets. She graduated from Duke University with B.A. in Economics. |
 | Ulambayar Bayansan | INDEPENDENT NON-EXECUTIVE DIRECTOR | Mr.Bayansan serves as an independent member of the Board of Directors of XacBank. Mr. Ulambayar is an Advisor of Gobi Business Finance LLC. He worked as an investment banker at Lehman Brothers and Nomura Securities in Tokyo and, upon his return to Mongolia, for a number of investment funds such as Draper Capital and Composite Capital as a Mongolia director and advisor. He also shortly served as a CEO of a Mongolian conglomerate Altai Holding. Prior to his investment banking career, Mr. Ulambayar worked for Sony Corporation as a R&D engineer. Mr. Ulambayar has an MBA from University of Chicago Booth School of Business, USA, and Master's and Bachelor's degrees in electronics engineering from the Tokyo Institute of Technology, Japan. |
 | Niraj Vedwa | INDEPENDENT NON-EXECUTIVE DIRECTOR | Mr. Vedwa serves as an Independent Member of the Board of Directors of XacBank since June 2018. He has 36 years of experience in Banking Information Technology. He was Global Head-Banking & Member of Management Board for Tech Mahindra (listed on the Indian stock exchange & amongst World’s top 20 Technology companies). His previous roles include Member of Management Board and Director APAC for Temenos AG Switzerland, the largest Banking Software company in the world. He was also the COO of Nucleus Software (a leading Global Tech company in Lending Software). In June 2019, he established an IT Consulting company, Acceleric FZ LLE in UAE and serves as the Founder & CEO. He also serves as an Executive Advisor to many global technology companies. He is a graduate in Economics from Hindu College, Delhi University and an MBA from IGNOU, India. |
 | Amy Choi | INDEPENDENT NON-EXECUTIVE DIRECTOR | Ms. Amy Choi has been working as an Independent Director at the Board of XacBank since 2023. In 1994, She began her career in the Banking sector as a System Development Manager at CitiBank, Hong Kong, and served for 26 years at the positions starting from branch manager to leadership roles such as Deputy Chief Executive, Vice President, Executive Vice President in charge of retail banking in various financial institutions such as Citibank Hong Kong, China Guangfa Bank, Ping An Bank and others. Prior to her banking career, Amy had worked in IT industry for 16 years mainly for IBM Hong Kong on banking & insurance systems automation implementation. In those organizations, she successfully led the digital transformation of retail banking business and the reform of personal and direct banking through various channels. She received a Higher Diploma in Information System Analysis & Design from Hong Kong Polytechnic University, as well as City University of London with UK Master degree of Science in Business Analysis and Design. |
 | Stewart Donald Hall | INDEPENDENT NON-EXECUTIVE DIRECTOR | Mr.Hall was appointed as an Independent Director at the Board of XacBank in 2024. He holds a Bachelor of Commerce degree from the University of New South Wales, Australia, and is a qualified Chartered Accountant. Mr.Hall began his career at American Express Bank in London, UK, before joining Standard Chartered Bank, where he held various senior roles in locations such as Indonesia, Singapore, and the Philippines. He also served as the Chief Executive Officer and President Director of Permata Bank in Indonesia. In 2018, Mr.Hall joined QNB in Doha, Qatar, as a Special Advisor, later becoming the Chief Executive Officer for QNB Indonesia from 2019 to 2021. Mr.Hall has also held board positions, including Chairman of DJM Capital Limited in the UK and Executive Board Director for Asia Commercial Bank in Vietnam. |
