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Executive Management Team

Албан тушаал
Товч намтар
Chief Executive OfficerMr. 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 (TFG), and later of XacBank from 2011 to 2013, Chief Retail Banking Officer and subsequently President, Retail Bank 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. TJ 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, TJ lived and worked in the United States in 2004-2011 working as treasury manager and financial analyst for a number of large US companies.

Chief Financial Officer
Erdenebayar Ganzorig serves as Chief Financial Officer of XacBank since January 2013. Prior to his appointment as CFO, he has worked since July 2012 as Head of Financial Management Division of XacBank. Erdenebayar has spent with XacBank his professional career starting from a junior position and going through all the levels of management. He joined the Bank as Risk Officer in 2005 and was promoted in 2007 to Senior Risk Officer. From 2008 to 2010, Erdenebayar worked as the Head of the Integrated Risk Management Division and was in charge of integrated risk management, the asset-liability management and operational risk management. In the period from 2010 to 2012, he did his graduate studies in Japan and rejoined the Bank after obtaining a MBA degree majoring in finance.

Chief Retail Banking Officer
Ms Ulambayar Enebish was appointed Chief Retail Banking Officer in January 2020.  Prior to her current appointment, she worked as Chief Operations Officer since May 2016 and as Chief Internal Auditor since July 2013. Prior to joining XacBank, she worked as Stakeholder Engagement Manager in Oyu Tolgoi LLC, which operates one of the largest mining projects. Ulambayar has overall 16 years of experience in the banking sector. She was the Deputy CEO at Development Bank of Mongolia in charge of operations. Ms Ulambayar worked also at the Supervision Department of the Central Bank of Mongolia for 12 years where most of her professional experience was gained.

Ms Ulambayar graduated from the Mongolian National University majoring in banking and finance and obtained her master’s degree in business administration from Victoria University in Melbourne, Australia.

ERKIN Bavaan
Chief Business Banking Officer
Mr. Erkin Bavaan was appointed as Chief Business Banking Officer in January, 2020. He joined the Bank as a SME Officer of Central Branch in 2002 and was promoted to Director of Business Service Center. He also headed the Business Service Centers from 2011 to 2013. Prior to his appointment as CCBO he has worked as a Director of Corporate Banking Division of Bank. He graduated from National University of Mongolia with Bachelor of Economy and Accounting.
Dauryenbyek Syerikjan
Chief Leasing Officer
Mr. Daurenbek Syerikjan was appointed as Chief Leasing Officer of XacBank since November 2021. Since joining XAC NGO in 2001, he had held various positions in  XacBank such as Chief Auditor, Director of Consolidated Risk Management Division, Regional Director before being appointed as Deputy CEO of XacLeasing in 2012. Later he was promoted to CEO of XacLeasing LLC in 2019. He received MBA degree from International University of Ulaanbaatar in Mongolia. He has over 24 years of financial sector experience under his belt.
Chief Risk Officer
Mr. Iliya Avramov was appointed as Chief Risk Officer of XacBank on 15 October 2019. He is responsible for overall risk management, credit control, legal and compliance functions. 

Iliya has over 22 years of corporate credit and risk management experience in the areas of credit and portfolio analysis, operational, liquidity and market risk management, collateral management, distressed assets, debt restructuring as well as portfolio management. He had a progressive career in banking and consulting across South East Asia as well as Central and Eastern Europe and the USA. Iliya was a long standing executive at Raiffeisen Bank, where his last job was Deputy General Manager, Head of Risk management of Singapore branch, overseeing bank's Risk Management activities in Asia Pacific for all types of risk categories (credit, collateral, operational risk, market & liquidity as well as special situations). Iliya is a CFA Charterholder and holds a Master’s degree in Economics from the Central European University and University of the State of New York.

ZUL Ganzorig

Chief Operations Officer

Ms Zul Ganzorig was appointed as Chief Operations Officer in January 2020.  Previously, Zul worked as a Chief Human Resource Officer at XacBank and TenGer Financial Group. Her areas of responsibility include compensation, benefits, training and development, employee relations and career services, payroll, records, recruitment and staffing, performance management, leadership development, organizational culture and organizational structure at the bank.

She has been working at XacBank since 1999. First hired by ACDI/VOCA at MicroStart Mongolia UNDP project, a predecessor of XacBank. During the merger of the two biggest NBFIs, she has successfully lead the integration of the HR programs and policies when transforming into a commercial Bank. The process involved a structural change in the organization from a product oriented one into a relationship focused business.

She also headed the Operations Division overseeing the back office functions in 2003. Prior to that, she worked as an international relations officer at the Ministry of Health and Social Welfare during the implementation phase of the UNDP Youth Development project in 1998. She occasionally provides international consultancy in HRM to MFIs in the region, which has developed and delivered numerous international MFI visitor programs to XacBank.

She graduated from Sofia University with Bachelor of Mathematics and Informatics. She serves on the Board of Directors of Banking and Finance Academy, established by Mongolian Bank Association and Mongolian Pension Fund LLC.

UNURBAT Khurelbaatar
Chief Information Technology Officer
Mr. Unurbat Khurelbaatar was appointed Chief Information Technology Officer in March 2022. Prior to his appointment, he worked as IT Director. In addition, He continues to assume his responsibilities as the Head of IT Operation Division & Head of Software Department in which capacity he has worked since October 2012. Mr. Unurbat has overall 20 years of experience in the IT sector. 

Mr. Unurbat graduated from the Mongolian National University majoring in Information Technology and obtained his master’s degree in Information Technology from Mongolian National University, Mongolia.

UNDARMAA EnkhbayarChief AuditorUndarmaa Enkhbayar was appointed as Chief Auditor from May 2016. Undarmaa started working for XacBank in November 2008 as Senior Officer at the Credit Management Department and, later, as Director of the Credit Risk Policy Division. In July 2014, she was became Chief Risk Officer of TenGer Insurance LLC, another subsidiary of TenGer Financial Group, and has worked in this capacity for two years until her appointment as Chief Auditor of XacBank. 

Prior to joining XacBank and TenGer Financial Group, Undarmaa worked at Trade and Development Bank in the International Settlement Department and has additional experience in correspondent relationship, trade finance and credit operation of banks and non-bank financial institutions.Undarmaa graduated from the Institute of Finance and Economy of Mongolia in 1998 with a bachelor’s degree in banking and finance and has had professional trainings at Houston College, USA, Dresdner Bank, Germany, and University of Tokyo, Japan.

General Counsel / Corporate Secretary
Munkhtselmeg Nyamsuren was appointed as General Counsel/Corporate Secretary from June 2022. She is a lawyer certified in Mongolia with over 15 years of legal experience in public and private practice. Diverse experiences across broad spectrum of legal topics in government and business settings, including policy making, investment transactions, finance, commercial and corporate governance.
Munkhtselmeg began her working career in 2007 from the Financial Regulatory Commission of Mongolia as Legal specialist in Legal Division, and later, as Senior inspector at the Securities Market Department, Policy division. In October 2013, she became Senior Legal Officer at the Office of the President of Mongolia.  Prior to joining XacBank and TenGer Financial Group, Munkhtselmeg also worked at MCS Group as a legal counsel.
Munkhtselmeg graduated from the Law School of National University of Mongolia in 2006 with a bachelor’s degree, the Law School of Kyushu university (Japan) in 2012 with a master’s degree in International business law, and the Law School of University of Melbourne (Australia) in 2019 with a master’s degree in Law and Development (Public international law).