Savings Bank
From Mongol Studies Online Reference
| Savings Bank | |
|---|---|
| Formation | 1996 |
| Purpose/focus | Banking |
| Headquarters | Ulaanbaatar, Mongolia |
| CEO | Poluektov O.E. |
| Website | www.savingsbank.mn |
The Savings Bank, is a commercial bank based in Ulaanbaatar.
The bank has a network of 55 branches, of which 42 settlements and the head office is located in Ulaanbaatar and the remaining 12 branches are found in Bayan-Ulgii, Bayankhongor, Gobi-Sumber, Darkhan-Uul, Dornogobi, Orkhon, Dornod, Uvs, Selenge, Khovd and Khuvsgul provinces. Currently, Savings Bank employs over 600 employees.[1]
Contents |
[edit] Corporate History
[edit] Formation
Savings Bank was created as a state bank during the 1996 sector-restructuring program in order to protect individual’s deposits.[2]
[edit] Growth
By 1999, the Bank joined the World Savings Bank Institution in an effort to expand its foreign relations. In 2001, the Bank became a member of the Mongolian Chamber of Commerce and Industry and obtained a license to commence lending operations and complete transactions in foreign currencies. By 2003, it joined the Visa International Service Association and introduced SMS Mobile banking service and a core banking system called “Bancs”. Until 2006, it was owned by the Government, after which MD Securities Company bought the entirety of its shares.[3] It was the last state-owned bank in Mongolia.[4]
[edit] Corporate Products
Savings Bank offers various type of products to its customers. Upon receiving the right to distribute commercial loans, the Bank introduced three loans: Interbank, Commercial, and Micro-Credit loan. Currently, the bank offers six types of loans: Consumption, Business, Financial, Mortgage, Retail Lending, and Tuition. It also offers other services such as deposits, credit cards, and moneygram and international transaction services.[5] Currently, net loans equal MNT $51,964,531,700.[6]
[edit] References
- ↑ Savings Bank. Introduction. Retrieved on 2008-07-21
- ↑ Oyunjargal, Tsendbazar & Oyunjargal, Tsendbazar. 2002. Sub-Sector Review of Micro-finance in Mongolia. UNDP Mongolia. Retrieved on 2008-06-24
- ↑ Savings Bank. Introduction. Retrieved on 2008-07-21
- ↑ "Savings Bank Goes to Highest Bidder in Mongolia Bank Privatization," Mongolia Web News (2006-11-02). Retrieved on 2008-07-21
- ↑ Savings Bank. Our Services and Products. Retrieved on 2008-07-21
- ↑ Savings Bank. Financial Statement. Retrieved on 2008-07-21
