Greeting from the Chief Executive Officer
Dear Customers and Stakeholders,
We have gathered under the slogan of “Financial partner to accelerate development” with new investors, a new Executive Management Team, and capable professionals, on the day of 27th of October, 2016, in order to re-establish the operations of the bank, and we have successfully concluded 2017 with a number of significant achievements. While 2017 was a challenging year for Mongolian economy, we were able to increase our equity by 3.1 times, total assets by 20.5 times, loan portfolio by 7.9 times and had an after tax profit of MNT 1.9 billion thanks to our Shareholders’ vision, strategic planning and investments. Furthermore, the shareholders of the bank invested nearly MNT 4.0 billion to secure the bank’s information safety, software, equipment and office and all the non-performing loans and assets from previous shareholders. As a result, we are now operating without any non-performing loans and assets. We have been compliant with every aspect of “Bank’s prudential ratio metrics” imposed by the Bank of Mongolia since March 2017 and have received general and additional permits pursuant to the Bank of Mongolia Governor’s resolution dated 19th June 2017, and have received approvals to carry out the full functions of a commercial bank stated in the Banking Law pursuant to the Governor’s resolution dated 5th March 2018. This enables us to execute all the tasks we have outlined in the business plan for 2018 - 2020. In addition, we haves successfully passed the financial inspection of 5 years operations by the General Tax Authority, a routine inspection by the Bank of Mongolia, the “Asset Quality Review” conducted jointly by the Government of Mongolia and International Monetary Fund under the “Extended Finance Facility”, an independent audit by “KPMG”, as well as an independent rating by “Moody’s”. Over 2018 - 2020, we shall build upon our achievements of 2017 to expand our international and domestic cooperation, increase our customer base, introduce new services to the market, and provide our banking services anywhere in the world without limitations on geography and time. Therefore, during the next three years, we will provide comprehensive financial services based on our customers’ needs with quality beyond their expectations to gain trust, improve their financial capabilities, and increase their values to create competitive business entities, which will allow us to fulfill our mission to become an influential bank that contributes to Mongolia’s development and economy. I would like to send my warmest regards to our bank’s current and future customers who we cooperate with to contribute significantly to Mongolia`s economic development. I wish you all the best in your future endeavors on behalf of TransBank’s management team and employees.
Chief Executive Officer