CFI.co Meets the CEO of XacBank: Bat-Ochir Dugersuren
Mongolia’s economy has been undergoing changes in recent years, and one of the challenges for its domestic banks is keeping up with the pace of growth. In line with this trend, XacBank has modified its strategy to adjust to the changes in the domestic market and has been working on improving its service as well as enhancing its electronic channels.
XacBank had additional challenges in the context of the slowdown in the global economy and weak investor confidence.
However, the bank was able to maintain its market share in challenging conditions and maintain a higher growth in its retail deposits when compared to the rest of the market in Mongolia, says Mr Bat-Ochir.
He says of XacBank’s plans for the coming year: “The bank wants to build scalable and efficient institutional capacity to expand both in the small and medium enterprise [SME] and corporate and retail segments:’ He foresees that there will be high growth potential in the SME and corporate segment once a stable investment environment in Mongolia has been established and confidence has returned to the market. The SME sector is expected to expand alongside Mongolia’s mining boom, as it is hoped that smaller companies will benefit in the supply chain of the mining industry. In recent months, XacBank has increased its SME loan book as well as its foreign exchange trading volume.
The bank is also notable for its emphasis on corporate governance and has a three pronged philosophy of ‘planet, people and profit’ as well as a focus on financial inclusion.
Mr.Bat-Ochir Dugersuren has been CEO of XacBank since January, 2011. He started his career as financial officer for the MicroStart project in 1998, the project which later became the foundation of the current XacBank. He obtained degree of Master of Business Administration from International Business School, Brandeis University, Boston in 2008. Since then he held numerous top executive positions such as Chief Investment Officer at TenGer Financial Group and First Deputy CEO of XacBank. He contributed to the development of the bank and growing with it to become a capable and talented leader.