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.
The Dominican Republic has emerged as a regional leader in attracting foreign direct investment (FDI)…
He’s the laid-back surfer who redefined advertising, the enigmatic visionary behind Apple’s "1984" and "Think…
Monetary policymakers from the world’s largest economies are opting to play a cautious hand. This…
"Mad Men", the award-winning AMC drama, wasn't just television; it was a cultural phenomenon. More…
When contemplating the geopolitical chessboard of semiconductor manufacturing, the mind often drifts to the sprawling…
The S&P 500 officially entered correction territory this week, sliding over 10 percent from its…