Established in 1995, Golomt bank pioneered the development of the Mongolian financial system with innovative and technologically advanced products and services. They have taken the lead in developing new product offerings in Mongolia, including the first mortgage scheme and the first SME development centers.
Due to its dynamic growth, the bank became the second largest by total customer deposits. Golomt Bank is active in three segments: Corporate, Retail and SME banking. Golomt Bank is the leader in SME financing and is the largest urban-retail bank. With over 100 branches throughout Mongolia, Golomt Bank focusses on offering its clients tailored products and provides tech services such as: mobile banking and portable ATMs.
Mr. Ganzorig joined the Golomt Bank as president in January 2015 and was appointed as CEO in May 2016. Previously, he served at several government level committees, and held various senior positions as Chairman of Mandal Insurance, CEO of Tenger Insurance, Deputy CEO of Ulaanbaatar City Bank and Advisor to the CEO of Xac Bank.
|Legal entity||Golomt Bank|
|Founded|| 1 January 1995|
|Active on Lendahand since||30 October 2017|
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Financial information per 2017-10-20
|Number of companies in portfolio||2,473|
|Write-off ratio last 12 months||2.86%|
|% investment amount in arrears (>90 days)||0.95%|
|% investment amount in arrears (>180 days)||1.98%|
Mongolia implemented democratic reforms in 1990, including a new constitution. The people of Mongolia chose a parliamentary democracy with a free market economy. During the Soviet time the economy of Mongolia was mainly driven by the agricultural sector. However after becoming independent it discovered its richness in resources and minerals - namely gold, copper, uranium and coal. Because the Mongolian economy is quite dependent on mining the government is actively stimulating other sectors to diversify the economy.