Golomt Bank
From Mongol Studies Online Reference
Golomt Bank, based in Ulaanbaatar, is one of Mongolia’s largest commercial banks.[1]
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[edit] Corporate History
Golomt Bank was established in 1995. Within its first year of inception, the Bank established correspondent banking relations with Drezdner Bank AG, Commerz Bank, and Union Bank of California. By 1997, it began a mobile banking program and 24-hour banking service, and the following year it opened its first rural branch.[2]
Along with the Trade and Development Bank and Zoos Bank, Golomt Bank received technical assistance for its IT system renewal and for a training program on banking operations through the First Private Sector Development Project sponsored by the World Bank, which began in 1999. Specifically, it received assistance for reorganization, business management and finance training, and for assistance on strategic and business planning. As of December 1998, the Bank accounted for about 7 percent of outstanding loans; by the end of the project in 2004, Golomt Bank grew to become the second largest bank in Mongolia and was awarded as “Bank of the Year 2004” by the magazine The Banker.[3]
[edit] Corporate Products
Golomt Bank provides a number of services to its customers, such as checking and savings accounts, bank-issued credit cards, telephone and internet banking, and 24-hour banking service.
The Bank has also tried to expand its international relations by establish correspondent banking with international banks and financial institutions such as HSBC bank, Credit Suisse First Boston, The Bank of Tokyo-Mitsubishi UFJ Ltd, Landesbank Berlin AG, Eximbank of Taiwan, Korea Exchange bank, SberBank of Russia, and the Agricultural Bank of China.[4]
Through the First Private Sector Development Project, 10 million was made available to Golomt, Zoos, and the Trade and Development Bank, for on-lending to private firms established and operating in Mongolia. Golomt issued a total of 28 loans, averaging MNT 270 million (approximately USD 380,000), in the construction material, car repair, foodstuff, retail center, hotel, wood processing, cashmere, and tourism sectors.[5]
[edit] References
- ↑ Golomt Bank. About Golomt Bank. Retrieved on 2008-07-24
- ↑ Golomt Bank. History. Retrieved on 2008-07-24
- ↑ The World Bank. (2005-02-23). Mongolia-Private Sector Development Project Implementation Completion Report No. 31419. Retrieved on 2008-06-27.
- ↑ Golomt Bank. About Golomt Bank. Retrieved on 2008-07-24
- ↑ The World Bank. (2005-02-23). Mongolia-Private Sector Development Project Implementation Completion Report No. 31419. Retrieved on 2008-06-27.
