Zoos Bank
From Mongol Studies Online Reference
Zoos Bank is a Mongolian commercial bank based in Ulaanbaatar. The Bank has grown to form a network of 33 branches found in Ulaanbaatar as well as the aimags of DarKhan-Uul, Orkhon, Slenge, Uvs, Khovd, Uvorhangai, Huvsgol, Arhangai, Tuv, Umnogovi, Dornod and Bayan-Ulgii and has approximately 513 full-time employees. As of March 2008, the Bank has assets of MNT 220.6 billion and deposit and current account holders total 102,415.[1]
Among Mongolian banks, Zoos Bank is ranked number eight, representing 5.1 percent of total banking assets.[2]
Contents |
[edit] Corporate History
Zoos Bank was established in 1999. By 2001, it was named one of the “Top 100” enterprises by the Mongolian National Chamber of Commerce and Industry, and in 2003, it was named the “Best Bank of Mongolia” by the Central Bank of Mongolia. Currently, it is still rated as one of the Top 5 Banks by the Government of Mongolia and the Mongolian National Chamber of Commerce and Industry.[3]
Along with the Trade and Development Bank and Golomt Bank, Zoos 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. Although Zoos Bank was not one of the original banks selected to receive assistance through the project, in 2002, it became the last bank added to the project. Its assistance focused on the area of term lending and training activities.[4]
In the year time following the First Private Sector Development Project, the Bank’s workforce grew faster than that of its operating income, weakening its earning capability and operating efficiency. As a result, the Second Private Sector Development Project will focus on enhancing policies and procedures for credit analysis and risk assessment, risk-based internal audits and financial control. Furthermore, it will also enhance and customize the core banking system, BancSystem, in order to improve the Bank’s treasure operations and functionality.[5]
[edit] Corporate Products
Zoos Bank offers a number of products such as savings and checking accounts, internet banking, SMS banking, and various types of loans such as commercial, housing, consumer, and micro-finance loans, all with various terms and interest rates. For instance, the micro-finance loan has an average loan size of MNT 100,000 to MNT 5,000,000 term of about 12 months and interest rates of 1.9 to 2.2 percent per month,[6] while a commercial loan has an average loan size of MNT 500 million, for a term of 18 months, and interest rates of 1.85 to 2.55 percent per month.[7]
Through the First Private Sector Development Project, 10 million was made available to Zoos Bank, as well as Golomt and the Trade and Development Banks, for on-lending to private firms established and operating in Mongolia. Zoos issued a total of 7 loans, averaging MNT 152 million (approximately USD 270,000), in the financial service, packaging, paper processing, and foodstuff sectors.[8]
Zoos Bank will continue the line of credit component as part of the Second Private Sector Development Project.[9]
Through the Sustainable Livelihoods project, Zoos Bank issued loans totaling MNT 1.1 billion by 2006 in order to provide micro-finance services to local citizens in the aimags of Tuv, Umnugovi, Selenge, Khuvsgul, Dornogovi, Bayan-Ulgii, Dornod and Arkhangai.[10]
[edit] References
- ↑ Zoos Bank. Introduction. Retrieved on 2008-07-24.
- ↑ The World Bank. (2005-06-02). Mongolia - Second Private Sector Development Credit Project Report 32067-MN. Retrieved on 2008-06-27.
- ↑ Zoos Bank. Introduction. Retrieved on 2008-07-24.
- ↑ World Bank. (2005-02-23). Mongolia-Private Sector Development Project Implementation Completion Report No. 31419. Retrieved on 2008-06-27.
- ↑ Mongolia - Second Private Sector Development Credit Project Report 32067-MN.
- ↑ Zoos Bank. Introduction. Retrieved on 2008-07-24.
- ↑ Zoos Bank. Introduction. Retrieved on 2008-07-24.
- ↑ Mongolia-Private Sector Development Project Implementation Completion Report No. 31419.
- ↑ Mongolia - Second Private Sector Development Credit Project Report 32067-MN.
- ↑ Zoos Bank. 2006 Zoos Bank Annual Report. Retrieved on 2008-07-24
