Moody’s Investors Service has awarded Mongolia’s Khan Bank with secure credit ratings following its annual evaluations of the bank.
"The rating reflects Khan Bank's leading positions in consumer, micro- and small business finance, its dominant market shares in loans and deposits, stable and experienced management team, strong profitability, and improving asset quality," says Cherry Huang, Vice President at Moody’s.
Khan Bank is rated Baa3/P-3 for its long-term/short-term local currency deposits and B2/NP for its long-term/short-term foreign currency deposits. The outlook for all these ratings is stable.
Khan Bank is headquartered in Ulaanbaatar. It reported assets of approximately USD 687 million as of June 30, 2008.
Khan Bank’s shareholders are Sawada Holdings Co. Ltd, Tavan Bogd Trade Co, Ltd , the International Finance Corporation (IFC), Development Alternatives, Inc. (DAI) and the Morrow Family Trust.
The Board of Directors consists of Mr. Hideo Sawada President and CEO of Sawada Holdings Co., Ltd., Mr. Yoshiaki Mishima, Director of Sawada Holdings Co., Ltd., Mrs. D.Hulan Executive Vice President of the Tavan Bogd Trade Co, Ltd, Mr. Hiroshi Arichi, Director of the IFC’s Tokyo office, and Mr. J. Peter Morrow, the Bank’s Chief Executive Officer.
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