Golomt Bank of Mongolia LLC is pleased to announce two important developments in the governance and management of the bank. 

Effective today, after three years as Chairman of the Governing Board,  Mr. Boldkhuyag Luvsanvandan is relinquishing that role and will be succeeded as Chairman by the bank’s longstanding President and Chief Executive Officer, Mr. D. Bayasgalan.  In addition to his wide-ranging professional commitments Mr. Bayasgalan plays a leading pro bono role in sporting, cultural and educational spheres within Mongolia and has just been appointed as Treasurer of FISU (The International University Sports Federation) headquartered in Brussels. As part of this seamless transition process Mr. Boldkhuyag will continue to serve as a member of the Governing Board of the bank. 

In turn Mr. Bayasgalan is succeeded as Chief Executive Officer by Mr. John Finigan, a highly experienced British banker who was the founder General Manager of National Bank of Kuwait International and has served as Chief Executive Officer of both Qatar National Bank and National Bank of Oman.  As such he has enjoyed long experience and success in emergent market economies.   

Mr. Finigan holds an M.A. degree from the Fletcher School of Law and Diplomacy at Tuft’s University, Medford, Massachusetts and is a Barrister-at-Law of Lincoln’s Inn, London. He is a Fellow of the Chartered Institute of Bankers/Institute of Financial Services and the Royal Society of Arts; an Associate of the Institute of Chartered Secretaries and Administrators; a Member of the Securities Institute; and, a Freeman of the City of London.  He is the author of “The Path to Currency Union in the Gulf Co- operation Council States” published in 2004. 

The economy of Mongolia continues to power ahead with GDP having expanded by an average of 7.6% over the past five years and growth forecasts for 2007 and 2008 coalescing in the 8 to 10% range, reflecting rapid growth in both volumes and value of the country’s exports, principally mineral resources. The country has emerged for the first time as a net external creditor this year.  Mongolia enjoys sovereign credit ratings of B1 from Moody’s with a stable outlook while both S & P and Fitch extend B+ ratings with a positive outlook. 

Golomt Bank, founded in 1995, has rapidly emerged as a leader within Mongolia’s wholly private sector banking system.  The bank is 100% owned by Bodi International LLC, one of Mongolia’s leading diversified industrial conglomerates. As at the end of June 2007 the bank ranked second in terms of deposits and total assets among the sixteen banks incorporated in Mongolia with 17.2% of the total assets of the banking system. The bank has long been a pioneer introducing credit cards, personal cheques, 24-hour banking, online banking, e-banking (utility and card payments), Premier (private banking) service and numerous other innovations within the domestic banking system, the Bank is committed to introducing best industry standards throughout its operations as it plays an increasing role in financing trade and investment flows at a time when the country’s economy is expanding at an exponential rate. 
 

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