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Capitron Bank Mongolia, London Asia UK start joint venture |
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Wednesday, 08 March 2006 |
London Asia Capital, the Far East-focused finance house, has entered a 60/40 joint venture with Capitron Bank of Mongolia. The joint venture is a direct outcome of the recent visit of the Lord Mayor of London and has been formed to explore opportunities in banking, insurance and capital market operations in Mongolia.
Capitron Bank, which began operations in 1991,
as a "a licensed commercial bank with clients primarily in the mining
and financial services sector." It currently employs 108 people and had
total assets of $21.7 million at the end of 2003 and claims to be the third
largest MasterCard issuer in Mongolia. 52 billion MNT of total loans have been
granted to more than 2000 citizens and business organizations.
The new joint venture gives the Essex firm London Asia capital an opportunity to become the exclusive
corporate and financial adviser to companies in Mongolia when they look
to raise overseas capital via an IPO, private placement or trade sale.
London Asia also
reported that its investee company, Asia Power, recently reported
record net profits of £3.5m for the year ended 31 December 2005, up 86
per cent from £1.9m in 2004.
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