Banks
The banking sector is highly concentrated, with four banks holding a significant majority market share:
- XacBank - XacBank is a community development bank and microfinance institution headquartered in Ulaanbaatar, with a nation-wide network of 100 offices and 1309 staff as of June 2012.
- Khan Bank - Khan Bank has 21 regional branch offices throughout the country, each of which supervises an additional 15 to 25 smaller branches in its area.
- Golomt Bank - Golomt Bank started in 1995 and now manages around 23% of the assets in the domestic banking system.
- Trade and Development Bank - TDB was formed in 1990 and is thus the oldest bank in Mongolia. It has a network of 28 branches and settlement centers, 60 ATMs, 1300 POS terminals, and Internet/SMS banking throughout the country.
Read more about this topic: Economy Of Mongolia
Famous quotes containing the word banks:
“The world is a puzzling place today. All these banks sending us credit cards, with our names on them. Well, we didn’t order any credit cards! We don’t spend what we don’t have. So we just cut them in half and throw them out, just as soon as we open them in the mail. Imagine a bank sending credit cards to two ladies over a hundred years old! What are those folks thinking?”
—Sarah Louise Delany (b. 1889)
“I am an intelligent river which has reflected successively all the banks before which it has flowed by meditating only on the images offered by those changing shores.”
—Victor Hugo (1802–1885)
“The effectiveness of our memory banks is determined not by the total number of facts we take in, but the number we wish to reject.”
—Jon Wynne-Tyson (b. 1924)