TenGer Financial Group LLC
Founded in 1999 as one of the first non-bank financial companies in Mongolia and was initially known as Goviin Ekhlel. It then became a holding company of XacBank upon the merger of Goviin Ekhlel with X.A.C. (Golden Fund for Development) two major non-bank financial institutions in 2001, which created XacBank and X.A.C.-GE Holding. X.A.C.-GE Holding was renamed TenGer Financial Group. It is a parent of XacBank and other companies such as, ХасLeasing, ХасSecurity and Horus Nomadic Solutions.
TenGer Financial Group's shareholders comprise well known international institutions, such as IFC, EBRD and Mercy Corps, and local business entities.
In 2009 TenGer Financial Group successfully raised shares worth MNT 7.5 billion thanks to its shareholders including, EIT Capital Management LLC, IFC, EBRD, Mercy Corps, Triodos Bank Group, BlueOrchard Private Equity Fund and local NGOs. MNT 5 billion of this raised shares are expected to infuse Xac Bank's capital and enlarge its service scope.
On September 3rd, 2012, TenGer established the first Sino-Mongolia Micro Finance Institution along with four other investors such as IFC. With the combined international microfinance knowledge and experience of its investors, TianRong is in a unique position to lead in the microfinance sector in Xinjiang, China and elsewhere in Central Asia.
Read more about this topic: Xac Bank
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