Mongolia

When Norihiko Kato took the helm of Golomt Bank in 2019, he had little idea of the global chaos to come. The Covid-19 pandemic greatly complicated plans to expand the bank’s business in the retail, corporate and small and medium-sized enterprise sectors. But Golomt succeeded anyway.

The merger of Credit Bank with TransBank offers a template for Mongolia’s financial industry, which is ripe for more consolidation and better governance.

The community of economies going green in a hurry has the unlikeliest of new members: coal-addicted Mongolia. Can the country shed its past?

Anar Chinbaatar, one of five founders of LendMN, doesn’t claim to be able to see into the future. But it’s hard to think of an entrepreneur who did a better job of gearing a startup for where Mongolia would be six years on.

Trade and Development Bank of Mongolia didn’t miss a step in 2020, its 30th anniversary year, when it strengthened its status as the nation’s best corporate and investment bank.

With Khan Bank, the hard part is figuring out which of Asiamoney’s five awards for Mongolia it deserves most, given it checks pretty much all of the boxes.

TransBank set a new standard for multi-tasking in 2021 as it pulled off a merger during an economy-shaking pandemic.

In the 26 years since Golomt Bank opened its doors, it has rapidly grown into a premier commercial bank. In its first two decades, between 1995 and 2015, it expanded to the point where Golomt alone generated business equivalent to a quarter of Mongolia’s gross domestic product.