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:
“Three million of such stones would be needed before the work was done. Three million stones of an average weight of 5,000 pounds, every stone cut precisely to fit into its destined place in the great pyramid. From the quarries they pulled the stones across the desert to the banks of the Nile. Never in the history of the world had so great a task been performed. Their faith gave them strength, and their joy gave them song.”
—William Faulkner (1897–1962)
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—Will Durant (1885–1981)
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—Sean O’Casey (1884–1964)