Golomt Bank
Systemic commercial bank
Mongolia's second-largest commercial bank and one of the systemically important banks, headquartered in Ulaanbaatar. It was founded on 6 March 1995 with four employees and initial capital of about MNT 400 million, and now operates more than 100 branches, serving about 1 million customers with about a 20 percent share of the banking sector (Trade Finance Global; Euromoney).
The bank was founded by the Bodi Group, is controlled by Golomt Financial Group LLC, and listed on the Mongolian Stock Exchange in November 2022 following the banking-law reform that required the systemic banks to go public (Golomt Bank presentation, 2013; Golomt Bank 2023 semi-annual report filed with MSE).
PEOPLE
Odonbaatar Amarzaya (A. Odonbaatar)
Chief executive officer from 1 August 2024 - appointed by Board Resolution No. 00/16 on 21 May 2024; named as CEO in Euromoney, ADB and FinDev Canada reporting in 2024 to 2026 (Golomt Bank board resolutions)
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Norihiko Kato
Chief executive officer until 31 July 2024 - Board Resolution No. 00/15 on 21 May 2024 resolved not to extend his contract; he led the bank during its May 2024 US$300 million international bond issuance (Golomt Bank board resolutions; IFR)
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Bayasgalan Danzandorj (D. Bayasgalan)
Ultimate beneficiary owner, one of the founders, former CEO and former chairman - Golomt Financial Group LLC is solely owned by him (Golomt Bank 2023 semi-annual operational report filed with the Mongolian Stock Exchange)
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Luvsanvandan Bold
Co-founder of the Bodi Group that founded Golomt Bank - the Media Ownership Monitor records Bodi Group was established by Bold Luvsanvandan, D. Bayasgalan and M. Zorigt, and a Golomt Bank presentation records the bank was founded in 1995 by the Bodi Group
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MONEY
The November 2022 IPO - DOCUMENTED
Golomt Bank listed in November 2022. Euromoney reported a MNT 103.3 billion initial public offering, oversubscribed by 110.7 percent, and Trade Finance Global reported the IPO raised MNT 118.8 billion in total. The bank's own 2023 semi-annual report filed with MSE reported MNT 114.4 billion collected from the public in primary trading in November 2022 and described it at that time as the largest IPO in MSE history (Euromoney; Trade Finance Global; Golomt Bank MSE report, 2023).
Ownership - DOCUMENTED
Trade Finance Global reported Golomt Financial Group LLC held 77.20 percent, Swiss-Mo Investment AG 5.21 percent, Bodi International LLC 3.42 percent and Golomt Investment Ltd 2.57 percent, with 11.60 percent publicly traded after the 2022 IPO. The bank's 2023 MSE report stated Golomt Financial Group is solely owned by Bayasgalan Danzandorj, the bank's ultimate beneficiary owner (Trade Finance Global; Golomt Bank 2023 semi-annual report filed with MSE).
The May 2024 dollar bond - DOCUMENTED
In May 2024 Golomt issued a debut US$300 million three-year senior unsecured bond, described by IFR as the first standalone return by a Mongolian commercial bank to the dollar market in 12 years, attracting about US$500 million in demand. Board Resolution No. 00/14 on 10 May 2024 authorised the US$300 million issuance under Reg S/144A for trading on the Singapore Stock Exchange (IFR; Golomt Bank board resolutions).
RECORD
Digital firsts - DOCUMENTED
Golomt first introduced Mastercard to the Mongolian market in 1999, launched internet banking in 2002, mobile banking in 2009 and the SocialPay digital wallet in 2017, described as Mongolia's first digital wallet. It accounts for about one-third of the Mongolian credit card market in Mongolia Inc reporting (Mongolia Inc, Golomt IPO report; Trade Finance Global).
Sustainable finance - DOCUMENTED
Golomt is a founding member of the UN Environment Programme Finance Initiative Principles for Responsible Banking and had developed a green loan portfolio exceeding MNT 192 billion as of the first half of 2024, primarily supporting sustainable agriculture and energy-efficient projects (Trade Finance Global).
Founding group - DOCUMENTED
The Media Ownership Monitor records Bodi Group was established in 1989 as a conglomerate by Bold Lu, Bayasgalan D and Zorigt M, that Zorigt transferred his shares to Bayasgalan in 2004, and that after a founders' dispute from 2013 Bayasgalan held ownership of Golomt Bank through Bodi International (Media Ownership Monitor Mongolia, Mongol Mass Media Group page).
A filled seal is documented. An open seal is an allegation, source named.
How to read this page. Every line names its source. A line marked ALLEGATION is a claim already published by the named source and already in the public record. Decode Mongolia republishes it as reported, with the source named, and has not verified it. An allegation is not a finding, and nothing on this page is proof of wrongdoing.