Khan Bank
Systemic commercial bank
Mongolia's largest commercial bank and one of the five systemically important banks. It was established in 1991 as the Agricultural Cooperative Bank when the State Bank of Mongolia was broken up, taking over most of the State Bank's rural offices, and it accounts for about one-third of the total assets of Mongolia's banking sector (Mongolia Inc, FRC IPO approval report; Proparco, 9 December 2024).
The bank was privatised in 2003, renamed Khan Bank in 2006, and listed on the Mongolian Stock Exchange in April 2023. It serves about 2.6 to 2.7 million customers through more than 540 branches nationwide, reaching about 82 percent of Mongolian households, with more than 6,000 employees (Mongolia Inc; Proparco, 9 December 2024; EBRD via GoGo Mongolia).
PEOPLE
Munkhtuya Rentsenbat (R. Munkhtuya)
Chief executive officer - named as CEO in ADB, FMO and EBRD releases in 2025 and 2026 and in the bank's first-half 2023 financial statement filed with the Mongolian Stock Exchange
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MONEY
The April 2023 IPO - DOCUMENTED
Khan Bank sold 10 percent of its shares at MNT 959 each in a subscription from 13 to 19 April 2023, raising MNT 183.4 billion. Euromoney described the sale as the largest IPO in the history of the Mongolian Stock Exchange at that time, and Inside Mongolia reported the bank then had MNT 15.1 trillion in assets, a 32.6 percent market share and 37.1 percent of all loans (Inside Mongolia, April 2023; Euromoney, Awards for Excellence Mongolia).
Ownership before the IPO - DOCUMENTED
After privatisation in 2003, Sawada Holdings of Japan acquired 100 percent and subsequently sold 40 percent to Tavan Bogd Trade Ltd (Devex). An Asian Development Bank project document reported, as of December 2013, Sawada Holdings held 41.3 percent and Tavan Bogd Trade held 23.0 percent. Those are dated 2013 figures, not a current shareholder register (ADB project document MON 47934).
International social bond - DOCUMENTED
Proparco subscribed US$30 million, as part of an issue led by IFC with a US$100 million subscription, to a social bond issued by Khan Bank, described as the first-ever in Mongolia. Proparco reported the funds were allocated to SMEs (35 percent), women-owned SMEs (35 percent) and affordable housing (30 percent) (Proparco, signature date 9 December 2024).
RECORD
Receivership and privatisation - DOCUMENTED
In 1999 the former Agricultural Bank was placed into receivership by the Bank of Mongolia. Under World Bank guidance a restructuring plan was developed, the government assumed ownership and recapitalised the bank, a USAID-funded external management team was brought in, and in 2003 the bank was privatised through international tender (Devex; DAI, USAID/EBRD project 2003-2006).
The first international green bond - DOCUMENTED
In 2023 Khan Bank issued Mongolia's first international green bond, raising US$60 million from investors including the International Finance Corporation, the Dutch development bank FMO and MicroVest, earmarked for renewable energy, green buildings and climate-smart agriculture (Euromoney, Awards for Excellence Mongolia).
Green bonds with ADB - DOCUMENTED
The Asian Development Bank invested US$12.5 million in Khan Bank's green bonds, described by ADB as a milestone first in Mongolia. Chief executive Munkhtuya Rentsenbat was quoted by ADB on the bank's ability to attract international funds and its strategy to become the leading provider of green finance in the country (ADB).
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.