Trade and Development Bank
Systemic commercial bank
Mongolia's oldest commercial bank and one of the country's systemically important banks. The bank was established in October 1990 by government resolution under the name State Bank of Mongolia (International), started operations in January 1991 to manage the government's foreign trade and commercial activities, and changed its name to Trade and Development Bank in October 1993 (IFC project disclosure, signed 29 June 2004). GuarantCo, part of the Private Infrastructure Development Group, described it in September 2025 as founded in 1990, Mongolia's oldest and most pioneering commercial bank, and a systemically important institution (GuarantCo, 23 September 2025).
The bank is the dominant player in Mongolia's corporate lending and trade finance. At the time of its 2023 listing it accounted for 43 percent of all loans to companies in the previous year, handled 32 percent of Mongolia's cross-border transactions and 27 percent of its trade investments in 2022, and had ties to 300 banks and financial institutions worldwide (Inside Mongolia, 2023).
PEOPLE
Orkhon Onon (O. Orkhon)
Chief executive officer - named as CEO in the bank's Annual Report 2024, in the Global Green Growth Institute partnership release of 19 April 2024 and in GuarantCo reporting in September 2025
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Randolph S. Koppa
Chairman of the board - named as chairman in the bank's audited financial statements for 2024 and 2025
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Erdenebileg Doljin (D. Erdenebileg)
Majority owner and board member - owns 60.8011 percent of the bank indirectly through US Global Investment LLC and Globull Investment and Development Pte. Ltd. (Trade and Development Bank investor presentation, 2024)
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MONEY
The May 2023 IPO - DOCUMENTED
The bank was listed on the Mongolian Stock Exchange on 12 May 2023. As part of the initial public offering it issued 2,530,047 additional new shares at a subscription price of MNT 33,000 per share, resulting in total net cash proceeds of MNT 81,611,691 thousand after transaction costs (Trade and Development Bank Annual Report 2023). The bank's own use-of-proceeds report filed with the Mongolian Stock Exchange recorded 2,528 orders totalling MNT 105.5 billion, surpassing its initial target of MNT 83.5 billion and closing at 126.4 percent oversubscription.
Ownership at the end of 2025 - DOCUMENTED
As of 31 December 2025 the shareholders were Globull Investment and Development Pte Ltd with 60.80 percent, TDB Capital LLC with 29.69 percent, GS Mongolia Investment Limited (Goldman Sachs) with 2.81 percent and public shareholders with 6.70 percent, unchanged in structure from 31 December 2024 except for a fall in the Goldman Sachs holding from 3.12 percent and a rise in the public holding from 6.39 percent (Trade and Development Bank audited financial statements, 2024-2025).
The GuarantCo guarantee - DOCUMENTED
On 23 September 2025 GuarantCo, part of the Private Infrastructure Development Group, provided a five-year 100 percent payment default guarantee of USD 41.5 million to Trade and Development Bank, its first deal in Mongolia. The guarantee enables the bank to access a sustainability loan from the Tokyo branch of Korea Development Bank, to be on-lent to eligible green and social projects under the bank's sustainability framework verified by Moody's ESG Solutions (GuarantCo, 23 September 2025).
RECORD
Privatisation - DOCUMENTED
In April 1998 the Government of Mongolia sold 24 percent of its shares in the bank to employees while retaining the remaining 76 percent, and in December 2002, as part of the 2001-2004 privatisation strategy, the bank was totally privatised (IFC project disclosure for Trade and Development Bank of Mongolia).
The first international bond - DOCUMENTED
On 17 January 2007 FinanceAsia reported that Trade and Development Bank had priced the country's first-ever international bond offering, a three-year USD 75 million bond that was part of a USD 150 million issuance programme, with ING as sole arranger. The bank was then described as Mongolia's largest bank by assets (FinanceAsia, 17 January 2007).
The Ulaanbaatar City Bank merger - DOCUMENTED
On 26 June 2020 the bank and Ulaanbaatar City Bank LLC were officially merged under Bank of Mongolia resolution No. H/100 dated 23 June 2020, with all assets, liabilities, reserves and branches of Ulaanbaatar City Bank merged into Trade and Development Bank with effect from 26 June 2020 (Trade and Development Bank Annual Report 2021, notes to the financial statements).
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.