XacBank
Systemic commercial bank
One of Mongolia's systemically important banks, built from microfinance roots. XacBank was established in late 2001 from the merger of the two largest non-banking financial institutions in Mongolia, Goviin Ekhlel LLC and X.A.C. LLC, and was the first non-banking financial institution in Mongolia to receive a banking licence from the Bank of Mongolia (XacBank profile, via Wikipedia).
The Asian Development Bank described XacBank on 3 December 2024 as established in 2001, one of Mongolia's leading banks with a strong commitment to sustainable finance and micro, small and medium-sized enterprise development, operating across all 21 aimags and serving over 1 million customers through its 72 branches (Asian Development Bank, 3 December 2024).
PEOPLE
Tsevegjav Gumenjav
Chief executive officer - named as CEO in the Asian Development Bank release of 3 December 2024, in the bank's Sustainability Report 2024 and in Proparco reporting in 2025
›
Ganhuyag Chuluun Hutagt
Founder figure - in his own account he dedicated his young adult life to building XacBank, which started in 1999 as a small microfinance company and became one of Mongolia's banks in 2001, and he refers to it as named after his two oldest sons (ganhuyag.com, XacBank impact story)
›
Bold Magvan (Magvan Bold)
Earlier chief executive - named as chief executive of XacBank in Retail Banker International reporting on the bank's retail and microfinance strategy, and as chief executive of TenGer Financial Group in Euromoney reporting
›
MONEY
The May 2023 IPO - DOCUMENTED
XacBank conducted its initial public offering on 25 May 2023, as one of the five systemically important banks required to become public companies under amendments to the Banking Law (XacBank profile, via Wikipedia; Mongolia Inc reporting on the Financial Regulatory Commission approval for Trade and Development Bank and XacBank to issue IPOs).
Ownership at the end of 2024 - DOCUMENTED
As of 31 December 2024 XacBank was owned 94.99 percent by TenGer Financial Group LLC, with public shareholders holding 4.98 percent and treasury shares 0.03 percent. The bank's audited statements for the year ended 31 December 2025 then list the indirect shareholding through TenGer Financial Group, including MAK Invest SG Pte. Ltd., the International Finance Corporation, ORIX Corporation, the European Bank for Reconstruction and Development, the National Bank of Canada and Ronoc Partners Kft. (XacBank audited financial statements, year ended 31 December 2025).
The ADB $50 million package - DOCUMENTED
On 3 December 2024 the Asian Development Bank and XacBank signed a USD 50 million financing package to enhance financing for climate action and to support micro, small and medium-sized enterprises in Mongolia. The package includes USD 40 million from ADB and a USD 10 million concessional loan from the Canadian Climate and Nature Fund for the Private Sector in Asia, with at least 70 percent dedicated to climate mitigation and adaptation projects and the remainder to multisector MSME finance, including lending to women-owned and women-led businesses (Asian Development Bank, 3 December 2024).
RECORD
Microfinance origins - DOCUMENTED
Goviin Ekhlel LLC was established by Mercy Corps in December 1999 with funding from the United States Agency for International Development as a non-banking financial institution serving small and medium-sized enterprises. X.A.C. LLC began in 1998 under the Micro Start Mongolia Project of the United Nations Development Programme and later transformed into Mongolia's first non-banking financial institution by uniting the financial services activities of six local non-governmental organisations (XacBank profile, via Wikipedia).
Future Millionaire and Forbes recognition - DOCUMENTED
In 2002 XacBank established a presence in every Mongolian province and introduced the Future Millionaire children's savings programme, which later served approximately a fifth of children in Mongolia. In 2004 the International Finance Corporation invested in XacBank, the first Mongolian commercial institution to receive such funding, and in 2007 the bank was named as one of the top 100 microfinance institutions globally by Forbes magazine (XacBank profile, via Wikipedia).
Proparco climate, gender and SME facility - DOCUMENTED
Proparco reported a USD 40 million facility for XacBank to finance the green transition, back women-led businesses and give Mongolian small and medium-sized enterprises long-term capital, describing Proparco as a partner of XacBank for 13 years and quoting chief executive Tsevegjav Gumenjav that XacBank was built on the belief that People, Planet and Profit are a single mandate (Proparco, 2025).
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.