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Industry Financial services
Headquarters Ulaanbataar, Mongolia
Key people
Bold Magvan (CEO)
Services Banking
Website www.xacbank.mn

XacBank (Mongolian: ХасБанк) is a Mongolian banking and financial services company headquartered in Ulaanbaatar. XacBank was founded in 2001 following the merger of “Goviin Ekhlel” LLC and “X.A.C” LLC, two largest non-banking financial institute in Mongolia. XacBank is organized into three main business groups: Retail Banking; Business Banking; and Corporate Banking. The XacBank is present in has around through an extensive national branch network of 86 retail and 2 business service branches along with digital channels including ATMs, Internet and Mobile banking serving 700,000 customers all over Mongolia. XacBank is wholly owned by TenGer Financial Group LLC, and through TenGer XacBank is the only Mongolian financial institution that is majority-owned by a broad base of globally recognized international investors including IFC, ORIX, EBRD and other foreign and domestic investors.



XacBank was established in late 2001 as a result of merger of the two largest non-banking financial institutes in Mongolia, “Goviin Ekhlel” LLC and “X.A.C” LLC,. XacBank was the first non-banking financial institutes in Mongolia to receive Banking license from Bank of Mongolia. Goviin Ekhlel LCC was established by Mercy Corps in December 1999 with funding from USAID as a non-banking financial institute serving small and medium-sized enterprises. X.A.C., LLC began in 1998 under the Micro Start Mongolia Project under UNDP, later transformed into Mongolia’s first non-banking financial institutions by uniting the financial services activities of six local NGO’s.


After its establishment, in 2002 XacBank made its head start to become national bank by maintaining its presence in every province of Mongolia. XacBank introduced the “Future Millionaire” children’s savings which later became National Brand owned by 1 in 5 children in Mongolia. In 2004, IFC invested in XacBank, by which the Bank became the first domestic commercial institution to receive high profile international funding. The Bank joined Global Reporting Initiative and UN Global Compact principles to improve corporate transparency and CSR management. It has been named as one of the top 100 microfinance institutions globally by Forbes magazine in 2007. XacBank was the first bank in Mongolia to receive international ratings from Moody’s Investors Service as well as the first bank to establish Customer Contact Center delivering customer services via online and by telephone. In 2008, XacBank launched ATM, internet and message banking service as part of the Nomadic Banking drive to make banking services accessible to the most remote parts of Mongolia. In 2009, XacBank successfully made its first step into an operational expansion outside of Mongolia by investing directly to Molbulak Microfinance Institution in Kyrgyzstan. XacBank’s Eco Banking Department, established in 2009, is the first and only private banking unit in Mongolia dedicated solely to providing environmentally sustainable financial solutions. XacBank, focusing on its triple bottom line of Planet, People, and Profit, has become the leader within the Mongolian banking sector in providing access to credit for consumers and businesses looking to improve energy efficiency or bring clean technologies to the Mongolian market.


Aflatoun, the financial education program initiated by XacBank for children age of 8-14 was first implemented in 2010. Since then it has been reached to over 38,000 children in Mongolia. XacBank was the first bank in Mongolia to develop the mobile banking app. The Bank set Trade financing services and correspondent banking relationships with CommerzBank, Korea Exchange Bank, Bank of China and Sumitomo Mitsui Banking Corporation. For the first time in Mongolia, in 2013, XacBank has issued US$9.8 million corporate bonds on the Luxembourg stock market, in cooperation with Symbiotics Microfinance Fund. Cooperation Agreement has been signed with German DEG and BIO financial institution from Belgium, to act as security trustee bank. XacBank welcomed National Bank of Canada (NBC) as its newest shareholder in 2015. The investment in XacBank was made through the holding company of XacBank - TenGer Financial Group (“TFG”). NBC’s investment in XacBank and TFG is the first investment by a foreign commercial bank in the financial sector of Mongolia. Through XacTugul Campaign for tree planting, XacBank has created 27 meadows in 21 province by planting more than 32,000 trees. For the social performance of the Bank, Planet Rating, the global microfinance rating agency granted grade ‘4’ Satisfactory to XacBank. This rating is considered among the highest in Asia and among the top 15 worldwide. By the Planet Rating’s ranking, XacBank has been awarded with Client Protection Certification on 25 August 2015 as the first organization in Mongolia to implement The Smart Campaign’s Client Protection Principles.


XacBank is organized into two main business groups: Retail Banking, and Corporate and Business Banking. The Bank serves individual consumers, small and medium-sized enterprises (SMEs) and corporate customers by providing full range of banking, insurance and other value added financial products and services.

Products and Services[edit]

XacBank’s core products include current and savings accounts, various credit and lending products, as well as both domestic and international remittances.


XacBank has sponsored ‘Boom 2020 (Duulian 2020) soccer project since its initiation in 2006, biggest youth indoor football tournament in Mongolia. Also XacBank supports and works closely with "Xac-iin Khuleguud" basketball and hockey team. XacBank partenered with first ever Mongolia’s Got Talent, the world renown TV show.

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