Blanketing Mongolia with a network of branch offices, Khan Bank provides the country’s buoyant private sector with premium financial services. In many of Mongolia’s provinces, Khan Bank is the only option for farmers and small business owners looking to obtain financing or other financial services.
Formerly the state-owned Agricultural Bank of Mongolia, Khan Bank was formed in 2000 with help from the World Bank, the European Bank for Reconstruction and Development, and the US Agency for International Development (USAID). The bank was privatised three years later and has been profitable ever since. Khan Bank remains the largest bank in Mongolia, reaching 80% of the country’s population via a network of over 500 branch offices and employing about 4,000 professionals.
Both the government in Ulaanbaatar and multilateral organisations present in Mongolia consider Khan Bank fundamental to the development of the local economy. Not only is Khan Bank the largest Mongolian bank by assets, loan portfolio, deposits, and earnings; it is also one of the country’s largest taxpayers. Over the past decade, Khan Bank has expanded its geographical footprint significantly in a drive to reach the entire population of the vast and sparsely populated country.
The CFI.co judging panel researched Khan Bank last year and presented it with the Best SME Bank Award. Over the past twelve months, the bank has stayed the course and remained true to its commitment to serve the nation. Thus, Khan Bank again receives the Best SME Bank Mongolia Award.