IFC Helps Mongolian Bank Improve Corporate Governance
Ulaanbaatar, Mongolia — IFC, a member of the World Bank Group, has signed an agreement with Capital Bank LLC to improve its corporate governance practices, which will help boost its operational efficiency.
IFC will assess the bank’s existing corporate governance practices and help align them with international best practices. IFC will also advise and train directors, managers, and major shareholders in the key areas of board functions, internal control and disclosure.
“Good governance will increase Capital Bank’s operational efficacy and transparency,” said Ariunbold Agvaanjamba, the bank’s executive director. “As a member of Bishrelt Holding Co., one of Mongolia’s largest trading and services companies, we are committed to bringing our corporate governance practices to the next level to support Bishrelt’s and our future growth.”
Driven by its natural resources sector, Mongolia grew 12.5 percent last year and is one of the world’s fastest-growing economies. Mongolian businesses are eager to strengthen their institutional capacity in order to cope with the rapidly changing market.
Capital Bank, the first commercial bank in Mongolia with 61 branches, is the third bank to join IFC’s Mongolia Corporate Governance Program, following XacBank and Khan Bank.
“Improving corporate governance is one of IFC’s global priorities in emerging markets like Mongolia,” said Ian Crosby, IFC’s manager for sustainable business advisory in East Asia and the Pacific. “Mongolia’s banking industry plays an important role in the economy and has set sustainable business models for more local businesses to follow.”
In partnership with Japan and the Netherlands, IFC has organized training and consultations for more than 300 Mongolian companies and banks since 2009.
IFC, a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector. We help developing countries achieve sustainable growth by financing investment, mobilizing capital in international financial markets, and providing advisory services to businesses and governments. In FY12, our investments reached an all-time high of more than $20 billion, leveraging the power of the private sector to create jobs, spark innovation, and tackle the world’s most pressing development challenges. For more information, visit www.ifc.org.
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