Annual General Meeting of the Shareholders of XacBank and TenGer Financial Group and meetings of the Boards of Directors
PRESS RELEASE, 28 March 2019
The Annual General Meeting (“AGM”) of the Shareholders of XacBank and TenGer Financial Group was held on 28 March 2019 in Ulaanbaatar, Mongolia with an effective quorum of 100 percent.
The AGM considered and approved the annual operational and financial results and the audited financial statements of the Bank and the Group for 2018. The AGM elected and re-elected the Board Directors of the Bank and the Group.
The Boards of Directors of the Bank and the Group held also its meetings and resolved to appoint Mr. Sanjay Gupta as the Chairman of the Board of Directors of XacBank and TenGer Finanical Group.
After 15 years of service as Board Chairman, Mr. Ganbold Chuluun stepped down and was appointed as Chairman Emeritus.
Mr. Sanjay Gupta, the new Chairman of the Boards of the Bank and the Group, is a seasoned banker with over 30 years of global banking experience. Mr. Gupta held senior leadership roles with Bank of America and Credit Agricole. Since his retirement as a full-time banker four years ago, he has been acting as Advisor to the International Finance Corporation. Prior to his appointment to the position of Chairman, Mr. Gupta has served on the Boards of the Bank and the Group for 2 years and chaired the Governance, Nomination and Compensation Committee.
TenGer Financial Group, one of the leading financial groups of Mongolia, provides a wide range of banking and financial services since 2001 through its portfolio of companies in leasing, insurance, brokerage service and wealth management.
XacBank is the largest subsidiary of TenGer Financial Group and the fourth largest bank in Mongolia.
TenGer Financial Group