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Tsevegjav Gumenjav appointed as new CEO of XacBank and TenGer Financial Group

XacBank and its holding company TenGer Financial Group announced today that the Board of Directors had unanimously appointed Tsevegjav Gumenjav as the next Chief Executive Officer of the organizations. Tsevegjav Gumenjav, who served as President, Retail Banking, Chief Executive Officer of the Group’s XacLeasing LLC and Chairman of Board of Directors of Tenger Insurance LLC, will succeed Boldoo Magvan, the departing CEO and Executive Director, starting 8 May 2019. 

“The Board is pleased to have appointed Tsevegjav Gumenjav as CEO of XacBank and TenGer Financial Group to assume leadership of these well recognized and respected financial institutions.” – said Sanjay Gupta, Chairman of XacBank and TenGer Financial Group during the announcement ceremony. “I am positive that Tsevegjav Gumenjav will sustain our continuous growth and lead the Bank and the Group successfully into the future through business and digital transformations. 

He acknowledged also the contributions of Boldoo Magvan to XacBank, TenGer Financial Group and its subsidiaries over his service of 14 years as CEO and said: “The Board plans to retain Boldoo Magvan in an advisory capacity and I would be honored to have him as chief advisor to the new CEO and to me as well to help in my recently assumed new role of Chairman.” 

"I am honored and grateful to the Board, Shareholders and all staff for entrusting me the opportunity to lead this exceptional organization." said Tsevegjav Gumenjav. "I believe XacBank and TenGer Financial Group have tremendous potentials for growth. It is also a great responsibility.” 

Tsevegjav Gumenjav joined XacBank and TenGer Financial Group in 2011 and has held various management positions with the Group as Chief Financial Officer of TenGer Financial Group and later of XacBank from 2011 to 2013, Chief Retail Banking Officer and subsequently President, Retail Bank from 2015 and CEO of XacLeasing since 2013 until his current appointment. Tsevegjav holds a MBA from Regis University, USA and a Bachelor of Science degree in International Business and Information Systems Management from the University of Colorado, USA. Prior to joining the TFG Group, Tsevegjav lived and worked in the United States in 2004-2011 working as treasury manager and financial analyst for a number of large US companies. 

Boldoo Magvan, who is exiting the CEO post today, expressed confidence in the Board's choice and said: "Tsevegjav is certainly a leader who has contributed to a great portion of our success over the years of his work at the Group."

TenGer Financial Group 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, the largest wholly-owned subsidiary of the Group, is one of the well-established banks of Mongolia with a wide range of banking and financial services. 

TenGer Financial Group