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Executive Management Team


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TSEVEGJAV Gumenjav
Chief Executive OfficerMr. Tsevegjav Gumenjav was appointed as the CEO of XacBank in May 2019. He joined XacBank and TenGer Financial Group in 2011 and has held various management positions within 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, Chairman of Board of Directors of Tenger Insurance LLC from 2014 to 2017 and CEO of XacLeasing since 2013 until his current appointment. TJ 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, TJ lived and worked in the United States in 2004-2011 working as treasury manager and financial analyst for a number of large US companies.




AMAR Hanibal
President, Business Banking
Mr.Amar Hanibal joined XacBank in July 2014 as the President. Prior to joining XacBank, Amar worked for three years as the Managing Director for TenGer Financial Group.
Previously, he was the Managing Director, Head of risk management at JSC Kazkommertsbank (KKB), the largest commercial bank in Kazakhstan. Amar joined KKB in 2008 with over 10 years of experience in international banking, specifically in risk management, project finance and leveraged finance. Prior to joining Kazkommertsbank, he had held positions with ABN AMRO Bank in various global offices, including London, Amsterdam, Chicago. As part of ABN AMRO Bank's Structured Debt unit, he worked on several high-profile transaction in the Oil & Gas, Power and Telecom sectors in Europe. Amar started his career with ABN AMRO Bank's Group cash management department, before moving to Global Risk Management division.
Amar earned a degree of Bachelor of Business Administration from the European University of Brussels, Belgium and received a Master of Business Administration diploma from Harvard Business School, Boston, USA.


ULAMBAYAR Enebish
Chief Operations Officer
Ms Ulambayar Enebish was appointed Chief Operation Officer in November 2015. In addition, she continues to assume her responsibilities as the Chief Internal Auditor in which capacity she has worked since July 2013. Prior to joining XacBank, she worked as Stakeholder Engagement Manager in Oyu Tolgoi LLC, which operates one of the largest mining projects. Ulambayar has overall 16 years of experience in the banking sector. She was the Deputy CEO at Development Bank of Mongolia in charge of operations. Ms Ulambayar worked also at the Supervision Department of the Central Bank of Mongolia for 12 years where most of her professional experience was gained.

Ms Ulambayar graduated from the Mongolian National University majoring in banking and finance and obtained her master’s degree in business administration from Victoria University in Melbourne, Australia



TORSTEN Kleine Buening
Chief Risk Officer
ХTorsten Kleine Buening was appointed as Chief Risk Officer at XacBank in January 2017. He is responsible for managing Credit, Market, Liquidity and Operational Risk and Compliance. He joined XacBank from Standard Chartered, where he served as Head, Governance for Enterprise Risk Management.

Torsten is an experienced risk practitioner with 16 years of experience covering conventional and Islamic Finance in developed and emerging markets.  His career spans across a diverse range of leadership roles for risk and capital management, risk governance and modelling in regional and multi-national financial institutions as well as start-ups and risk related roles in consulting.  Further, Torsten drove projects and change initiatives including a Basel II implementation across 11 countries.

Torsten draws his experience from engagements in US, Europe, Middle East and most recently Singapore; and holds a degree as Diplom Wirtschafts-Informatiker / Master of Science on Information Systems of Westfaelische Wilhelms-Universitaet Muenster / Germany.



GERELMAA Yunden
Chief Credit Officer
Ms. Gerelmaa Yunden was appointed as a Chief Credit Officer in February 2006. She started her career as an accountant in the International Settlements Department at the Bank of Mongolia from 1986 to 1990. She also worked as a Director of the International Banking Department, as the Deputy Director of the Credit Department, as the Director of the Debt Workout Unit, and as the manager of financial institutions in the corporate banking department of the Trade and Development Bank of Mongolia.

She graduated with a degree in Economics from the Institute for Economics in Berlin, Germany. She attended the management programme on market economy from 1992 to 1994 at the Institute for Economics in Kiel, Germany.



ERDENEBAYAR Ganzorig
Chief Financial Officer
Erdenebayar Ganzorig serves as Chief Financial Officer of XacBank since January 2013. Prior to his appointment as CFO, he has worked since July 2012 as Head of Financial Management Division of XacBank. Erdenebayar has spent with XacBank his professional career starting from a junior position and going through all the levels of management. He joined the Bank as Risk Officer in 2005 and was promoted in 2007 to Senior Risk Officer. From 2008 to 2010, Erdenebayar worked as the Head of the Integrated Risk Management Division and was in charge of integrated risk management, the asset-liability management and operational risk management. In the period from 2010 to 2012, he did his graduate studies in Japan and rejoined the Bank after obtaining a MBA degree majoring in finance.

ZUL Ganzorig
Chief Human Resources Officer
Ms. Zul Ganzorig was appointed as a Chief Human Resource Officer at XacBank in August 2014. Previously, Zul worked for TenGer Financial Group for 3 years as Vice President for Human Resource and Director of Human Resources Management Department at XacBank. Her areas of responsibility include compensation, benefits, training and development, employee relations and career services, payroll, records, recruitment and staffing, performance management, leadership development, organizational culture and organizational structure at the bank.

She has been working at XacBank since 1999. First hired by ACDI/VOCA at MicroStart Mongolia UNDP project, a predecessor of XacBank. During the merger of the two biggest NBFIs, she has successfully lead the integration of the HR programs and policies when transforming into a commercial Bank. The process involved a structural change in the organization from a product oriented one into a relationship focused business.

She also headed the Operations Division overseeing the back office functions in 2003. Prior to that, she worked as an international relations officer at the Ministry of Health and Social Welfare during the implementation phase of the UNDP Youth Development project in 1998. She occasionally provides international consultancy in HRM to MFIs in the region, which has developed and delivered numerous international MFI visitor programs to XacBank.

She graduated from Sofia University with Bachelor of Mathematics and Informatics. She serves on the Board of Directors of Banking and Finance Academy, established by Mongolian Bank Association and Mongolian Pension Fund LLC.





UNDARMAA Enkhbayar


Chief Auditor
E.Undarmaa started working for XacBank in November 2008 as a Senior Officer at Credit Management Department, and later, as a Director of Credit Risk Policy Division. Prior to been appointed as Chief Auditor, Undarmaa worked as a Chief Risk Officer of TenGer Insurance LLC since July 2014. She began her career from Trade and Development Bank’s International Settlement Department, and she has experiences in correspondent relationship, trade finance and credit operation at banks and non-bank financial institutions.

E.Undarmaa earned her bachelor’s degree in banking and financing from the Institute of Finance and Economy of Mongolia in 1998. She had professional trainings at Houston College of USA, Dresdner Bank of Germany, and University of Tokyo of Japan.

ASHIDMAA Dashnyam
Chief Investor Relations and Corporate Affairs Officer:
Ms. Ashidmaa Dashnyam was appointed as Chief Investor Relations and Corporate Affairs Officer at XacBank in August 2014. Previously, Ashidmaa worked for TenGer Financial Group for 3 years as Vice President for Investor Relations and Corporate Affairs.

Prior to joining TenGer, Ashidmaa worked for two years as the Corporate Governance Director for Energy Resources LLC. During her engagement with Energy Resources LLC, Ashidmaa was part of the working group during the Initial Public Offering on the Hong Kong Stock Exchange in charge of corporate governance and compliance.

Ashidmaa worked also for a number of USAID-funded programs as the Business and Finance Advisor from 2004 to 2009 at the Economic Policy Reform and Competitiveness Project run by Chemonics International and as a Financial Analyst from 1998 to 2004 at the Mongolia Privatization Program of Barents Group of Bearing Point Inc. She served also as the Chief Executive Officer ad interim from 2006 to 2007 of the Mongolian Mortgage Corporation, the first secondary mortgage market institution, set up by 10 commercial banks of Mongolia. Ashidmaa serves also on the board of directors of the Mongolian Corporate Governance Center.

Ashidmaa holds a Master Degree from Virginia Tech (Virginia Polytechnic Institute and State University), Blacksburg, Virginia, USA, with concentration in corporate finance, bond investments and use of financial derivatives in risk management and a Bachelor’s Degree from the Moscow State Institute of International Relations, Moscow, Russia, with concentration in international monetary and credit relations.



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