TenGer Financial Group is a Mongolian financial services group providing a range of banking and financial services. We have been and continue to be focused on People, Planet and Prosperity – a commitment to community and environmental issues while operating based on sound commercial principles. We are the only Mongolian financial institution that is majority-owned by a broad base of globally recognized international investors.
Our flagship subsidiary is XacBank which is one of Mongolia’s largest systemic banks serving individual consumers, small and medium-sized enterprises (SMEs) and corporate customers by providing a full range of banking and other value added financial products and services.
Through leveraging XacBank’s extensive network, we offer additional value added financial services including leasing, insurance and investment banking through a number of well recognized financial brands in Mongolia as Tenger Insurance, XacLeasing and TenGer Capital.
02. Our business
Across our businesses we are committed to helping our customers and clients succeed through thepower of every connection.
One of the leading retail banks with extensive branch and digital channel network with over 650,000 clients.
Capital-efficient and relationship driven model with in depth client knowledge and dedicated sector approach.
Largest diversified leasing company and strongly positioned in key growth areas.
Profitable insurance company in Mongolia with extensive branch and agent network.
Full-service investment bank offering clients services in corporate finance, sales and trading, advisory, M&A.
A licensed entity established to provide asset management and securitization solutions.
Chief Executive Officer, TenGer Financial Group & XacBank
Mr. 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.
Chairman of the Board of Directors
Sanjay Gupta was elected on 28 March 2019 as the Chairman of the Board of Directors of XacBank and its holding company TenGer Financial Group. Chairman Gupta continues to serve also as a member of the Board Governance, Nomination and Compensation Committee. He was nominated by International Finance Corporation (IFC) in 2017 and has served on the Board for 2 years as Non-Executive Director, working also as a member of the risk management and governance, nomination and compensation committees chairing the latter prior to his appointment as Chairman. Sanjay Gupta is a seasoned banker with 34 years of banking experience in senior leadership roles in Asia Pacific, Europe, Middle East and Africa (EMEA), and India with Bank of America and Credit Agricole Group. He started his career with Bank of America in India in 1981 and progressed to head the Corporate Banking, Corporate Finance and Financial Institutions Groups. In 1993, he moved to Bank of America's London office where he was Managing Director in Risk Management and later in Structured Credit Group for EMEA. In 1997, he moved to Hong Kong as Managing Director for Bank of America’s Asia Investment Banking Group. In 2001, Sanjay Gupta moved to Credit Lyonnais as the Head of Corporate Origination for Asia Pacific. He was Co-Head of Structured Credit Group for Asia for Calyon in 2007-2009 and subsequently was Asia Head of Global Energy Group for Credit Agricole. Sanjay has an MBA from the University of Delhi.
Mr. Michael Madden has served on the Board of Directors of XacBank since 2009. Michael is the chair of the board governance, nomination and compensation committee. Mr. Madden is the Founder, Chairman and Managing Partner of several global advisory and investment businesses as Ronoc, an investment and advisory services business based in Dublin, founded in 2007, Teneo Capital, founded in 2011 and based in New York, providing strategic counseling to large and complex companies internationally and Ongo (Ronoc Asia PTE Limited), an app-based mobile money service, available to businesses and consumers in Myanmar, founded in 2015, Prior to founding Ronoc in 2007, he was the founding CEO of Renaissance Credit, the third largest consumer finance bank in Russia, established in 2003. In 1993-2003, Mr. Madden had been involved in the cards and banking business in the Eastern European markets working for American Express on different positions. Mr. Madden has a diploma in industrial engineering from the College of Management Studies, Limerick, Ireland.
Andrzej Witak was nominated by European Bank for Reconstruction and Development (EBRD) and elected in March 2019 as a non-executive director on the Board of Directors of XacBank. Andrzej Witak is a member of the Board’s Governance, Nomination and Compensation Committee and Audit Committees. Andrzej is a former EBRD Senior Banker who is now engaged with EBRD as a self-employed consultant focusing on distressed credit management. He was with EBRD from 1997 to 2007 and served as the Head of the EBRD Resident Office in Uzbekistan and Deputy Head of the Resident Office in Ukraine. He has held in the past various non-executive directorships in Poland, Russia, former Soviet republics, Mongolia and East European countries. Andrzej is a graduate of the University of Silesia, Poland with a Master's Degree in Law.
Ms. Tselmuun Nyamtaishir serves on the Board of Directors of XacBank since 2013. Tselmuun is a member of the board risk management and audit committees. She is the President and Board Member of Mongolyn Alt (MAK) Corporation, one of the largest Mongolian multi-business companies. Prior to her current position in MAK, she has held various other managerial positions at the company since 2007 working as Vice President responsible for Social Responsibility Department, Procurement Department and Trading Department and Head of the Investment and Financing Department. Tselmuun started her professional career at Trade and Development Bank of Mongolia in 2005 as a bank officer for the Treasury Trading Back Office. Tselmuun graduated from Valparaiso University, Indiana with a bachelor’s degree in business administration. She also completed the Financial Engineering Program of Stanford University in Hong Kong in 2010.
Mr. Yves Jacquot was appointed as a non-executive director of XacBank in March 2016. Yves is a member of the board risk management and audit committees. Yves is the First Vice President for International Development National Bank of Canada Group and Deputy Director General of NATCAN International. He is also a member of the boards of directors of ABA Bank in Cambodia, Afrasia Bank in Mauritius and Byblos Bank in Lebanon. From 1993 to 2014, Yves served for Bred Banque Populaire in Paris as Deputy Director General and Director General of Cofibred, BRED’s wholly-owned subsidiary, and earlier as Financial Director and Director of Treasury and Market Activity. Prior to joining Bred Banque Populaire in 1993, he has had various positions in the banking area including as Chief Executive Officer in different banks and financial institutions in France since 1980. Yves was also with the French Banking Commission as interim director. In 1980-1984, Yves served at the Inspection Group of the Trade Union of Banques Populaires. Yves is a graduate of Essec Business School and completed also a PhD Finance Program of Wharton School.
Mr. Albertus Bruggink was nominated by ORIX Corporation and appointed by the Board’s decision in June 2020 as Non-Executive Director on the Board of Directors of TenGer Financial Group with membership on the Board’s Risk Management Committee and Audit Committee. Albertus is a seasoned banker with a career of 30 years at Rabobank, a Dutch multinational banking and financial services company headquartered in Utrecht, Netherlands. Starting with various roles in Finance and Control in the Rabobank Group in 1986, Albertus has held the positions of Director Finance & Control Rabobank International and Director Group Finance & Control prior to becoming the Chief Finance and Risk Officer and Member of the Executive Board of the Rabobank Group in 2004 and worked in this capacity until 2016. Currently, Albertus is a Board Advisor at ORIX Corporation and a member of Advisory/Supervisory Boards of several entities in the Netherlands. Albertus is also a Professor of Financial Engineering and Risk Management at the Twente University of Technology in Enschede, Netherlands. Throughout his professional career, Albertus has held also positions outside of Rabobank including as Board Advisor JP Morgan Ltd. in London, Member/Chairman of the Supervisory Board of Robeco Group, Member of the Supervisory Board of FMO (Dutch Development Bank) and Member of the Supervisory Board of Friesland Bank (a Dutch regional bank). Albertus holds a Msc and PhD in Business Administration from Twente University of Technology in the Netherlands.
Ms. Carr was nominated by the IFC to serve as a member of Board of Directors of XacBank and its holding company TenGer Financial group in 2022. She is a development banker with over 30 years of experience with financial institutions and emerging markets. Her broad expertise spans from investment structuring, portfolio management and credit policy to development impact measurement and corporate governance. Ms. Carr has been a Board member of ProCredit Bank, based in the Republic of Serbia, since 2018 as well as that of the Microfinance Enhancement Facility, based in Luxembourg, from 2018 to 2019. She has been a member of the Investment Committee of the Microfinance Enhancement Facility since 2020. Prior to the aforementioned roles, she held various senior roles in IFC between 1996-2016, including CIO, Director of Business Planning and Administration, Head of Credit Policy, and Pricing, and Head of Global Portfolio, Financial Markets. She graduated from Duke University with B.A. in Economics.
TenGer Financial Group is owned by the following institutional investors as MAK (20.0%), IFC (17.2%), ORIX Corporation (16.8%), EBRD (12.9%), National Bank of Canada (10.5%), Ronoc Partners (10.2%) and Mongolia Financial Services (6.6%) with the rest being 5 minority shareholders owning less than 5% each.
XacBank was created as a result of a merger of the two largest NBFI’s in Mongolia “Goviin Ekhlel” LLC and “X.A.C” LLC, in late 2001
XacBank was created as a result of a merger of the two largest NBFI’s in Mongolia, “Goviin Ekhlel” LLC and “X.A.C” LLC, in late 2001. Goviin Ekhlel LCC was established by Mercy Corps in December 1999 with funding from USAID as an NBFI serving SMEs. X.A.C., LLC began 1998 under the Micro Start Mongolia Project under UNDP, later transformed into Mongolia’s first NBFI by uniting the financial services activities of six local NGO’s.
These NBFI’s operated in different geographic regions and were serving different markets, SME loans vs. microloans. However, both had the same strategic goal of becoming commercial banks with a full range of financial services. All these factors became the foundations of the merger of these two independent institutions to form XacBank.
X.A.C. and Goviin Ehlel
In 2001, X.A.C. and Goviin Ehlel, the two pioneering non-banking financial institutions of Mongolia merged to create TenGer Financial Group, initially known as X.A.C.-GE Group.
Each merging party brought unique, proven expertise to the table: one in creating self-employment through micro-lending, the latter in employment generation through small and medium enterprises’ lending - two strong drivers for social and economic development in an emerging economy.
The third non-bank financial institution that formed this development alliance was NetMon, which brought savings and loan cooperative franchise model to the equation.
TenGer Financial Group aims to build a transnational group of companies to deliver a full range of financial services
TenGer Financial Group aims to build a transnational group of companies to deliver a full range of financial services to people and businesses. The Group will adhere to the highest norms of business conduct and put environmental sustainability as one of its mission pillars.
TenGer Financial Group entered the next phase of its development in 2007 by expanding beyond XacBank and Mongolia. With a core team of dedicated and passionate people TenGer Financial Group is working towards further expansion, both domestic and regional, in tandem with XacBank, capitalizing upon the latter’s experience and reputation. Successful pilot project of Mol Bulak Finance implemented in Kyrgyzstan helped to identify potential projects to be pursued in China and Russia for which proposals are being prepared for the approval by the Board.
TenGer Financial Group have adopted corporate governance model and developed Business Plan
In the past few years, TenGer Financial Group have adopted corporate governance model and developed Business Plan with the view of the regional expansion, successfully implemented a pilot project and identified new targets for growth both internationally and within Mongolia. The Group has managed to raise new equity at times of the global financial crisis, an effort that was duly recognized by the broader investment and development community.
The flagship subsidiary of TenGer Financial Group- XacBank has maintained its lead positions in Mongolia as transparent and socially responsible corporation. Approval by shareholders and the Board of the Group of historic acquisition of 50 percent stake in TenGer Insurance and fresh capital injection into XacLeasing have been a manifestation of vote of confidence to the strategies and goals of the company.