One of the largest commercial banks of Mongolia, Savings Bank, was established in 1996 as a state owned enterprise and for 14 years has been serving the needs of its individual and corporate clients’ reliably and efficiently while consistently gaining their trust, expanding its activities and securing its place in the banking system.
Since May 2009 the Bank’s administration has been transferred to a team of experts with extensive experience in banking and financial activities and the Bank’s organizational structure has been raised to a new level. The Bank placed its focus on the products and services as well as expert personnel and by expanding its range of activities, improving the quality of its services and delivering innovative and efficient services to its clients aims to reach international banking standards in the near future.
In October 2009 the general meeting of shareholders of Savings bank and Mongol Post Bank reached a resolution to merge the two banks. Subsequently on April 1, 2010 the structural changes to the operations of two banks have been successfully completed and all operations began to function under the name of “Savings Bank”. This merger improves the Bank’s competitiveness, widens its operational scope and enhances the ability to serve to its clients.
As of March 31, 2010 Savings Bank boasts total assets of 366 billion MNT, paid-up capital of 60 billion MNT and current and deposit accounts equaling 230 billion MNT, placing it 4th in terms of total assets and 1st in terms of paid-up capital among the commercial banks of Mongolia.
As of April 1, 2010 in Ulaanbaatar we have our Head Office, one branch and 38 settlement centers, while in rural areas we have 22 branches and 242 settlement centers totaling over 310 branch and settlement centers throughout Mongolia. Our highly skilled staff of over 1700 are eagerly serving our clients’ banking needs. Savings Bank provides centralized payment collection services for housing, utility, internet and cable bills. In addition, since 2004 we began to offer VISA card services for our clients.
Since 2002 we issued over 10 project loans from Germany’s KfW, ADB’s “Project loan for developing the agricultural sector”, Micro finance development fund’s “Sustainable living” project loan, “Project loan for creating new workplaces” of the Ministry of Social Welfare and Labour and contributed to the Mongolian economy. Beginning 2010 we are offering SME loans, loans aimed at creating new workplaces and Mercy Corps’ micro loan for promoting family livelihoods.
Currently, Savings Bank has correspondent relations with 15 banks from over 10 countries such as USA, Japan, Germany, People’s Republic of China, Kazahstan and Belgium and conducts foreign settlement services.
Savings Bank aims to establish a brand new image in the Mongolian bank and finance industry, deliver outstanding banking services, value the mutually beneficial relationship with our clients, support environmentally friendly policies and most importantly operate with great respect to the development of the Mongolian people.