ANNOUNCEMENT: Election and re-election of board directors
TenGer Financial Group (the “Group”) announces that, due to the expiry of their 2-year terms, Mr. Bold Magvan and Mr. Michael Madden were re-elected on the Board of Directors (the “Board”) of the Group with immediate effect at the Annual General Meeting of the shareholders of the Group held on 25 April 2013.
Mr. Bold Magvan is the Chief Executive Officer of TenGer Financial Group and has served as executive director on the Board of the Group since May 2011. Bold is a senior banking professional with over 20 years of experience in the banking and financial sectors, including service with international financial institutions as World Bank and International Monetary Fund. Bold serves also as the President of the Mongolian Bankers’ Association.
Mr. Michael Madden has served as non-executive director of the Board of TenGer Financial Group since May 2009. Michael is the Managing Director of Ronoc, an investment and advisory services company based in Dublin, Ireland. Michael has extensive experience in banking business and has worked for American Express for 15 years.
TenGer Financial Group congratulates Bold and Michael with their re-elections and wishes them success during their service.
The Group announces also that Ms. Tselmuun Nyamtaishir was elected as non-executive director on the Board of Directors of the Group with immediate effect at the Annual General Meeting of the shareholders of the Group held on 25 April 2013.
Ms. Tselmuun is the Vice President of MAK (Mongolyn Alt Corporation) LLC, one of the largest companies in Mongolia. Ms. Tselmuun was nominated by EIT Capital Management LLC, a shareholder of the Group, and was appointed as an interim member on the Board of Directors of the Group on 23 August 2012 until final approval at the shareholders’ meeting.
TenGer Financial Group congratulates Tselmuun with her election and wishes her success during the service on the Board.
As of the date of this announcement, the Board of the Group consists of Mr. Chuluun Ganbold, being the chairman, Mr. Bold Magvan, being the executive director, and Mr. Arvid Tuerkner, Ms. Erdenejargal Perenlei, Mr. Michael Madden, Mr. Richard Ranken, Ms. Sarah Djari, Mr. Frank Streppel and Ms. Tselmuun Nyamtaishir, being the non-executive directors.
25 April 2013
TenGer Financial Group