Board of Directors


Ganbold Chuluun, Chairman of the Board of Directors

Ganbold Chuluun serves on the board since 2003. Ganbold is a member of the board’s governance, nomination and compensation committee. Ganbold was one of the founding members of X.A.C. Golden Fund for Development, the first non-bank financial institution in Mongolia and a predecessor of XacBank, and served on its advisory committee. Ganbold has an extensive 30-year career and professional experience in administration, public relations, business consultancy and facilitation, mass media and arts management. He served as Advisor to the Prime Minister of Mongolia on public relations and media in 1999-2000 and as Director General of the World Mongolian Federation in 1993-1995. Ganbold is a founder of the Rotary movement in Mongolia. Ganbold established Email Daily News LLC and worked as its Chief Executive Officer. Ganbold served also on the board of directors of Oyu Tolgoi LLC in 2010-2012. Ganbold is a graduate of the Institute of Foreign Languages in Moscow, Russia.


Batsaihan B. Jamichoi, Non-Executive Director

Batsaikhan Baatar serves on the board since April 2014. Batsaikhan is a member of the board’s governance, nomination and compensation committee and risk management committee. Batsaikhan is a partner and co-founder of ongolia Opportunities Fund (Mongolia Financial Services), the first Mongolia-based private equity fund. The fund’s investors are internationally known and reputable investors such as IFC, EBRD, DEG (German Investment and Development Corporation), FMO (Netherlands Development Finance Company) and Mitsubishi and ORIX corporations of Japan. Prior to engaging with the Mongolia Opportunities Fund, Batsaikhan worked as Chief Executive Officer of Goyo in 2005-2007, as Vice President of the MCS Group in 2004-2005 and as Marketing Manager of UNIQLO in 2002-2003. Batsaikhan worked also as a management consultant at A.T. Kearney in Tokyo. Batsaikhan is a graduate with a bachelor’s degree in marketing and competitive strategy from the Hitotsubashi University of Japan.


Julian Healy, Non-Executive Director

Julian Healy serves on the board since March 2016. Julian is a member of the board’s governance, nomination and compensation committee, risk management committee and audit committee. Julian is a Senior Banker with the European Bank for Reconstruction and Development (EBRD). He currently serves as independent non-executive director on the boards of directors of several organizations including Unibank in Azerbaijan. In 2006-2009, Julian worked as Head of Private Equity, Early Transition Countries, and as Senior Banker in the Corporate Equity Team. Prior to EBRD, he has been with the JP Morgan since 1995 as Private Equity Investment Advisor, JP Morgan Management Limited, Vice President, JP Morgan Fleming Investment Management Limited and Director, Fleming Investment Management Limited. In 1992-1995, Julian was with Morgan Grenfell and Co. Limited, a London-based corporate finance and project finance team. He started his career in 1986 as Manager with Ernst & Young. Julian is a graduate of Cambridge University and Charles University in Prague.


Michael Madden, Non-Executive Director

Michael Madden serves on the board since 2009. Michael is a member of the board’s risk management and audit committees. Michael is a founder and managing director of Ronoc, an investment and advisory services business based in Dublin, Ireland. Prior to founding Ronoc in 2007, Michael has been involved in the cards and banking business in the Eastern European markets for over 15 years working for American Express on different positions, starting in 1988 as a quality assurance manager and becoming in 1998 a vice president for franchise markets in Europe, Middle East and Africa and London, UK. In 2003, Michael established Renaissance Credit, the third largest consumer finance bank in Russia, and has worked as the founding CEO. Michael graduated in 1987 from the College of Management Studies, Limerick, Ireland with a diploma in industrial engineering.


Richard Ranken, Non-Executive Director

Richard Ranken serves on the board since 2009. Richard serves as the chair of the board’s governance, nomination and compensation committee and audit committee and is a member of the risk management committee. Richard is a retired senior advisor to International Finance Corporation (IFC) in the East Asia and the Pacific Region. Richard worked for IFC for 30 years including as the Head of Advisory Services in the Former Soviet Union, Director of Global Manufacturing and Services, Director of Africa, and Director of East Asia and the Pacific. His investment experience includes financial institutions, industry and services, agribusiness, and infrastructure. Currently, Richard is on the board of a private equity fund for the Pacific Islands and on the Board of Commissioners of PT Indonesia Infrastructure Finance. Richard is a graduate with a master’s degree from the Australian National University in Canberra. He completed also the Harvard Business School/World Bank executive program and the director certification program of the Australian Institute of Company Directors.


Tselmuun Nyamtaishir, Non-Executive Director

Tselmuun Nyamtaishir serves on the board since 2013. Tselmuun serves on the board’s governance, nomination and compensation committee and audit committee. Tselmuun is the Vice President and a member of the board of directors of Mongolyn Alt (MAK) Corporation. She has extensive experience in investment, management and business development. Tselmuun worked with te Trade and Development Bank (TDB) of Mongolia in the Treasury Trading Back Office, Retail Banking Department and Small Medium Enterprise Banking Department. She was appointed as the Vice President of MAK Corporation in 2007 with the responsibility for the Railway Department. In 2010, she assumed additional responsibilities for the social responsibility, procurement, trading, investment and financing departments. Tselmuun graduated in 2004 with a bachelor’s degree in business administration from Valparaiso University, Indiana. She completed also the Financial Engineering Program of Stanford University in Hong Kong in 2010.


Yoshiaki Matsuoka, Non-Executive Director

Yoshiaki Matsuoka serves on the board since March 2016. Yoshiaki is the chair of the board’s risk management committee and a member of the governance, nomination and compensation committee and audit committee. He serves as Managing Director of the Global Business Development and Investment Group in the Investment and Operation Headquarters of ORIX Corporation with the responsibilities for leading and managng M&A transactions and negotiations and monitoring portfolio compaies as a nominee director of ORIX. Yoshiaki joined ORIX in 1991 as a sales associate and has worked since then on different positions including work with ORIX USA Corporation as Senior Vice President. Yoshiaki serves at present on the boards of directors of TenGer Insurance LLC, the Mediterranean & Gulf Insurance and Reinsurance Co. B.S.C., DI investment Partners Limited and ORIX Investment and Management Pte. Ltd. Yoshiaki is also a member of the Advisory Committee of Mongolia Opportunity Fund and Abraaj Turkey Fund. Yoshiaki is a graduate of the Kwansei Gakuin University.


Yves Jacquot, Non-Executive Director

Yves Jacquot serves on the board since March 2016. Yves is a member of the board’s governance, nomination and compensation committee, risk management committee and audit committee. Yves serves as 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, NSIA Bank and NSIA Holding in Ivory Coast 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. Yves is a graduate of Essec Business School and completed also a PhD Finance Program of Wharton School.