Change in the Composition of the Board of Directors
Tenger Financial Group announces that Mr. Arno de Vette resigned as a non-executive director of the Boards of Directors of Tenger Financial Group (the “Group”) and XacBank (the “Bank”), a wholly-owned subsidiary of the Group, with effect from 1 February 2012.
Mr. Arno de Vette served on the Boards of Directors of the Group and the Bank since January 2011 as a representative of Triodos Bank. Mr. Arno de Vette worked as senior investment officer at Triodos Bank in the Netherlands since 2009 with a focus on clients in the financial sector, both debt and equity, in Asia.
During his service on the boards, Mr. Arno de Vette made valuable contributions to strengthening the strategies for the Bank’s and the Group’s expansion and growth acting in the best interests of all the shareholders, stakeholders and customers.
Mr. Arno de Vette resigned from the boards due to his new position with FMO – the Dutch Development Bank.
Tenger Financial Group and the Board of Directors would like to thank Mr. Arno de Vette for his professionalism, dedication to TenGer Financial Group and XacBank and genuine interest in the success of the Group’s business and wish him success in his future endeavors with FMO.
As of the date of this announcement, the Board consists of Mr. Ganbold Chuluun, being the chairman, Mr. Bold Magvan, being the executive director, and Mr. Arvid Tuerkner, Ms. Erdenejargal Perenlei, Mr. Michael Madden, Mr. Richard Ranken and Ms. Sarah Djari, being the non-executive directors.