Executive Committee


BOLD Magvan

Bold Magvan serves as Chief Executive Officer of the Group since November 2010. He is also the CEO of XacBank. Bold has been with TenGer Financial Group and XacBank since 2005. Bold is the Chair of the Group Executive Committee and the Executive Director of the Board of Directors of XacBank. Until 2015, he was the Executive Director of the Group Board. Bold is a senior banking professional with 30 years of experience including his engagements with global financial institutions as the World Bank and the International Monetary Fund and appointment with the Central Bank of Mongolia as the Deputy Governor. Bold is a graduate of the Columbia University, New York. Until rotation in 2014, Bold served as the President and Vice President of the Mongolian Bankers Association for over 6 years.



Amartuvshin (Amar) Hanibal serves as Chief Executive Officer of Tenger Capital since 2011. Amar is also the President of XacBank and a member of the Group Executive Committee. Amar worked previously for three years as the Managing Director of TenGer Financial Group. Amar is a banking and finance professional with over 17 years of experience including international banking. Prior to joining XacBank and TenGer Financial Group, Amar was the Managing Director and Head of the Risk Management Department at Kazkommertsbank (KKB), the largest commercial bank in Kazakhstan. He has held also positions with the ABN AMRO Group in various global offices including London, Amsterdam and Chicago. Amar is a MBA graduate from the Harvard Business School. He holds also a bachelor’s degree in business administration from the European University of Brussels, Belgium.


Tsevegjav Gumenjav serves as Chief Executive Officer of XacLeasing since May 2013. Tsevegjav is also the Chief Retail Banking Officer of XacBank and a member of the Group Executive Committee. Tsevegjav served also the Chief Financial Officer of TenGer Financial Group. Prior to joining the Group, Tsevegjav lived and worked in the United States as Treasury Manager at Restoration Hardware, a multi-brand premium home furnishing company based in San Francisco. He worked also in Bluefin Associates (PlumSlice), IT software development company, in San Francisco and at Wagner Equipment Company in Denver. Tsevegjav received his MBA degree with concentration in finance and accounting from Regis University, USA and Bachelor of Science degree in international business and information systems management from the University of Colorado, USA.

OYBEK N.Khalilov

Oybek N.Khalilov serves as Chief Executive Officer of Tenger Insurance since September 2015. Oybek is a member of the Group Executive Committee. After his graduation from the State Economic University of Uzbekistan, Oybek worked in Uzbekistan at various government institutions including the National Bank of Uzbekistan and the Ministry of Finance. In 1995, he joined American International Group as CEO of Political Risk Insurance Company and spent four years at AIG in London before returning to Uzbekistan to work as CEO for the National Export-Import Insurance Company. Oybek was in charge of AIG general insurance operation in Central Asia and Caucasus from 2000 to 2015. Currently, he holds a non-executive position of the chairman of the board of directors of AIG Kazakhstan. Oybek was elected as Vice President of AmCham, Uzbekistan in 2001 and as a member of the board of directors of AmCham, Kazakhstan in 2012. In September 2015, he was elected as a member of the board of directors of AmCham, Mongolia.


Erdenebayar Ganzorig serves as Chief Financial Officer of XacBank since January 2013. Prior to his appointment as CFO, he has worked since July 2012 as Head of Financial Management Division of XacBank. Erdenebayar has spent with XacBank his professional career starting from a junior position and going through all the levels of management. He joined the Bank as Risk Officer in 2005 and was promoted in 2007 to Senior Risk Officer. From 2008 to 2010, Erdenebayar worked as the Head of the Integrated Risk Management Division and was in charge of integrated risk management, asset-liability management and operational risk management. In the period from 2010 to 2012, he did his graduate studies in Japan and rejoined the Bank after obtaining a MBA degree majoring in finance.


Sandeep Khera was appointed as Chief Information Officer of XacBank in November 2015. Sandeep has more than 25 years of work experience in managing Information Technology for banks and financial institutions. Prior to joining XacBank, he held several senior management roles at multinational organizations including Credit Suisse, Standard Chartered Bank, Ernst & Young and Deloitte Consulting, working and traveling extensively in Asia, Australia and New Zealand, Americas and EMEA. Sandeep has managed several multimillion dollar IT investments on projects related to implementation of technology in banks. Sandeep is a New Zealand citizen and holds a master’s degree from the Indian Institute of Technology.

ZUL Ganzorig

Zul Ganzorig serves as Chief Human Resources Officer since August 2014. Previously, Zul worked for TenGer Financial Group for 3 years as Vice President for Human Resources as well as Director of Human Resources Management Department of XacBank. She has been with XacBank since 1999, when she was first hired by ACDI/VOCA at UNDP’s MicroStart Mongolia project, XacBank’s predecessor, successfully leadin the integration of the HR programs and policies from onset to present. She also headed the Operations Division overseeing the back office functions in 2003. Prior to XacBank, Zul worked as international relations officer at the Ministry of Health and Social Welfare. Zul graduated from the Sofia University, Bulgaria with a bachelor’s degree in mathematics and informatics. She currently serves also on the board of directors of the Banking and Finance Academy.


Delgerjargal Bayanjargal was appointed as Chief Business Development Officer in February 2016. Prior to her current appointment, she had served as the Chief Retail Banking Officer since March 2011. Delgerjargal is one of the first staff of XacBank who has worked since its establishment on various positions as the Head of the Microcredit Division, Chief Credit Officer and the Director of the Credit Management Division, Chief Operating Officer and Chief Financial Officer. Previously, she worked with XacBank’s predecessors as Financial Manager, Chief Accountant and as the Head of Policy of the Coordination Department starting from the UNDP MicroStart Mongolia Project as Credit Officer and Office Manager. Prior to her engagement with XacBank and its predecessors, Delgerjargal worked at Mongolian Stock Exchange. Delgerjargal graduated with a business administration degree in banking and finance from the Institute of Finance and Economics, Ulaanbaatar.

TAISHIR Tumurbaatar

Taishir Tumurbaatar serves as General Counsel since August 2014. Before joining XacBank, Taishir worked for TenGer Financial Group, the holding company of XacBank as Vice President and General Counsel since February 2013. Taishir has substantial working experience in public service. He served as officer in charge of analysis, research and corruption prevention at then newly established Anti-Corruption Authority, followed by experience with the State Great Hural (the Parliament) of Mongolia as advisor. In 2011 he joined Newcom Group, one of the leading Mongolian diversified private investment company. At Newcom Group, Taishir served as legal counsel. He was involved in project finance deal (Mongolia’s first wind farm) with General Electric, EBRD and FMO and served as its operating company’s corporate secretary - Clean Energy LLC. Taishir graduated from the Lomonosov Moscow State University with a bachelor’s degree in jurisprudence.



Ulambayar Enebish was appointed Chief Operation Officer in November 2015. In addition, she continues to assume her responsibilities as the Chief Internal Auditor in which capacity she has worked since July 2013. Prior to joining XacBank, she worked as Stakeholder Engagement Manager in Oyu Tolgoi LLC, which operates one of the largest mining projects. Ulambayar has overall 16 years of experience in the banking sector. She was the Deputy CEO at Development Bank of Mongolia in charge of operations. Ulambayar worked also at the Supervision Department of the Central Bank of Mongolia for 12 years where most of her professional experience was gained. Ulambayar graduated from the Mongolian National University majoring in banking and finance and obtained her master’s degree in business administration from Victoria University in Melbourne, Australia.


Ashidmaa Dashnyam serves as Chief Investor Relations and Corporate Affairs Officer since August 2014. Previously, Ashidmaa worked for TenGer Financial Group as Vice President for Investor Relations and Corporate Affairs. Prior to joining TenGer Financial Group, Ashidmaa worked as the Corporate Governance Director for Energy Resources LLC. Ashidmaa worked also for a number of USAID-funded programs. She served also as the Chief Executive Officer ad interim of the Mongolian Mortgage Corporation. Ashidmaa currently serves also on the board of directors of the Mongolian Corporate Governance Center. Ashidmaa holds a master’s decree in economics and finance from Virginia Tech, USA and a bachelor’s degree in monetary and credit relations from the Moscow State Institute of International Relations, Russia.

UNDARMAA Enkhbayar

Undarmaa Enkhbayar was appointed as Chief Internal Auditor and Head of the Internal Audit Department of XacBank in May 2016. Prior to this appointment, Undarmaa has worked as Chief Risk Officer of Tenger Insurance since July 2014. Undarmaa joined XacBank in 2008 starting as a senior officer at Credit Management Department. Later, she became the Director of Credit Risk Policy Division. Undarmaa began her professional career with Trade and Development Bank’s International Settlement Department. Undarmaa has a bachelor’s degree in banking and finance from the Institute of Finance and Economics of Mongolia and had also professional trainings at Houston College of USA, Dresdner Bank of Germany and University of Tokyo of Japan.