Tenger Financial Group LLC Invests in Prime General Insurance LLC
TenGer Financial Group LLC (TenGer) announces it has invested in the share capital of Prime General Insurance LLC. Prime Insurance is one of the key players in Mongolian insurance market. Prime Insurance will now be 50/50 owned between TenGer Financial Group and Petrovis, a leader in Mongolia’s energy and petroleum business.
The investment successfully brings Prime Insurance into the family of TenGer group of companies comprised of XacBank, XacLeasing and Horus Nomadic Solutions, a software developer of AMAR mobile banking platform. With the latest acquisition, TenGer believes that its subsidiaries will be able to supply the customer with more complete and value added financial services by offering a full-fledged financial solution consisting of highly complementary set of financial products and services.
The involvement of TenGer in Prime Insurance will further strengthen the company’s business platform to foster it into the premier insurance provider in Mongolia. Ganzorig, CEO of Prime Insurance, is excited about the synergies from which Prime Insurance can benefit and said, “We believe this development will play a pivotal role in not only providing our customers with one stop multi financial products platform but also setting new standards for financial services here in Mongolia.”
Prime Insurance is currently one of the top 3 general insurance providers in Mongolia, serving approximately 700 corporate entities and over 11 thousand retail clients. In cooperation with XacBank and International Labour Organization, Prime Insurance plans to develop microinsurance products aimed at providing risk solutions for the wider populace of Mongolia. Mr. Bold, CEO of XacBank, added, “Closer and arm's length cooperation with Prime under the roof of TenGer is opening the gates to hundreds of thousands of Mongolians to broaden their access to inclusive financial services, including insurance products countrywide through XacBank branches and branchless banking channels such as AMAR.”
TenGer Financial Group is a family of companies, namely XacBank, XacLeasing, XacSecurity, Horus Nomadic Solutions, built to provide banking, leasing, security and technology related product development. In 2009, TenGer launched its international expansion with a pilot equity investment in a microcredit company in Kyrgyzstan, and has been working to invest in financial institutions in Central Asia, Russia and China to build an international group of companies primarily engaged in delivery of financial services.
TenGer is owned by a group of local and international investors including ECM, BlueOrchard PEF, IFC, EBRD, Mercy Corps, Triodos Bank Group and local NGOs.
XacBank is Mongolia's leading commercial bank with a triple-bottom-line mission based on People, Planet and Profit, and first provider of microfinance services. The Bank is one of only three banks that has a rural presence and extensive branch network. Its clientele represents not only the lower-income segment of the market, but also a growing number of Small and Medium-sized enterprises. Its innovative products and inclusive services include financial leasing, herder loans, and AMAR m-banking as well as residential housing loans and savings for youth.
Petrovis LLC is the largest petroleum company in Mongolia operating since 1997. The principal business activities of Petrovis are import, storage, marketing, wholesale and retail distribution of petroleum products in Mongolia. Petrovis has presence in every corner of the country through its nationwide network of over 40 petroleum storage depots and 400 retail distribution stations. Besides its principal line of business, the company has interests in oil and gas exploration, coal mining, liquid petroleum gas projects through its subsidiaries.