TenGer has Increased Its Share Capital by MNT 24.9 Billion
November 29, 2011. Ulaanbaatar, Mongolia. TenGer Financial Group LLC (TenGer), the holding company of XacBank, is pleased to announce that TenGer has successfully increased its share capital by MNT 24.9 billion.
MNT 21.8 billion of TenGer’s share capital increase will be used to increase the capital of XacBank and MNT 3.1 billion will be used to increase the capital of XacLeasing. The capital of XacBank and XacLeasing will be MNT 116.5 billion and MNT 6.0 billion respectively after the capital increase. The new Capital Adequacy Ratio (CAR) for XacBank and XacLeasing will increase to 19.6% and 45.2% respectively.
The newly issued shares were subscribed by most of TenGer’s existing shareholders including the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), BlueOrchard Private Equity Fund (BlueOrchard), Triodos Bank Group of the Netherlands (Triodos Bank Group) and EIT Capital Management LLC (ECM). The shareholding level in TenGer of all subscribing shareholders increased as a result of this share capital increase.
We strongly believe that the capital injection by our local and international shareholders, especially at a time when we are all faced with a challenging external environment, demonstrates their trust in the management team and employees of TenGer, XacBank and XacLeasing and their supportiveness in making TenGer an international financial services provider. It is also another example of their commitment and determination to support TenGer in expanding inclusive financial services to all Mongolians.