XacBank and IFC signed an ISDA master agreement
The International Finance Corporation (IFC), a member of the World Bank Group and XacBank signed an ISDA master agreement to enter into cross currency swap transactions.The signing ceremony was held in the presence of Mr. Ganbold Chuluun, Chairman of the Board of Directors of XacBank, Mr. Bold Magvan, Chief Executive Officer of the Tenger Financial Group, Mr. Bat-Ochir Dugersuren, Chief Executive Officer of XacBank, Mrs. Nathalie Louat, Senior Portfolio Manager of IFC and Mr. Tuyen D.Nguyen, Resident Representative for Mongolia.
The ISDA master agreement sets out standard terms that apply to all the transactions entered into between 2 parties so that each time that a transaction is entered into, the terms of the master agreement do not need to be re-negotiated and apply automatically. Also the signing of this agreement is aimed to improve the further cooperation between XacBank and IFC.
IFC has been cooperating with Tenger Financial Group (TFG) and its subsidiaries since 1999 and it is the largest global development institution focused on the private sector in developing countries. IFC is owned by 184 member countries and their work in more than a 100 developing countries allows companies and financial institutions in emerging markets to create jobs, generate tax revenues, improve corporate governance and environmental performance and contribute to their local communities.
XacBank is one of Mongolia’s largest banks, serving Micro customers, Small and Medium-sized Businesses as well as large corporations with a range of inclusive banking, fair investment and other financial products and services. It operates in all 21 provinces and the capital city serving more than 500 thousand customers through its 107 retail and business branches as well as specialized banking outlets which includes over 400 AMAR mobile banking agents. The Bank aims to create a sustainable value for its shareholders and institutional investors, while promoting a triple-bottom line vision and mission as built around the “Planet, People and Profit.”