XacBank is a Mongolian banking and financial services company headquartered in Ulaanbaatar. XacBank was founded in 2001 following the merger of Goviin Ekhlel LLC and X.A.C. LLC, the two largest non-banking financial institutes in Mongolia. XacBank is organized into three main business groups: Retail Banking; Business Banking; and Corporate Banking. XacBank currently has a branch network of 86 retail and two business service branches, along with digital channels including ATMs, internet and mobile banking serving 700,000 customers in Mongolia. XacBank is owned by TenGer Financial Group LLC.
History
1998–2001
XacBank was established in late 2001 as a result of merger of the two largest non-banking financial institutes in Mongolia, Goviin Ekhlel LLC and X.A.C LLC.[1] XacBank was the first non-banking financial institute in Mongolia to receive a banking license from the Bank of Mongolia