TenGer Financial Group and its
subsidiary, XacBank, have announced the successful closure of the sale of their
combined 30.5% stake in microcredit company Mol Bulak Finance, Kyrgyzstan. The
original investment in MCC Mol Bulak Finance was a milestone for TenGer
Financial Group and XacBank with long-standing vision and strategy of sharing
achievements of XacBank with MFIs in Russia, China, South Caucasus and Eastern
Europe.

As a pioneering strategic shareholder at Mol Bulak Finance, the Group has been
able to deliver on its commitment to serve as a catalyst in the company’s
institutional and business development since January 2009. Through active
participation on Board and at senior management levels, TenGer assisted Mol
Bulak Finance in instilling corporate governance standards, raising confidence
of external microfinance investors and accessing diversified funding sources,
while growing its market share, and enhancing the quality of MIS and risk
management. Since the Group began to actively engage with Mol Bulak Finance in
June 2008, gross loan portfolio grew more than six fold to USD11 million, while
the number of active clients increased 6.5 times to 27,600 at the end of 2009.
In the process, net earnings more than tripled from USD80,000 in 2008 to USD290,000 in 2009,
showing ROE of 20 percent.