Our journalist asks MP O.Chuluunbaatar about rumors that he is working on arranging the sale of the Trade and Development Bank for USD100 million to the Japanese.

Is the rumor true?
I have not heard about it. Why don’t you ask managing officials of the TDB?

Many of our banks have foreign investment. Do they make a profit?
We need foreign investment, as we do not have much capital for development. South Korea and Japan developed this way after World War II. TDB is a good bank that has made a name for itself in Mongolia and in other countries also. It even issued international bonds before the Government could.

How do you see the Development Bank?
I do not find the need for it in Mongolia. In my opinion, Ministers and important people will run their own business through the Development Bank. That is the experience in many other countries. But since the Bank has been set up, let us wait for a while before passing a judgment. Incidentally, I find it strange that some people are critical of the choice of foreign investment institutions like Deutsche Bank and Goldman Sachs to help with the Tavan Tolgoi IPO. We should be happy for their help.