Fourth Mongolian bank to close - News.MN

Fourth Mongolian bank to close

Monday

2019/09/23

Dollar (USD)

2533.95

Ulaanbaatar

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Fourth Mongolian bank to close

Capital Bank LLC, one of the 14 commercial banks in Mongolia has gone into liquidation by decree of the Central Bank of Mongolia. According to N.Batsaikhan, who is chief examiner at Mongol Bank, the volume of Capital Bank’s  low grade credit reached MNT 208 billion – equivalent to 80 percent of its total credits.

Capital Bank LLC, has 256 thousand savings accounts by individuals and enterprises; 95 percent of accounts were insured, said, Kh.Bum-Erdene, director of Savings and Insurance Corporation.

Capital Banks LLC was founded in 1990 and has changed its name twice in 1998 and 2013. It is the fourth financial institution to have closed down in the last decade, following Zoos (Coin) Bank in 2009, Anod Bank in 2010 and the Savings Bank in 2013.

Regarding its place in the Mongolian banking system. Capital Bank LLC accounts for 1.1 percent.

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