The Executive Board of the Bank of Mongolia has decided to grant permission to the Industrial and Commercial Bank of China to open a representation in Ulaanbaatar. This important decision was taken at a meeting of the Executive Board on 5th of December, 2016. The ICBC has over 400 branches in 42 countries and is A1 marked by Bankers-Almanac.

Previously, the Bank of China opened a representation in Ulaanbaatar. Since 2008, a total of five foreign banks have opened representations in Mongolia, namely, Sumitomo Mitsui Banking Corporation of Japan, INJ Group, Tokyo-Mitsubishi Bank, UFJ, Bank of China and, now, the Industrial and Commercial Bank of China.

According to Mongolian banking law, if a foreign bank wants to open a branch in the country, it must receive government approval or, as in this case, approval from the Bank of Mongolia.