Ulaanbaatar City Bank has been merged with the Trade and Development Bank of Mongolia (TDB) with its entire active, passive assets and sectors. The Central Bank of Mongolia (aka Mongol Bank) gave approval of consolidation of two banks on 23 June.

The Ulaanbaatar City Bank, named after capital city of Mongolia, was founded in 1999. Since then, the Bank expanded to have 400 employees and 33 sectors.

TDB was founded in 1990 immediately after Mongolia’s democratic transition.