|
Ulaanbaatar, 6 August
2003
ING signs formal Technical Assistance Agreement with Trade &
Development Bank of Mongolia
ING Financial Institutions' Institutional and
Government Advisory (IGA) group, the Trade Development Bank of
Mongolia (TDB) and TDB's majority shareholders have today signed an
agreement under which IGA will provide Management Services and
Technical Assistance for TDB.
Under the agreement, IGA will second for a
minimum three-year period a Chief Executive Officer and an
Executive Chief Operating Officer to lead the management of the
bank, and will also provide advisors for key operational areas,
including Credit and Risk Management, Retail Banking, Treasury,
Human Resources and Information Technology and Management
Information Systems.
The agreement follows an interim arrangement
signed between IGA, TDB and its majority shareholders to identify
operational solutions for the bank following the privatisation by
the Mongolian government in 2002.
Since the commencement of the interim
arrangement, ING Financial Institutions has identified a series of
areas within TDB that require restructuring solutions, and has been
introducing and implementing new management processes to improve
the operational management of the bank, with the assistance of
local management, in the day to day running of TDB.
Contact ING:
Sheel Kohli, Head of Corporate Communications, Asia +852 2913 8768
sheel.kohli@asia.ing.com
Note to Editors:
About ING
ING Group is a global financial institution of Dutch origin, active
in the field of banking, insurance and asset management. ING
operates in 65 countries throughout the world with more than
115,000 employees. In Asia, ING operates in 15 countries and
employs 13,000 staff.
ING Financial Institutions' Institutional &
Government Advisory Services is an independent advisory unit of ING
Group, founded in 1989, specialising in bank advisory services,
pension and insurance-related advisory work and debt advisory
services for sovereign clients, private sector banks and
multilateral organisations To date the group has successfully
completed nearly 100 projects in more than 40 countries spanning
Asia, Africa, Latin America and Europe.
In Asia, ING's Institutional and Government
Advisory Group is currently is involved in ongoing projects with
Chang Hwa Commercial Bank in Taiwan, Siam Commercial Bank of
Thailand, Sri Lanka Insurance Company, Sri Lanka and the Busbank,
Azerbaijan.
About Trade Development Bank
Established in 1990, TDB is the largest commercial bank in
Mongolia. As a full service bank it offers financial services to
private and state-owned enterprises, state institutions, and retail
clients. The Bank's principal activities include deposit taking,
lending, trade financing, credit card services and payment services
in local and foreign currencies and is the main bank in Mongolia
for international banking transactions and assets denominated in
foreign currencies. TDB is actively involved in financing
Mongolia's primary industries: gold, copper and fluorspar mining
operations, cashmere production and export, meat production,
petroleum imports, energy, transportation, and tourism.
The Government of Mongolia sold its 76% stake in
TDB to a Consortium involving Gerald Metals and Banca Commerciale
Lugano on 11th December 2002.
|
