TenGer Financial Group acquired 50% of Prime General Insurance LLC, a leading insurer of Mongolia. The remaining half is owned by Petrovis LLC.
After Prime Insurance joined to the group like other companies, Xac Bank, Xac Leasing and software development company Chorus Nomadic Solutions, TenGer Group companies can provide comprehensive financial service to its clients and customers.
Upon TenGer acquisition, Prime Insurance will strengthen its business position and get support from the investor in becoming the leader insurer of Mongolia. Mr. U.Ganzorig, CEO of Prime Insurance Company, said that “… the exercise will form the ground of comprehensive financial service to our customers, but it will also introduce a new standard in the financial sector of Mongolia. As for TenGer Financial Group and Petrovis LLC, Mrs. J.Oyungerel, a founder of Petrovis LLC, said that “…exercise of acquisition was the clear example that the well known private enterprises of Mongolia can successfully cooperate.”
Prime Insurance Company, one of the top three insurers of Mongolia, provides service to 700 companies and 11 thousand individuals. Now, the company plans to provide micro insurance service to public together with International Labour Organisation and Xac Bank. Mr. M.Bold, CEO of Xac Bank, said that “…as the result of close collaboration with Prime Insurance Company through ethical business principle, under the roof of TenGer Financial Group, a door of financial and insurance service to hundred thousands of Mongolians through branches and AMAR service of Xac Bank.”
TenGer Financial Group is the lead investment company, holds Xac Bank, Xac Leasing, Xac Securities and Chorus Nomadic Solutions Companies. In 2009, the company made its first move to become an international group of financial companies through making investment in a Kyrgyz financial company. The company plans to invest in financial companies of the Russian Federation, Central Asian countries and China.
Shareholders of TenGer Financial Group are well known organizations, including EIT Capital Management, IFC, EBRD, Mercy Corps, Triodos Bank Group of Holland, Blue Orchard Investment Fund of Luxemburg and some domestic NGOsv.
Find more details from www.tengerfg.mn www.xacbank.mn www.petrovis.mn