XacBank has established a US$300,000,000 Euro Medium Term Note Programme

Aug 10 • Companies, Finance, News • 503 Views • No Comments on XacBank has established a US$300,000,000 Euro Medium Term Note Programme

1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

10.08.2011, Ulaanbaatar/ XacBank LLC (“XacBank”) announces it has
established a US$300,000,000 Euro Medium Term Note Programme (the
“Programme”) with ING (www.ing.com) and UBS (www.ubs.com) have been
appointed to act as the joint arrangers and dealers of the Programme.
Under the Programme, XacBank may issue senior or subordinated notes in any
currency as may be agreed between XacBank and the relevant dealer(s),
subject to any applicable legal or regulatory restrictions.
Moody’s Investors Service has assigned a provisional (P)Ba3 senior debt
rating to the Programme. The (P)Ba3 is the same as the bank’s issuer rating,
and the rating outlook is stable.
Mr Bat-Ochir Dugersuren, XacBank’s CEO said: “In recent years, we have
leveraged our extensive microfinance experience to broaden our presence in
the small to medium-sized enterprise (“SME”) business sector, in line
with economic development in Mongolia. The Programme will enable us to
diversify our funding sources, and play an important role in the future
development of XacBank”.
Mr Amar Hanibal, Managing Director of TenGer Financial Group, the parent
company of XacBank added: “The establishment of the Programme is an
important milestone in the development of the bank and the group, and it
reflects our strategy of maintaining leadership in the Mongolian financial
sector”.
XacBank is one of Mongolia’s leading commercial banks, and is an
established leader in the microfinance industry with a growing presence in
the SME business segment. The bank offers a broad range of products,
including microbusiness loans, consumer loans, SME loans, agricultural loans
and mortgage loans, as well as deposit accounts, overdraft facilities,
credit cards and other banking services. As at 31 March, 2011, XacBank had
86 branches and support centres across Mongolia.
This document is not an offer of securities for sale anywhere, including in
the United States. Notes referred to above may not be offered or sold in the
United States absent registration or an exemption from registration. No
public offering of the Notes will be made in the United States or elsewhere
and the Bank does not intend to register any part of the offering of any
Notes in the United States or elsewhere.

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *

« »