Trade & Development Bank of Mongolia

completed

Trade & Development Bank of Mongolia (TDB or the bank) was established in October 1990 by Government resolution under the name of State Bank of Mongolia (International), and started operations on January 1991 with the main purpose of managing the foreign trade and commercial activities of the Government of Mongolia. In October 1993, the bank changed its denomination to TDB. In April 1998, the Government of Mongolia sold 24% of its shares to employees while retaining the remaining 76% and, in December 2002, as part of the 2001-2004 privatization strategy, TDB was totally privatized. IFC is considering an investment of up to the equivalent of $1.5 million representing an up to 10% equity stake. In addition to the equity investment, IFC is also considering a US$ denominated subordinated loan of up to $3.5 million, with a tenor of 7 years.