Project detail - XACBANK LLC

XACBANK LLC

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Who is our client

Xacbank is the fourth largest commercial bank in Mongolia and has been a FMO client since 2007. The Bank has an extensive network of 104 branches and is present in every province in Mongolia. It has a strong social mission that focuses on people, planet and profit. Xacbank originally focused on providing microfinance loans in both rural and urban Mongolia but over the past five years, the bank has moved upmarket and now also finances SMEs and corporates.

Funding objective

Xacbank fulfils an essential role in providing finance to the underserved micro- and MSME segments of Mongolia. FMO's funding will be used to support the growth of the (M)SME portfolio.

Why we fund this project

Due to the challenging Mongolian market conditions, foreign investors' appetite has significantly reduced in the last two years, making FMO funding and syndication efforts additional and impactful.

More investments

Date Total FMO financing
12/30/2019 USD 65.00 MLN
6/28/2019 USD 10.00 MLN
5/8/2018 USD 6.00 MLN
1/18/2018 USD 10.00 MLN
5/4/2016 USD 15.00 MLN
Region
Asia
Country
Mongolia
Sector
Financial Institutions
Signing date
5/31/2016
Total FMO financing
USD 5.00 MLN
Fund
FMO
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)
B