Project detail - XACBANK LLC


Status: Completed investment
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Why disclosure?

FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more

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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

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.

What is our 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 do we fund this investment?

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.

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Total FMO financing
USD 15.00 MLN
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)