Lilian, thanks. I copied a small section from the site and its below.
Note that this is dated May of 1997.
Side Note: Of the top officers of the Bank, 30% are women.
STATEMENT OF THE PRESIDENT AND GENERAL MANAGER
May 1, 1997 Dugeree Naranhuu, President and General Manager
During 1996, our financial sector experienced a very
difficult time, when some large and small commercial banks have become
insolvent and illiquid, due largely to heavy burden of directed and
inherited loans, defaulting borrowers, weak commercial banking
practices, and poor management.
Such negative process has
reflected in the erosion of public confidence in the banking sector and
in the expansion of an unofficial economy.
In response to this critical situation, the Government has
developed a radical bank restructuring strategy as an integral part of
its medium-term reform program which aims to stabilize the economy and
speed up the transition by removing structural bottlenecks to sustained
economic growth.
The Bank continued to maintain its dominance in foreign
exchange and international payment transactions.
worked intensively on the expansion of its correspondent relationships with
prime international banks in Western Europe and South-East Asia. The
membership in the S.W.I.F.T. since September 1996 strengthened the
Bank's electronic data exchange capacity to conduct payment settlements
according to international standards. The market share of the Bank in
external trade finance represent a solid 29 percent. The total volume of
foreign exchange tradings amounted USD 46.3 million in 1996.
In recognition of its contribution to the development of the
Mongolian economy, the Bank was awarded with the membership in the
Association of Development Financing Institutions in Asia and the
Pacific.
In line with the Government's radical banking sector
restructuring program, the Bank has developed its own business strategy
for 1997-1999. As a first step towards this direction, we have revised
the Bank's organizational structure to eliminate the doubling of
functional responsibilities, and to improve the roles and accountability
of staff and workflow.
the Government will launch a
comprehensive program for commercial bank and enterprise sector
restructuring. As one of the most viable commercial banks in Mongolia,
the Bank has been nominated to lead this adjustment program by
undertaking the bank-led enterprise restructuring exercise and the
twinning arrangement of the Bank with a reputable foreign bank.
Since
the bank restructuring strategy will eventually seek to privatize all
state-owned banks, we expect the Bank developed into a privately-owned
bank with foreign participation. With this background, the Bank has
financial support from international financial institutions, the
Government will launch a comprehensive program for commercial bank and
enterprise sector restructuring. |
