Golomt Bank was established in 1995 as a wholly owned subsidiary of Bodi International L.L.C., the premier diversified conglomerate recognized for its seminal contribution to economic and social development in Mongolia. Golomt Bank offers the complete spectrum of commercial and investment banking services to both domestic and international enterprises active in or trading and investing in Mongolia. It has long been the pioneer among Mongolian banks introducing card services, E-banking, adherence to IFRS, appointment of Big 4 external auditors and in the combined fields of transparency and corporate governance. Golomt Bank’s exclusive focus as a customer-centric bank has led to its constantly expanding market share within the overall banking and financial sector, emerging as the largest bank in Mongolia (according to 2011 audited accounts) controlling over 30% of the corporate banking market.
The Bank’s capital adequacy ratio of 16.1% at the end of June 2011 is substantially in excess of both the systemic average of 14.8% and the minimum level of 12%, imposed by The Bank of Mongolia, the Central Bank. In addition, the Bank’s exceptional financial strength in the form of high liquidity and international reserves and the most prudent loans to deposit ratio has resulted in Golomt Bank being granted highest credit rating from The Bank of Mongolia, for open market operations through their swap window.
At the end of June 2011, the Bank achieved a Net Profit of MNT 15.04 billion (USD 11.9 million), an increase of 74% over the previous year entailing Return on Average Equity of 31.4%. Golomt Bank remains the only Mongolian bank to attract direct equity related investment from any of the world’s major international commercial financial institutions including: Credit Suisse, Abu Dhabi Investment Council, Swiss-MO Investment AG and Trafigura Beheer B.V.. Golomt Bank was the first Mongolian commercial bank admitted to the S.W.I.F.T network to execute our customers’ international money transfers and enjoys correspondent banking relationships with many of the world’s leading banks in the major international and regional trading economies and plays a predominant role in international remittances to and from Mongolia. The Bank holds a dominant market share of >60% in both card and international payments: >50% in international trade finance; and >40% in foreign exchange transactions. Alone among the Mongolian banks the Bank has established Representative offices in Beijing and London.
The economy of Mongolia is facing a dramatic metamorphosis with the world scale exploitation and monetization of our huge endorsement of mineral resources. Over the course of the next decade this is expected to result in Mongolia attaining the highest rate of GDP growth throughout the world. Against this propitious background Golomt Bank is the natural partner of choice as the “Go To” bank for all involved in or trading and investing in this most exciting of all emergent market economies.
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