TDB and UBC bank consolidated
2 өдөр, 12 цаг өмнө
- The Trade and Development Bank and Ulaanbaatar City Bank, both have over 20 years of experience in the market, have combined operations on June 29. It can be called a historic event
All assets, liabilities, equities, and branches of Ulaanbaatar City Bank (UBCB) will be consolidated into the Trade and Development Bank (TDB), taking effect from June 29th, the TDB announced on Monday. TDB will further serve all UBCB clients; Bank of Mongolia approved the consolidation on June 23, 2020. Ulaanbaatar City Bank, named after the capital of the country, has been operating successfully for 21 years since 1999, professionally and swiftly providing comprehensive banking and financial services to its customers. The bank has been proudly making the list of the TOP-100 enterprises, announced by the MNCCI every year, as well as is one of the six systemically important banks in the banking system, as defined by the Bank of Mongolia. Strengthened human resources, expanded customer base, and adequacy of bank branches significantly contribute to achieving our strategic goal of closely serving our customers, TDB said in an announcement.
Mr. Orkhon Onon, Chief Executive of Trade and Development Bank talked about further operations on the merge of the banks.
-Two influential banks have officially consolidated in the banking system. Could you provide the related information on this?
-About Trade and Development Bank (TDB) and Ulaanbaatar City Bank, both have over 20 years of experience in the market and they have combined operations on June 29. It can be named a historic event. In accordance with the permission issued by the Bank of Mongolia (BoM) on June 23, 2020, all assets of Ulaanbaatar City Bank together with the branch and settlement center have been merged with the Trade and Development Bank.
-More interestingly, the two merged banks both have a potent and authoritative status in the banking system.
-Of course, that is why I called this event momentous. In the past period, such a large corporation has never appeared in the banking system. Both two banks have large scales. Additionally, defined by the Bank of Mongolia, two systemically important banks with more than 5 percent of the banking sector have joined on a voluntary basis. It is the very first combination of TDB.
-How will customers feel about this merging process and what is the further plan?
-Presumably, TDB’s primary capital is customers and we have arranged and prepared all procedures for customers to accept this change in the easiest and clearest way. In other words, all clients and partners will be customers of the Trade and Development Bank from June 29 without touching the services and conditions of Ulaanbaatar City Bank. As a result of the influential bank combination in the banking system, the Trade and Development Bank has expanded to 400 employees, 33 branches and settlement centers, and more than 1,900 merchandising organizations. This activity is beneficial for both sides as well.