Khan Bank
Building market share for sustainable long-term profitability has been Khan Bank’s number one priority for the past several years. The bank has built its brand recognition to 98.3% of the population through major investments in marketing, and now 62% of all Mongolian households use its services.
Since 2000, Khan Bank has opened 336,000 new deposit accounts and granted 1.5 million loans. The bank now makes 45,000 loans every month on average, concentrating on small businesses and families.
“We have expanded our network to 406 offices, 95 of them fully online, handling 65% of loans and 85% of deposits,” says CEO J Peter Morrow. “We have invested in over 1000 PCs and VSAT antennae, as well as fibreoptic and wireless technology to connect some of the most remote places on earth. Other offices have no electricity, and we are piloting solar and wind systems to bring the network to them.
“This is the only banking network of its kind in Mongolia and it links Ulaanbaatar and all parts of the country. Overall, 25,000 transfers move through our system every month, creating growing fee income and balances. Major commodity trading in cashmere, meat and other products use Khan Bank, as do multinationals, NGOs and donors to distribute funds and manage their cash.”
