Categories
Exchange rate risk sharing deposit

Terms and conditions

TERMS AND CONDITIONS
Tenor MNT
Term 12 months
Annual interest rate The bank’s 12 months regular term deposit interest rate
Total annual interest rate Annual interest rate + Exchange rate risk sharing interest rate*
Minimum deposit 500,000,000 MNT
Interest rate upon early termination of contract 2.4%-4.8%
Interest capitalization Quarterly
Withdrawals Quarterly
Conditions for earning income Possible
TERMS OF EXCHANGE RATE RISK SHARING INTEREST RATE 
 

USD exchange rate of the Bank of Mongolia** /MNT/ Exchange rate risk sharing interest rate* /annual/
1

3,000 ≤ ** < 3,100

0.5%

2

3,100 ≤ ** < 3,200

1.0%

3

3,200 ≤ ** < 3,300

1.5%

4

3,300 ≤ ** < 3,400

2.0%

5

3,400 ≤ ** < 3,500

2.5%

6

3,500≤ **

3.0%

Note : *The interest rate on this deposit will change in accordance with the policy rate of the Bank of Mongolia and the rise and fall of the exchange rate.
Categories
Exchange rate risk sharing deposit

Eligibility or required documents

  • Customer application form /download here/;
  • Documents required:
    • For Mongolian citizens: Citizens ID card;
    • For Foreign citizens: Passport and certificate of alien registration.
Categories
News

ENERELT BATBOLD APPOINTED AS CEO OF TRANSBANK

TransBank has been operating in the banking and financial sector for the last 26 years and announced the appointment of Mr. Enerelt Batbold as the Chief Executive Director of the TransBank effective January 23, 2023.

CEO Enerelt Batbold has professional experience working in the banking and finance sector since 2005 and has fulfilled various management positions with the Ministry of Finance, Wealth management role at Fortis Intertrust Group of Luxembourg, Newcom group, Trafigura LLC, ABTS NBFI, Mongolian Railway state-owned shareholding company. In addition, he worked as a member of the Board of Directors of Credit Bank from October 2018 to August 2021 and was appointed as a member of the Board of Directors of the TransBank in September 2021.

During his tenure at the organizations mentioned above, he has successfully managed to raise investment of USD 58 million from the EBRD and FMO to develop and complete a pioneering  US$ 120 million 50MW “Salkhit” wind farm project. Furthermore, while working as deputy head of Trafigura Mongolia he has successfully closed the acquisition of 5.02% of Golomt Bank shares under “Subscription and shareholders agreement along with US$ 35 million “Term Loan Facility agreement”  for Trafigura Ptein 2012, as well as issuance of first ever of MNT 750 billion bond for Mongolia’s State-Owned Shareholding Company in 2020.

He holds a bachelor’s degree in both Finance and Management from the University of Colorado, and a Master’s degree in Banking and Finance from the Luxembourg School of Finance-University of Luxembourg from 2008 to 2009.

We are confident that the new CEO’s talent and expertise will benefit the Bank significantly.

 

Categories
Quarterly financial statements

As of December 31, 2022

(in millions of MNT)

BALANCE SHEET ITEMS 31/12/2022
1 ASSET
1.1 Cash and cash equivalents

 484,176

1.2 Due from banks and financial institutions

 69,136

1.3 Financial investments

 12,290

1.4 Loans and advances to customers (net)

 549,812

1.4.1 Performing loans

 490,950

1.4.2 Non-performing loans

 77,125

1.4.3 Deferred loan payment

 (140)

1.4.4 Accrued interest receivable

 11,337

1.4.5 Loan Loss Provision

 (29,460)

1.5 Derivative financial assets

 3,416

1.6 Other financial assets

 694

1.7 Other non-financial assets

 3,369

1.8 Fixed assets (net)

 22,988

1.9 Intangible assets

 10,490

1.10 Total assets

 1,156,371

2 LIABILITIES
2.1 Current account

 120,912

2.2 Savings account

 400,133

2.3 Due to banks and financial institutions

 404,289

2.4 Other funds

 20,560

2.5 Derivative financial liabilities

 5,610

2.6 Other liabilities

 18,409

2.7 Total liabilities

969,913

3 EQUITY
3.1 Share capital

                 146,474

3.2 Share premium

 15,647

3.3 Treasury shares

 (7,032)

3.4 Revaluation surplus

 –

3.5 Retained earnings /loss/

 30,255

3.6 Other reserves

 1,114

4 Total equity

 186,458

5 TOTAL LIABILITIES AND EQUITY

 1,156,371

(in millions of MNT)

INCOME STATEMENT 31/12/2022
1 Interest income

 84,938

1.1 From Bank of Mongolia

 415

1.2 From Other banks & financial institutions

 2,582

1.3 From securities

 4,372

1.4 From loans

 72,480

1.5 Other interest income

 5,089

2 Interest expense

 45,939

2.1 Interest expense on current account

 –

2.2 Interest expense on savings account

 37,816

2.3 Interest expense on borrowed funds

 2,376

2.4 Interest expense on securities

 1,711

2.5 Other interest expense

 4,036

3 NET INTEREST INCOME (1-2)

 38,999

4 Provision expenses (provision reverse income)

 9,225

4.1 Deposits at other banks and financial institutions

 768

4.2 Securities

 73

4.3 Loans

 8,384

5 Net interest income after provision [(3)-(4)]

 29,774

6 Other income

 31,889

6.1 Non-interest income

 31,440

6.1.1 Trading income

 19,213

6.1.2 Exchange and revaluation adjustment expense

 10,838

6.1.3 Fees and commission income

 1,389

6.1.4 Other non-interest income

 –

6.2 Other income

 449

7 Other expense

 48,238

7.1 Non-interest expense

 47,591

7.1.1 Other provision expense

 58

7.1.2 Trade expense

 15,191

7.1.3 Exchange and revaluation adjustment expense

 9,883

7.1.4 Fees and commission expense

 1,108

7.1.5 Other operating expense

 21,351

7.2 Other expense

 647

8 Profit Before Tax (5+6-7)

 13,425

9 Income tax expense

 2,560

10 Profit After Taxes (8-9)

 10,865

11 Other comprehensive income

 (80)

12 Total comprehensive income for the year (10+11)

 10,785

(in millions of MNT)

OFF BALANCE SHEET 31/12/2022
Contingencies and commitments (net)

11,078

PRUDENTIAL RATIOS BY THE BANK OF MONGOLIA Limit 31/12/2022
Tier 1 ratio

≥ 9%

26.9%

Capital adequacy ratio

≥ 12%

26.9%

Liquidity

≥ 25%

37.0%

Foreign currency open position ratio (by each currency)

< ±15%

-2.6%

Foreign currency open position ratio (total)

< ±30%

-3.2%

(in millions of MNT)

Related parties Category of assets Balance % in total Equity
1 Loans and other equivalent asset provided to a related party (less than 5% of capital)

4.9%

1.1 Shareholders of the Bank

                               –

                       –

0.0%

1.2 Key management personnel

                               –

                       –

0.0%

1.3 Other related parties

Loan

             9,140

4.9%

2 Total Loans and other equivalent asset provided to related parties (less than 20% of capital)

18.5%

2.1 Shareholders of the Bank

Loan

                100

0.1%

2.2 Key management personnel

Loan

                331

0.2%

2.3 Other related parties

Loan

          34,020

18.2%

Categories
Foreign currency convertible deposit

Benefits

  • Earn the highest annual return in MNT currency;
  • Term deposits with 6, 9 or 12 month maturities will earn interest quarterly and account withdrawals are allowed every 3 months for a calendar week;
  • A risk-free investment solution;
  • Earn and receive higher returns even on early termination of contract.
Categories
Foreign currency convertible deposit

Terms and conditions

 
Terms USD
Tenor 3 months, 6 months, 9 months, 12 months
Annual interest rate 5.00%
Interest rate upon early termination of contract /annual/ 2.00%
Initial deposit requirement to open account 200,000,000 MNT or equivalent USD
Minimum deposit 100,000,000 MNT or equivalent USD
Interest capitalization ·   Deposit accounts with 3 months maturity earns interest at the end of the contract;

·   Term deposits with 6, 9 or 12 month maturities earns interest quarterly.

Add funds to deposit account Not allowed
Withdrawals Allows you to make withdrawals from deposit account with only 6 to 12 months maturity for once end of every 3 months for a calendar week.
Convertible currency MNT*

 

*Note: At the end of the contract, when the contract arrangements are fulfilled, the bank will offer the most favorable exchange rate conditions related to the attractiveness of the overall market conditions to convert your deposit to MNT.

Categories
Foreign currency convertible deposit

Eligibility or required documents

  • Customer application form /download here/;
  • Documents required:
    • For Mongolian citizens: Citizens ID card;
    • For Foreign citizens: Passport and certificate of alien registration.
Categories
Compliance

Anti-money laundering and countering the financing of terrorism policy:

Transport and Development Bank has implemented compliance principles into our business operation in accordance with the Law on Anti-money laundering and countering the financing of terrorism (AML/CFT Law), as well as regulations, recommendations and standards issued by international and domestic regulatory bodies.

The Bank has developed an AML/CFT program covering Know Your Customer (KYC) Procedure, Customer/Product ML/TF Risk assessment, Implementation of international sanctions and Correspondent bank and financial institution’s relationship in accordance with applicable laws and regulations.

In accordance with the AML/CFT Law and Regulations, the Bank shall undertake appropriate KYC measures to fully ensure and verify customer’s data, payment slip, agreements, invoices and any other documents prior to providing any banking services.

The information indicated below shall be authenticated by an official source and documents. These include:

  1. The purpose of business relationship with the bank;
  2. Beneficial owner and shareholder structure, asset management information;
  3. Customers’ nature of business and operations are in line with the purpose of the transaction;

Prior to establishing any financial and business relationship with foreign banks, the Bank shall comply with the requirements of the Correspondent Banking Due Diligence Questionnaire (CBDDQ) and recommendations on correspondent banking relationships issued by Wolfsberg Group, US Patriot Act and FATCA Regulation.

Wolfsberg CBDDQ:

Please click on here to access Correspondent Banking Due Diligence Questionnaire (CBDDQ) for FIs defined by the “Wolfsberg Group”.

US Patriot Act:

Please click on here to access Global USA Patriot Act certification issued by the U.S. Department of the Treasury.

FATCA:

Transport and Development Bank, akin to every financial institution in the world is obligated to report foreign financial assets and accounts held by US Person and legal entities to the US Internal Revenue Service (IRS) under the Foreign Account Tax Compliance Act (FATCA).

Please click on here to access FATCA W-8BEN-E form completed by the Transport and Development Bank.

TransBank is committed to ensuring that it has adequate controls to counter money laundering and terrorist financing activities, in line with all applicable laws, rules and regulations mandated by the governments of Mongolia as well as other relevant international standards and/or recommendations.

 

Translation of legal and regulatory obligations into procedures

We have established policy and procedures designated to combat Money laundering and Terrorism Financing in line Mongolian AML law, FATF standards and other regulatory’ s respective rules and regulations. The AML/KYC policy is included policy of identifying and verifying the identity of the customers and of the beneficial owners on the basis of documents, data or information obtained from a reliable and independent source. We do not allow anonymous accounts.

Moreover, we pay special attention to:

  • Understand the ownership and control structure of our customers;
  • Obtain information on the purpose and intended nature of business relationship; and
  • Monitor the business relationships, including scrutiny of transactions to ensure consistency of transactions with obtained information about and intended nature of business relationship.

All legal and regulatory documents related to the Mongolian law and other international AML/CTF framework have been translated into internal written procedures and they are regularly reviewed and updated. These mandatory policies and procedures are compliant to the FATF and other AML standards.

The AML/CTF policies and procedures have been approved by the BoD.

Acceptance of new customer and new business relations

For all new accounts opening requests, branch front-office staffs are required to fill out a detailed questionnaire asking for precise information about prospective customers, their type of business, the origin of their wealth and the type of operations they to conduct with the bank, etc.

Prospective customers are screened in an ongoing process through official lists in order to avoid to enter into relationship with individuals or institutions which appear on applicable lists of terrorists or terrorist organizations, or against whom sanctions have been imposed by the UN or US OFAC list, EU or with someone being or having been involved in criminal activities.

We have procedures in place for the identification and the monitoring of politically exposed persons (PEPs). Enhanced due diligence is conducted on these customers. In accordance with a risk based approach, account opening requested by prospects considered as requiring an enhanced due diligence (such as PEP, clients’ resident in high risk country from AML/CTF perspective, clients having a high risk professional activity, etc) have to be formally approved by the Senior management with a Compliance recommendation.   The Bank does not enter knowingly into any business relation with a “shell bank/shell company”.

Any new business relation with a potential banking correspondent in a country with non-equivalent international and domestic AML/CTF measures has to be approved at Compliance level on the basis of a duly motivated request and a thorough analysis of the identity, the reputation and the AML process of that particular correspondent (for instance via the Wolfsberg questionnaire). We do not allow direct use of correspondent accounts by third parties (payable through account).

Monitoring transactions

We use dedicated AML tools to be detect suspicious transactions and to filter incoming and outgoing payments. The detection of suspicious transactions will trigger an in-depth investigation of the customer account by Compliance department who analyses deeply the situation. The bank filters transfer messages and screens its clients database against official lists and internal lists.

Employee AML/CTF training

A mandatory Compliance awareness and training program has been implemented in order to provide training and information to relevant employees taking into account the level of risk exposures of their function and to comply with the standing legal requirements. These trainings include introductory training for new employees as well as ongoing training for existing employees, either face-to-face or through other means. In case of legal or regulatory changes, supplementary training and information are provided.

Responsibility of branches, departments

Transbank has instructed all branches and departments to respect the Bank standards regarding AML/CTF and KYC. General AML/CTF policies and procedures are available to the employees on our internal intranet site. Starting 2022 Transbank’s branches have appointed internal Compliance staffs, each Compliance staff responsible for implementing AML/CTF policies and procedures within the branch, train and advice branch staff in order to opening a new account, conducting wire transfer, performing customer DD etc.

Our Internal Audit Department is auditing Compliance activity on a regular basis and compliance procedures and practices from AML/CTF perspective. In parallel, Compliance is also performing controls and risk assessments of the operational procedures and their practical application, new product and services.

 

Please find here under the information concerning the responsible AML Officers:

Delgersaihan Amarjargal
Head of Compliance unit
Tel: 976-7716999 (ext 114)
Email: delgersaikhan.a@transbank.mn

Turgerel Tumurkhuyag
Senior AML officer
Tel: 976-7716999 (ext 106)
Email: turgerel.t@transbank.mn

Categories
News

TRANSPORT AND DEVELOPMENT BANK PRESENTS ITS FINANCIALS FOR SECOND QUARTER OF 2022

As of second quarter of 2022, the total asset of the Bank reached MNT 837.2 billion, an increase of 102% compared to the same period in 2021, while the net profit reached MNT 9.8 billion, increasing by 145% compared to the same period of the previous year.

During the reporting period, the Bank fully complied with the prudential ratios set by the Bank of Mongolia and implemented a new risk based approach into its operations. As of first half of the 2021, the NPL ratio of the Bank stood at 3.1%, which is significantly lower than the banking sector average.

Furthermore, in order to expand the scope of our operations and to bring our services closer to our customers, the Bank has opened 3 new branches (Premium, Cedar and Munkh Tower), bringing the total number of branches to 11. We would also like to highlight introduction of the WeChat Pay international payment system by the Bank, which enables our customers access to 64 countries and range of new opportunities.

As of June 30, 2022, in accordance with Article 4, Clause 4.2 of the Banking Law and Article 4 of the Procedures on Complying with the Amendment to the Banking Law, we are pleased to announce that Transport and Development Bank has been restructured as Closed Joint Stock Company.

Click here to view the financial report for the second quarter of 2022.

Categories
Quarterly financial statements

Year-2022 Quarter- 2

(in millions of MNT)

BALANCE SHEET ITEMS 30/06/2022
1 ASSET
1.1 Cash and cash equivalents

                    162,346

1.2 Due from banks and financial institutions

                      56,337

1.3 Financial investments

                      41,330

1.4 Loans and advances to customers (net)

                    494,759

1.4.1 Performing loans

                  491,699

1.4.2 Non-performing loans

                      15,638

1.4.3 Deferred loan payment

                          (147)

1.4.4 Accrued interest receivable

                        9,983

1.4.5 Loan Loss Provision

                    (22,414)

1.5 Derivative financial assets

                        1,318

1.6 Other financial assets

                           144

1.7 Other non-financial assets

                      58,518

1.8 Fixed assets (net)

                      12,585

1.9 Intangible assets

                        9,913

1.10 Total assets

                    837,249

2 LIABILITIES
2.1 Current account

                    111,974

2.2 Savings account

                    304,096

2.3 Due to banks and financial institutions

                    177,022

2.4 Other deposits

                      47,042

2.5 Derivative financial liabilities

                        2,255

2.6 Other liabilities

                        9,362

2.7 Total liabilities

                    651,751

3 EQUITY
3.1 Share capital

                    146,474

3.2 Share premium

                      15,645

3.3 Treasury shares

                      (7,032)

3.4 Revaluation surplus

                                1

3.5 Retained earnings /loss/

                      30,272

3.6 Other reserves

                           138

4 Total equity

                    185,498

5 TOTAL LIABILITIES AND EQUITY

                    837,249

(in millions of MNT)

INCOME STATEMENT 30/06/2022
1 Interest income

                      40,320

1.1 From Bank of Mongolia

                              60

1.2 From Other banks & financial institutions

                        1,039

1.3 From securities

                        2,753

1.4 From loans

                      34,933

1.5 Other interest income

                        1,535

2 Interest expense

                      19,420

2.1 Interest expense on current account

                               –

2.2 Interest expense on savings account

                      15,863

2.3 Interest expense on borrowed funds

                        1,302

2.4 Interest expense on securities

                        1,104

2.5 Other interest expense

                        1,151

3 NET INTEREST INCOME (1-2)

                      20,900

4 Provision expenses (provision reverse income)

                        2,216

4.1 Deposits at other banks and financial institutions

                               –

4.2 Securities

                               –

4.3 Loans

                        2,216

5 Net interest income after provision [(3)-(4)]

                      18,684

6 Other income

                      13,250

6.1 Non-interest income

                      13,101

6.1.1 Trading income

                        8,236

6.1.2 Exchange and revaluation adjustment expense

                        4,273

6.1.3 Fees and commission income

                           588

6.1.4 Other non-interest income

                                4

6.2 Other income

                           149

7 Other expense

                      20,127

7.1 Non-interest expense

                      19,856

7.1.1 Other provision expense

                                –

7.1.2 Trade expense

                        5,315

7.1.3 Exchange and revaluation adjustment expense

                        4,290

7.1.4 Fees and commission expense

                           596

7.1.5 Other operating expense

                        9,655

7.2 Other expense

271

8 Profit Before Tax (5+6-7)

                      11,807

9 Income tax expense

                        1,981

10 Profit After Taxes (8-9)

                        9,826

11 Other comprehensive income

                               –

12 Total comprehensive income for the year (10+11)

                        9,826

(in millions of MNT)

OFF BALANCE SHEET 30/06/2022
Contingencies and commitments (net)

                      20,462

PRUDENTIAL RATIOS BY THE BANK OF MONGOLIA Limit 30/06/2022
Tier 1 ratio

≥ 9%

29.4%

Capital adequacy ratio

≥ 12%

29.4%

Liquidity

≥ 25%

31.1%

Foreign currency open position ratio (by each currency)

< ±15%

-5.3%

Foreign currency open position ratio (total)

< ±30%

-9.2%

(in millions of MNT)

Related parties Category of assets Balance % in total Equity
1 Loans and other equivalent asset provided to a related party (less than 5% of capital)

4.5%

1.1 Shareholders of the Bank

                               –

                       –

0.0%

1.2 Key management personnel

                               –

                       –

0.0%

1.3 Other related parties

Loan

                8,289

4.5%

2 Total Loans and other equivalent asset provided to related parties (less than 20% of capital)

18.3%

2.1 Shareholders of the Bank

Loan

                    100

0.1%

2.2 Key management personnel

Loan

                    279

0.2%

2.3 Other related parties

Loan

              33,615

18.1%

Categories
List of licensed agents

Branch name

Name License date

Location

Head office GARAVSUREN.N 2023 Shangri-La Office, 19A Olimpic St, 1st khoroo,  Sukhbaatar district, Ulaanbaatar, Mongolia
Ard Branch MICHIDMAA.B 2023 1st floor, Building B8, Baga Toiruu St-9, 1st Khoroo, Chingeltei District, Ulaanbaatar, Mongolia
Naran Branch ENKHBAT.G 2020 1ST, 2ND floor, Naran Mall Department Store, Seoul St-35, 3rd Khoroo, Sukhbaatar District, Ulaanbaatar, Mongolia
Munkh tower branch ARIUNTUGS.E 2023 1st floor, Munkh Tower, Chinggis Avenue Street, 1st Khoroo, Khan-Uul District, Ulaanbaatar, Mongolia
MUNKHZUL.G 2023
Central Tower Branch BOLORMAA.Z 2020 4th floor, Central Tower, Sukhbaatar square-2 , 8th Khoroo, Sukhbaatar District, Ulaanbaatar, Mongolia
USUKHBAYAR.B 2023
Cedar Branch TUNGALAG.A 2022 1st floor, Cedar City Residence Town, 4th Khoroo, Khan-Uul District, Ulaanbaatar, Mongolia
Sakura Branch BAYARMAA.G 2022 1st floor, Sakura Building Center, Ikh Mongol St, 26th Khoroo, Bayanzurkh District, Ulaanbaatar, Mongolia
Shangri-la Branch BILGUUN.N 2022 6th floor, Shangri-La Office, 19A Olympic St, 1st Khoroo,  Sukhbaatar District, Ulaanbaatar, Mongolia
DAGIIMAA.O 2022
Zuun durvun zam branch KHUSLEN.B 2023 1st floor of Naran Shopping Mall’s 2nd Building, 15th Khoroo, Bayanzurkh District, Ulaanbaatar, Mongolia
Premium branch BAYARMAA.G 2023 2nd floor, Premium Palace, Ikh Toiruu St, 5th Khoroo, Chingeltei District, Ulaanbaatar, Mongolia
River garden branch ENKHNARAN.B 2022 1st floor, Building 308, River Garden Town, Ikh Mongol St, 11th Khoroo, Khan-Uul District, Ulaanbaatar, Mongolia
Categories
Exclusive Trip

Exclusive Trip offers you great opportunities of being protected financially, while traveling in Mongolia. We never know what happens in the future if there is some bad luck of getting into an accident, food poisoning or any chronic conditions raise ups, that can interrupt your whole journey with a  life threatening  scenes. In such cases, we should always be protective to take the action  to reduce further losses.  The Exclusive Trip is a right insurance, that you can be protected financially and enjoy your journey with a peace of mind. If there is an emergency during the trip,  Exclusive Trip will pay you for the air ambulance to Ulaanbaatar and hospitalization treatments.

 

Please e-mail us for more information reaching our experts or contact:

E-mail: daatgal@transbank.mn
Tel: +976 7716-9999

Categories
Credit Med

The most favorable way to protect your health and save money for medical expenses is to have a Credit Med insurance policy.

Categories
Exclusive Home

Insurance is the smartest way to save money. The “Exclusive Home” is  the best, true cover for protecting your home financially

Categories
Exclusive Auto

This is true insurance that offers you Exclusive cover because your car is exclusive.