Ronoc became a shareholder in TenGer Financial in 2008, and as of 2011, Ronoc holds 9.5% of share capital in the company.
- Company Headquarters: Mongolia
- Business focus: Financial services holding company
IMPACT HIGHLIGHTS
- Ronoc’s team drew on their experience managing financial institutions in Eastern Europe and Russia to develop TenGer’s strategic vision, risk management capacity and to bring its international expansion strategy into sharper focus
- With Ronoc’s guidance, TenGer quadrupled its asset base to approximately US$600 million and grew its banking division, XacBank, from a microfinance institution into a diversified retail and SME bank that ranks as one of Mongolia’s four largest banks by assets and one of the country’s fastest-growing major banks, with asset growth of 75% in 2011
- To help TenGer capture demand for complementary financial services, Ronoc facilitated plans for new lending and brokerage subsidiaries
- Ronoc reinforced TenGer’s commitment to expand access to financial services to low-income individuals, contributing its experience as a member of several impact investing associations