Ulaanbaatar /MONTSAME/ The Global Finance Magazine, well reputed and acknowledged organization for measuring global banking and finance criterion, named the XacBank as the 2017 Best Bank of Mongolia in the monthly magazine’s March edition. This magazine also sets standards and predicts where development is progressing.
Accordingly, the awarding ceremony took place in Washington D.C on October 14 and XacBank received the award for Best Bank of Mongolia for the third time.
The Global Finance Magazine has over 50 thousand regular readers of 180 countries and was founded in 1987, forming around 80 percent of world investment with over 8 thousand investors, financial institutions and plays an important role for multinational corporations to make investment decisions.
The selection criteria consists of multiple indicators, such as capital increase, profitability, strategic partnerships, customer service, sound pricing structures and the integration of cutting-edge technology into the product lines. As for this year, the bank expanded the frames of business loan program for greenhouse gas emission reduction by cooperating with international organizations and investors since 2009, increased the funding of renewable energy sectors, created more efficient and long-term loan program in the field, opportunities for businesses in adapting cutting-edge technology to reduce their production cost and increase business efficiency.