Ard Financial Group to invest in Bogd BankEconomy
Ulaanbaatar /MONTSAME/. Whilst Bogd Bank had announced its plan for an IPO and is employing Ard Securities Brokerage (ArdSec), a wholly-owned subsidiary of Ard Financial Group (Ard), as its underwriter.
On April 7, Ard Holdings International signed a strategic investment contract with Bogd Bank. The Bogd Bank has decided to raise capital by issuing new shares and will obtain pre-IPO strategic investment permissions from the Bank of Mongolia.
Article 3 of the Law on Procedures for Enforcing the Law on Amendments to the Banking Law approved by the Parliament on January 29, 2021 states that “The Financial Regulatory Commission (FRC) and the central bank will jointly approve the temporary procedure for developing, implementing, reporting, and reviewing the plan specified in Article 1 - which mandates banks to restructure into public, joint-stock companies, and change its shareholding structure and share capital amount under this law.”
It also mentions that all plans to reorganize a bank into an open or closed joint company following the jointly approved temporary procedure should be submitted to the FRC and the BoM before July 1, 2021, with a proposed public or closed IPO plan, a projection of share price and a focus group research from potential investors.
Ard is providing this information to the public per its duties stated in Article 3.1 of the Securities Issuer Information Transparency Regulation of the Financial Regulatory Commission.
Bogd Bank, established in 2014, offers a full range of commercial banking services. It aims to expand its operations to become one of the top retail banks in Mongolia by initiating the latest technology and new standards to the financial market. Moreover, Bogd Bank maintains a stable and high return on investments for its customers, corporate clients, and investors through the introduction of a wide range of modern innovative products and services tailored to each of their needs.
Ard Financial Group is a diversified financial services holding company with the overarching goal of increasing its shareholders’ equity through investing in and developing leading financial services and technology companies. Its investment portfolio consists of companies such as Ard Insurance, Ard Credit, Ard Securities, Ard Life, Ard Assets, Ard Management, Ard Bit, TenGer Systems, MEC Partners (ardshop.mn), Mongol Post, Ard Holdings International, Ard Leasing, Ard Properties and Ard Realty. Ard App, Ard Fintech, ArdCoin, Ard Cash, CryptoNation and Ard Digital Bazaar are proprietary digital products based on artificial intelligence and blockchain technology.
Source: Ard Holdings