Goldman Sachs Group takes a 4.8 percent stake in the Trade and Development Bank of Mongolia
The Trade and Development Bank of Mongolia (TDB) today on February 10 of 2012 announced that the Goldman Sachs
Group, Inc. (Goldman Sachs), a leading global financial services firm, will acquire a 4.8 percent stake in TDB. The investment will assist TDB in growing its business to meet the expected increased needs of its clients as Mongolia's economy enters a period of strong economic growth
An international law firm Hogan Lovells, based in London, has suggested Golden Sachs to invest in the Mongolian banking sector
as it predicted that the Trade and Development Bank of Mongolia is planning to make an investment of 68 billion USD in the mining, road and construction and housing sectors in the next four years.
Mr. David Ryan, President of Goldman Sachs Asia Ex Japan, said, “This investment affirms Goldman Sachs’ confidence in TDB’s strategy, financial strength and management.”
“The growth of Mongolia’s economy is being driven by the development of huge mining projects. The international experts and financial capacity of Golden Sachs will greatly contribute to the development of our country and enhance our offering for our clients”, said the CEO of Trade and Development Bank of Mongolia, B.Medree.
TDB, the oldest and one of the largest banks in Mongolia with a total of 1.4 billion USD in assets, prides itself on its leading position in the Mongolian universal banking market. It acts as a primary lender to most of the country’s leading corporations as well as foreign corporations and foreign representative offices across all major industrial and commercial sectors. TDB is a major innovator in financial services
in Mongolia. In 2004, TDB was the first bank in the country to receive an investment from the Asian Development Bank (ADB) and the International Finance Corporation (IFC). In 2006, TDB became the first commercial bank in Mongolia rated by an international rating agency. TDB remains the country’s only issuer of international publicly traded debt.
TDB Capital, TDB’s wholly owned subsidiary and its investment banking arm, is Mongolia’s first investment banking services provider, providing corporate finance, research and advisory, securities brokerage and asset management services. In addition to this deal, TDB Capital has made several investments since its incorporation.
The President of the TDB is Randolph Koppa who has been working in Mongolia since 2004.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and high-net-worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. Info
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