On August 13, 2021, the Bank of Mongolia and Financial Regulatory Commission endorsed Golomt Bank’s plan for becoming a Joint-Stock Company which was submitted on June 29, 2021 as per the requirement set by the recently amended Banking Law of Mongolia. Accordingly, Golomt Bank will now be able to carry out its next step actions as planned for becoming a joint-stock company.

Accounting for nearly 20 percent of Mongolia’s banking system, Golomt Bank fully welcomes the regulatory change that requires the systemically important commercial banks to become joint-stock companies. The Bank strongly believes that the change will have a positive impact on the further development of the banking and financial sector as well as the capital market in Mongolia. Therefore, Golomt Bank has been eagerly and diligently working towards becoming a joint-stock company within the specific deadline set by the law from the beginning.

Golomt Bank is partnering with the leading international and domestic organizations in its preparation for becoming a joint-stock company including “Mirae Asset Securities Mongolia LLC” as the Main Underwriter, “Golomt Capital LLC” as the Assistant Underwriter, “Financial Law Consulting LLP” as the Law Firm, “KPMG LLC” as a Valuator, and “PwC LLC” as an Auditor.

As a pillar of Mongolia’s social and economic growth, Golomt Bank will continue to champion the banking sector development and to be the major accelerator of the future development.