At its meeting on January 5, the Board of Directors of the Central bank of Mongolia has made a decision to grant Industrial and Commercial Bank of China /ICBC/ a permission to open its representative office in Mongolia in 2017.
For the past three years, ICBC is leading the list of the best banks in the world published by Bankers’ Almanac and its A1 credit rating were assigned by Major Credit Rating Agencies. Also, ICBC has grown into the world’s largest lender by market capitalization, with 400 branches and offices in 42 countries and territories and 14,000 employees abroad, only 900 of whom are from China.
According to the Banking law of Mongolia, the representative office of a foreign bank is prohibited to undertake banking activities without a license of the Bank of Mongolia. The office in Mongolia will engage in representational and administrative functions on behalf of the ICBC.
Since 2008, there are several banking and financial organizations, such as the Bank of China, ANG bank of Netherlands, Sumitomo Mitsui Banking Corporation and the Bank of Tokyo-Mitsubishi UFJ, Ltd conducting their activities in Mongolia.
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