Interview transcript: John Finigan, CEO, Golomt Bank
John Finigan, CEO of Golomt Bank discusses the bank’s core businesses, China’s impact on the Mongolian economy, and the drivers and challenges of economic transformation in the country. July 06, 2012 | Asian Banker Editorial1. Golomt Bank’s core businesses Emmanuel Daniel (ED): Give us a profile of the bank. John Finigan (JF): Golomt Bank has 1,400 employees and was founded 18 years ago by the Bodi Group. The founders of the group contributed to the change of the structure of Mongolian society, from a centrally-planned economy to a private-sector, free-market economy in December 1989. Golomt Bank was set up as one of the first private banks in Mongolia and in the ensuing 17 years, has risen to become the leading bank in Mongolia, in terms of assets and deposits. In terms of its financial metrics, it is the strongest of all of Mongolian banks. It is the only bank to have a zero credit risk rating with Bank of Mongolia, the central bank, in open market operations. Traditionally the bank has focused on the corporate and high network individual sectors, but has, over the past decade, evolved into a full-service bank. We have added greater retail capabilities, with a split of accounts – 57% corporate and 43% retail, the latter comprising retail and SME activities, reflecting the disparate geography of Mongolia. ED: The bank has zero risk weightage in open market operations? JF: It has zero risk weightage with the Bank of Mongolia, which is perceived as having the highest financial standard metrics. Our balance sheet is strong, with a balanced combination of assets and liabilities. The asset liability mix comprises 57% corporate and 43% retail – out of which 18% is represented by SME activities and 25% retail, with 14% representing mortgage finance and 11% consumer finance. Our loan-to-deposit ratio of 67% is the lowest in the Mongolian banking system. This is reflective of the fact that we are the most liquid and conservative bank. ED: How do you maintain liquidity in Mongol... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: China, Retail Banking, SME Banking, Trade Finance, Transaction BankingChina,retail,SME Banking,Trade Finance,Transaction Banking, China,Retail Banking,SME Banking,Trade Finance,Transaction Banking, Keywords:Mongolia, Golomt Bank, John Finigan, Bank Of Mongolia, Export Credit, Investment Banking, PACI Mongolia, Golomt Bank, John Finigan, Bank of Mongolia, Export Credit, Investment Banking, PACI
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