Interview transcript: Sandag Sukhbold, CEO, Savings Bank, Part 2
Sandag Sukhbold, CEO of Savings Bank discusses her experience and training received at Khan Bank, and the role of expatriates in developing Mongolian banks. July 16, 2012 | Sandag Sukhbold1. The Khan Bank experience Emmanuel Daniel (ED): Tell us about your experience at Khan Bank. Sandag Sukhbold (SS): In 2000, Khan Bank was placed under receivership by the central bank. They put it under a new management team, headed by two Americans and several others. Its assets were worth just $10 million. Mongolian banks were tiny, and Khan Bank was one of the smallest. The government took over and cleaned it up. It had only a few deposits, no loans, no receivables and some government bonds. It was a two-year project that extended over three years. In 2003, the bank was privatised. Its assets grew to about $180 million from less than $10 million. Then it became a real retail bank. I joined the bank as a project coordinator and was invited, after five months, to become part of the bank’s executive management, responsible for overseeing its branches. After establishing nearly 300 Khan Bank branches, I was then promoted to chief credit officer. In 2009, the bank expanded and almost became the second largest bank in Mongolia. We had branches in every corner of the country, especially the countryside. The interest rate for loans was significant and we were able to make good profit. Khan Bank was also Mongolia’s first retail bank. It focused mainly on consumer loans and offered products such as salary loans – as Khan Bank was servicing the government by paying employees throughout the country. In the countryside, we introduced new consumer products such as herder loans, to facilitate production of cashmere. ED: So Khan Bank was the original micro-credit lending business. SS: There are risks involved, such as the winter disaster in 2008. All herder loans were restructured then. But as we grew as a retail bank, I started to disagree with the way the management team ran things – what I w... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
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