XacBank is the result of a 2001 merger between the two largest non-bank financial institutions in Mongolia, Goviin Ekhlel and X.A.C. As of year-end 2005, XacBank had 50,101 active borrowers and a gross loan portfolio of $30 million out of $48 million in total assets. Total equity was $7.7 million, with a debt equity ratio of 520.73% and a return on equity of 16.31%, according to the MIX Market.
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