The CGAP-MIX MCM Newsletter recently reported that Mongolian microfinance institution (MFI) XacBank, sold USD 154,000 in equity to Dutch microfinance funds Triodos-Doen Foundation and Triodos-Doen Foundation.
XacBank formed in 2001 after Goviin Ekhlel and X.A.C., Mongolia’s two largest non-bank financial institutions, merged. As of the end of 2005, the bank had a gross loan portfolio of $30 million, total assets of $48.1 million, and total equity of $7.7 million, according to the microfinance information database, MIX Market. XacBank’s return on assets was 2.59% while return on equity was 16.31%. It received an A from the microfinance rating agency, Planet Rating.
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