Mongolia to Take Over Savings Bank as Fifth-Largest Lender Fails - Businessweek: "Savings Bank, Mongolia’s fifth-largest lender, has been declared insolvent after affiliated companies defaulted on loans, and will be taken over by a state-owned competitor, the central bank said.
State Bank will take over Savings Bank’s 503 branches starting today, Danjilaa Ganbat, director of the banking supervision department at Mongol Bank, said at a press conference in Ulaanbaatar yesterday. Savings Bank was owned by Just Group, a holding company based in the capital, whose other assets include Just Oil LLC. The takeover is the first by the government since 2009."
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State Bank will take over Savings Bank’s 503 branches starting today, Danjilaa Ganbat, director of the banking supervision department at Mongol Bank, said at a press conference in Ulaanbaatar yesterday. Savings Bank was owned by Just Group, a holding company based in the capital, whose other assets include Just Oil LLC. The takeover is the first by the government since 2009."
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