Domestic banks struggle to keep pace with Mongolia’s mining boom
(26 April 2012 – Mongolia) Mongolia is in the midst of a coal, copper and gold rush which is beginning to filter down from the international mining companies to the Mongolian supply chain, drastically increasing the demand for financial services from Mongolia’s domestic banks.
The small Mongolian banks are having to seek foreign capital to keep up with the pace of the mining induced growth. While foreign interest is increasing in the Mongolian market, both ING Bank and Standard Chartered already have a presence in the country.
ING Bank was the first international bank to set up a representative office in 2008 and has a two-pronged strategy for the market says their head of corporate and investment banking in Mongolia, Howard Lambert, the first is to have a representative office on the ground to support domestic businesses and act as the bridge for Mongolian companies and the international market. The second tier to ING’s Mongolian strategy is to assist foreign companies entering Mongolia.
ING Bank was the first international bank to set up a representative office in 2008 and has a two-pronged strategy for the market says their head of corporate and investment banking in Mongolia, Howard Lambert, the first is to have a representative office on the ground to support domestic businesses and act as the bridge for Mongolian companies and the international market. The second tier to ING’s Mongolian strategy is to assist foreign companies entering Mongolia.
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