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Malaysians Placed Tg180 Billion Bid to Buy Mongolian Anod Bank
Written by Ch.Sumiyabazar
Tuesday, August 25, 2009.

Bank of Mongolia (central bank) is closely studying bid offer to purchase a Mongolian commercial bank “Anod” placed by a Malaysian company early this month, said S.Nasanjargal, a plenipotentiary governor working at the Anod Bank at the appointment of the central bank, who refused to reveal name of the Malaysian company.

In December 2008, management executives of the Anod Bank were arrested, and Bank of Mongolia sent its own plenipotentiary representative at the start of the privately-owned bank’s crisis.

In the past months, a number of branches of the Anod Bank, both in countryside and the capital city, have seen forced closures in a bid to “support normal operation of the bank”.

Local media outlets have reported that the Malaysian company placed Tg180 billion bid to purchase the Anod Bank with a guarantee of over EUR100 million from a Swiss bank.

The Anod Bank, that used to be one of top five commercial banks of Mongolia, had own branches in all 21 provincial centers and Ulaanbaatar districts. “But the bank has now only seven branches operating nationwide.

And, the bank is now operating under a critical situation,” said Nasanjargal.Bank of Mongolia has denied to comment on the recent media reports about the purchase bid. Bank of Mongolia is expected to respond to the bid offer by early next month.

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