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BoM announces to dissolve Capital Bank www.zgm.mn
The Bank of Mongolia (BoM) issued an ordinance to close down Capital Bank of Mongolia and appointed the holding company.
Mr. Batsaikhan, director of the Supervision Department of BoM estimates that the non-performing loans of Capital Bank have amounted to MNT 208 billion, which is equivalent to 80 percent of the total loan portfolio.
Deposit and saving accounts of Capital Bank totaled MNT 20 million and have been insured and guaranteed. Therefore, 99.5 percent of current account holders and depositors are fully protected from loss. The Savings Insurance Corporation has decided to issue a compensation payment of the Capital Bank by Khaan Bank based on the bank deposit insurance law.
Furthermore, the insured and deposit accounts of Capital Bank will be transferred to Khaan Bank LLC and customers will be able to receive the bank’s service. For the people who drew loans, payment of the loan and interest will continue as before.
The Deposit Insurance Corporation Fund has accumulated MNT 421 billion, which will compensate citizens and businesses for their savings.
As of February 28, Capital Bank is composing 1.1 percent of total banking system assets with 28 branches, 165,257 current accounts holders, and 56,164 deposit holders.
Published Date:2019-04-09
