May 2003
AG Bank goes private in Japanese purchase
Last month HS Securities of Japan secured the 100%
purchase of Agricultural Bank of Mongolia when its head,
Hideo Sawada, delivered $6.85 million to
Ulaanbaatar.
Like several state-owned banks in Vietnam, China and Russia, AG
Bank was bankrupt after providing government-directed loans,
provisions and state pensions while cultivating a NPL portfolio of
100%.
The previous government in 2000 decided with the central Mongol
bank to privatize AG Bank within two years. The succeeding MPRP
government reaffirmed that decision and issued a tender for its
sale through the state property committee....
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