Mongolia: Golomt battles to restore its reputation

It was the poster bank for a new Mongolia full of opportunity. But Golomt Bank’s reputation has mined unexpected depths over allegations of hidden defaults, lawsuits with leading financial institutions and a sudden parting of the ways with a globally respected CEO. Now a new group of executives is launching a fightback.

Bolormaa Luvsandorj almost skips as she enters the Coffee Bean café in Ulaanbaatar’s Bodi Tower. “Hello,” she says, sitting down with a big impish grin on her face and ordering a full-fat latte, two extra shots. “How can I help?”

Goodness knows where she gets her high-spiritedness from. Luvsandorj is after all the newly minted executive vice-president and chief investment officer of Golomt Bank, having joined Mongolia’s third-largest lender in January. So far, it has been a baptism of fire.

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