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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