Tokyo, May 25 (ANI): Orix Corporation, a leading integrated financial services group of Japan, has announced its decision to foray into the Mongolian financial services business through an alliance with TenGer Financial Group (TFG), a major Mongolian financial group.
The Japanese investment giant has reached an agreement to purchase about 16 percent of shares in TFG and will obtain the necessary permits in view of investment in June.
TFG is a major financial services holding company offering banking, leasing, insurance and investment banking services mainly in Mongolia. Its main subsidiary Xac Bank is Mongolia's fourth largest commercial bank in terms of assets and has a robust customer base comprised mainly of small and medium sized mining and construction related businesses and individuals.
ORIX plans to expand into new area of business such as card loans and internet banking and use its experience in financial services business to expand and strengthen TFG's existing businesses.
ORIX will seek to capitalize on TFG's business platform to obtain new investment opportunities and expand its assets within Mongolia, which is estimated to have an average annual economic growth rate of 20 percent in the next five years. (ANI)
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