Incofin cvso, a Belgian cooperative company that invests in microfinance, recently loaned MNT 41 million (USD 1.5 million) to Tenger Financial Group, a Mongolian Company that controls XacBank LLC, XacLeasing LLC, Horus Nomadic Solutions LLC and TenGer Insurance LLC. Founded in 2001, the group was formed following the merger of Goviin Ehlel (renamed XAC-GE Holding) and X.A.C. (renamed XacBank), two non-bank financial institutions that focus on micro-, small and medium enterprises.
XacBank, a community development and microfinance institution that provides credit and savings products, is the largest member of the group. As of 2009, XacBank reported to US-based Data Provider Microfinance Information Exchange (MIX), total assets of USD 223 million, a gross loan portfolio of USD 137 million, approximately 73,100 borrowers, return on assets (ROA) of 0.91 percent and return on equity (ROE) of 9.29 percent.
By Medha Ravi, Research Associate
About Incofin cvso:
Based in Belgium and established in 2002, Incofin cvso is a cooperative company that invests in microfinance and is owned by corporate, foundations and individuals. It is a limited partner of Incofin Investment Management, a fund manager for microfinance investments. As of 2010, Incofin manages investments of EUR 149 million (USD 204 million) in approximately 80 microfinance institutions (MFIs) across 37 countries.
About TenGer Financial Group:
TenGer Financial Group of Mongolia was created by the 2001 merger of Goviin Ehlel and X.A.C., two non-bank financial institutions that serve micro-, small and medium-sized enterprises. TenGer Group is the parent company of XacBank LLC, XacLeasing LLC, Horus Nomadic Solutions LLC and TenGer Insurance LLC. TenGer GROUP is owned by local and international investors including EIT Capital Management LLC, the International Finance Corporation (IFC), European Bank for Reconstruction and Development (EBRD), Mercy Corps, Triodos Bank Group, BlueOrchard Private Equity Fund and several local nongovernmental organizations (NGOs). As of 2009, TenGer Financial Group has total assets of MNT 322 billion (USD 256 million).
About XacBank:
XacBank is a community development bank founded in 1998 that aims to become a leading financial institution “by providing inclusive and value adding financial services to the citizens and expatriates, institutions and enterprises of Mongolia, while maintaining its leadership in the global microfinance industry.” As of 2009, XacBank reports to the Microfinance Information Exchange (MIX), the microfinance information clearinghouse, total assets of USD 223 million, a gross loan portfolio of USD 137 million, approximately 73,100 borrowers, return on assets (ROA) of 0.91 percent and return on equity (ROE) of 9.29 percent.
Source and Resources:
Incofin Investment Management news article “Incofin cvso provides USD 1.5 loan to Mongolian holding TenGer”, http://www.incofin.be/en/knowledge_center/newsarticles/Detail.aspx?ac=102b9946-193a-4fef-8ce3-6969506a7638
MicroCapital.org story, January 3, 2011, ” MICROCAPITAL BRIEF: Belgian Incofin Investment Management Makes $ 2.21m Equity Investment in Indian Microfinance Institution (MFI) Hope Microcredit”, https://www.microcapital.org/microcapital-brief-belgian-incofin-investment-management-makes-2-21m-equity-investment-in-indian-microfinance-institution-mfi-hope-microcredit/
MicroCapital.org story, February 8, 2010, “MICROCAPITAL BRIEF: responsAbility Social Investments Makes Loans Totaling $12.5m to Belarusian Bank for Small Business (BBSB) of Belarus, Khan Bank of Mongolia, XacBank of Mongolia”, https://www.microcapital.org/microcapital-brief-responsability-social-investments-makes-loans-totaling-12-5m-to-belarusian-bank-for-small-business-bbsb-of-belarus-khan-bank-of-mongolia-xacbank-of-mongolia/
MicroCapital.org story, August 7, 2009, “MICROCAPITAL.ORG STORY: Mongolia’s XacBank and Horus Noomadic Solutions Announce Launch of Mobile Banking Services for Microfinance”, https://www.microcapital.org/microcapitalorg-story-mongolia%E2%80%99s-xacbank-and-horus-noomadic-solutions-announce-launch-of-mobile-banking-services-for-microfinance/
MicroCapital’s Microfinance Universe Profile: Incofin cvso, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Incofin+cvso
MicroCapital’s Microfinance Universe Profile: TenGer Financial Group, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=TenGer+Financial+Group
MicroCapital’s Microfinance Universe Profile: XacBank, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=XacBank
Browse the MicroCapital Universe and add your entry to the wiki at: https://www.microcapital.org/microfinanceuniverse/
Similar Posts:
- MICROCAPITAL BRIEF: Incofin Places $4.3m in Equity in Varashakti Housing Finance via India Progress Fund
- MICROCAPITAL BRIEF: LOLC Buys 28% Equity Stake in Unguka Bank, Provider of Microfinance in Rwanda, from Incofin
- MICROCAPITAL BRIEF: Microfinance Institution PEBCo-Bethesda of Benin Borrows $2m from Incofin via Agricultural Liquidity Fund
- MICROCAPITAL BRIEF: Rite Water of India Nets $8m in Equity from Incofin via Water Access Acceleration Fund
- MICROCAPITAL BRIEF: ADB Issues $8.5m Bond to Fund On-lending to Women, Agricultural MSMEs in Azerbaijan
