Khan Bank is Leading Mongolia’s Economic Growth and Social Impact
Khan Bank LLC (“Khan Bank”), founded in 1991 as the Agricultural Cooperative Bank in Mongolia, is a dominant player in the country’s financial sector. With over 545 branches strategically located across Mongolia, Khan Bank holds the distinction of being the largest commercial bank in the nation, providing a diverse range of banking services to approximately 2.8 million customers, encompassing a remarkable 82% of all Mongolian households.
For a decade running, Khan Bank has consistently been acknowledged as one of the “Top 10 taxpayer entities” in Mongolia, a testament to its substantial financial contributions to the national treasury. In 2021, Khan Bank’s tax payments amounted to MNT 227.8 billion, reinforcing its crucial role in fostering economic growth and underpinning its commitment to national development. This figure marks an upward trajectory from MNT 120.5 billion in 2020 and MNT 131.7 billion in 2019, clearly signifying its expanding economic footprint.
As a systemically important bank in Mongolia, Khan Bank’s operation supports a considerable workforce of 6,470 employees, significantly impacting the country’s employment landscape. Beyond job creation, this stable employment has broader implications, such as alleviating unemployment and addressing various social issues like financial stability and individual livelihoods.
Khan Bank’s engagement in social responsibility and sustainable development extends to its unit, the Khan Bank Foundation. Established in 2007, the foundation is dedicated to seven priority areas, combining efforts to address both social and environmental concerns. Through this foundation, Khan Bank has initiated over 500 projects and programs, committing a substantial MNT 9.4 billion for financing. These initiatives aim to create tangible and positive changes in the lives of people, significantly contributing to societal welfare.
Khan Bank’s impact goes beyond mere banking services. The bank has played a pivotal role as a catalyst for positive change within the Mongolian community. It has introduced a slew of impactful nationwide programs and campaigns, including the Khan Bank Scholarship Program, which, over the past 16 years, has awarded over MNT 2 billion in scholarships to 2,000 students from rural areas. These programs not only foster educational opportunities but also underscore Khan Bank’s unwavering commitment to empowering Mongolian youth.
Khan Bank’s healthcare initiatives have brought positive change to Mongolia. The “Campaign Against Hypertension” provided free medical exams to over 24,000 people, training 1,500+ doctors. Its “National Campaign Against Cancer” conducted 513 emergency surgeries, detected 610 cancer cases, and trained 10,238 medical professionals. This extensive effort greatly improved healthcare access. Through these programs, Khan Bank shows its commitment to community well-being and extends its influence into healthcare, beyond its financial services.
Khan Bank prioritizes environmental sustainability, notably through its Khan Bank Forest Program. Over 29,000 trees have been planted on a 14-hectare land, with plans for 108,000 more, demonstrating the bank’s commitment to environmental preservation. Additionally, Khan Bank issued Mongolia’s first green bond in partnership with the International Finance Corporation, funding renewable energy, green buildings, and more, showcasing its forward-thinking approach to sustainability.
Khan Bank’s influence extends to its internal practices, where it has established policies and practices that promote a safe, productive, and supportive work environment. The Human Resources Policy, Talent Management Policy, Occupational Safety and Health Policy, and Employment Equality Policy play crucial roles in enhancing employee satisfaction and well-being. An annual employee satisfaction survey reflects this commitment, with satisfaction levels rising from 79.9% in 2020 to 81.6% in 2022. In line with modern workplace trends, Khan Bank introduced a shared office concept, offering staff members flexible work hours between 7 a.m. and 11 a.m. This initiative fosters a supportive and productive workplace, empowers remote work, and improves work-life balance, creating a positive work culture.
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