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Chinese bank to open its office in Ulaanbaatar
15:27, 09 January 2017, 1372

AKIPRESS.COM - The Executive Board of the Bank of Mongolia has decided to grant permission to the Industrial and Commercial Bank of China to open a representation in Ulaanbaatar.

This decision was made at a meeting of the Executive Board on December 5, 2016, reports news.mn.

According to Mongolian banking law, if a foreign bank wants to open a branch in Mongolia, it must receive government approval or, as in this case, approval from the Bank of Mongolia.

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