Question 1

What is State Bank?

Accepted Answer

State Bank (Mongolian: Төрийн банк, romanized as Töriin Bank) is a state-owned commercial bank in Mongolia. Established by the Government of Mongolia in 2009, State Bank provides comprehensive banking and financial services to approximately 2.8 million customers through an extensive network of over 500 branches across the country.

As one of Mongolia's largest financial institutions, State Bank serves retail customers, small and medium enterprises (SMEs), and corporate clients. The bank operates with approximately 3,420 employees and maintains a strong presence in both urban and rural areas throughout Mongolia. It is supervised by the Bank of Mongolia, the country's central bank.

Question 2

When was State Bank founded?

Accepted Answer

State Bank was established on November 23, 2009, pursuant to decree No. 384 of the Government of Mongolia and resolution No. 259 of the Minister of Finance dated November 23, 2009. The bank was created from the assets of two failed Mongolian banks, Anod Bank and Zoos Bank, following the 2008 financial crisis at a cost of MNT 100 billion to the state.

In July 2013, the bank underwent significant expansion when the Government of Mongolia merged Savings Bank, Mongolia's 5th-largest bank at the time, with State Bank. This merger transferred all 503 branches and 1.7 million customers from Savings Bank to State Bank, at a cost to the state of $122 million. Savings Bank had failed due to a large bad loan to its parent company, Just Group.

Question 3

Where is State Bank headquartered?

Accepted Answer

State Bank is headquartered in Ulaanbaatar, Mongolia's capital, at Baga toiruu 7/1, 1st khoroo, Chingeltei District. This location serves as the central hub for the bank's nationwide operations and management.

The bank also maintains regional administrative offices across Mongolia to support its extensive branch network. As a state-owned institution, State Bank works closely with government ministries and the Bank of Mongolia in Ulaanbaatar.

Question 4

Where does State Bank operate?

Accepted Answer

State Bank operates nationwide throughout Mongolia, serving customers in all provinces (aimags) and major cities. The bank maintains over 500 branches across the country, including locations in Ulaanbaatar and rural areas, making it one of the most geographically extensive banking networks in Mongolia.

In 2017, five new branches were opened, and comprehensive e-banking solutions were introduced to 51 branches. The bank's branch network includes main branches, sub-branches, and service points in both urban centers and remote rural communities. State Bank also operates approximately 280 ATMs and 2,500 point-of-sale (POS) terminals nationwide, with 9,572 POS terminals reported as of 2024.

Question 5

What services does State Bank offer?

Accepted Answer

State Bank provides a comprehensive range of retail and commercial banking services. Personal banking products include current accounts (demand deposit accounts), savings accounts, consumer loans, pension loans, student loans, and herder loans. The bank issued MNT 1,507 billion in loans to 865,426 borrowers in 2017 alone.

Business banking services include corporate banking, SME financing, agricultural loans, and government-backed lending programs. State Bank participates in government subsidy programs and serves as a primary distribution channel for social benefit payments. The bank also provides specialized agricultural financing, including the "Khorshoo's member – herder loan" program, which issued MNT 198.9 billion to 5,595 borrowers as of June 2024.

Digital banking services include mobile banking through the GyalsBank app (version 3.0 launched in 2023), internet banking, online account opening, QPay QR code payments, and self-service e-banking kiosks at 51 branches. The bank reported that 87% of all transactions were conducted through online services as of 2024. Additional services include insurance intermediary services through partnerships with 12 insurance companies in Mongolia, remittance services with competitive exchange rates, and debit card services.

State Bank raised USD 200 million from international markets in 2025 and USD 31.5 million in funding from Cargill Financial Services International of the United States to support Mongolia's agricultural sector.

Question 6

What makes State Bank unique?

Accepted Answer

State Bank is unique as a government-owned bank created specifically to stabilize Mongolia's banking sector following the 2008 financial crisis. The bank's mission focuses on "supporting the middle class" and providing equal accessibility to complex financial services using advanced technology.

The bank has demonstrated resilience and growth despite its challenging origins. In 2017, State Bank ranked 11th in the TOP-100 companies selected by the Government of Mongolia and the Mongolian National Chamber of Commerce and Industry for contributions to the country's socio-economic development, placing third among banking industry peers. As of 2024, total assets reached MNT 4,164.6 billion, with a loan portfolio of MNT 3,140.9 billion representing a 30.2% increase from the previous year.

State Bank maintains strong prudential ratios, consistently meeting all requirements set by the Bank of Mongolia with indicators above the average for systemically important banks. The bank emphasizes environmental, social, and governance (ESG) principles, operating under a framework of eco-friendly, socially responsible, and transparent governance. It also focuses on financial education and inclusion, particularly in rural and underserved communities.

Question 7

What type of financial institution is State Bank?

Accepted Answer

State Bank is classified as a state-owned commercial bank in Mongolia. It operates as a universal bank providing both retail and corporate banking services under the supervision of the Bank of Mongolia, the country's central banking authority and financial regulator.

Unlike private commercial banks, State Bank is wholly owned by the Government of Mongolia and operates as a separate legal entity from the Bank of Mongolia. The bank functions as a systemically important financial institution in Mongolia's banking sector, maintaining capital adequacy ratios and liquidity ratios that exceed the minimum standards set by the Bank of Mongolia. As a commercial bank, State Bank is authorized to accept deposits, provide loans, facilitate payments, and offer a full range of banking services to individuals, businesses, and government entities throughout Mongolia.

State Bank

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About State Bank in Mongolia