Mongolia's best bank for CSR 2021: Golomt Bank
In the 26 years since Golomt Bank opened its doors, it has rapidly grown into a premier commercial bank. In its first two decades, between 1995 and 2015, it expanded to the point where Golomt alone generated business equivalent to a quarter of Mongolia’s gross domestic product.
Its path to success is no secret: focusing early and often on the development of the small and medium-sized enterprise space. After securing a strong foothold there, Golomt focused on new SME services and products.
More recently, though, Golomt has tilted more towards businesses led by women. Over the last five years, the number of loans made to women entrepreneurs increased 20%. The loan amount to women-owned businesses increased even more, by 30%.
Today, Golomt has just over 70,000 corporate clients. Of these, more than 23,000 either have a female director or have a female top shareholder. About 53% of the bank’s outstanding loans are to women-owned businesses. But it is Golomt’s investments in education, training and mentorship that earned it our best bank for corporate social responsibility award.
CEO Norihiko Kato is inspired by data and research by the World Bank, World Economic Forum and other findings that nations and companies with a high ratio of female leaders tend to be the most innovative, productive and vibrant.