Mongolia's best bank for diversity & inclusion 2022: TransBank
Excelling at diversity is about much more than naming a couple of women to top jobs.
TransBank, for example, appointed Erkhembayar Baltsukh as deputy chief executive in April 2021 and Bolor Tserendorj as CFO in January 2021. But the firm goes far beyond that: it has worked doggedly, year after year, to identify, recruit and cultivate female talent.
The bank’s senior management is more than 60% female, while women hold more than 55% of middle-management roles. More than 20% of total outstanding loans go to women entrepreneurs. TransBank, whose chief executive is Enerelt Batbold, also stands out in the local market for having named a dedicated gender czar.
Its efforts are important for Mongolia. The country ranks 70th on the World Economic Forum’s annual gender equality report, one notch ahead of Bangladesh and one behind North Macedonia. Tellingly though, Mongolia does better than many of Asia’s biggest economies: it is well ahead of South Korea, China and Japan in the rankings.
But the country can always do better. All available research from the IMF, the Organisation for Economic Cooperation and Development and Goldman Sachs (whose analysts coined the term 'womenomics') agree that nations and companies that make best use of their female workforce are the most vibrant, innovative and productive.