Mongolia's best bank for SMEs 2022: Golomt Bank
When Norihiko Kato took the helm of Golomt Bank in 2019, he had little idea of the global chaos to come. The Covid-19 pandemic greatly complicated plans to expand the bank’s business in the retail, corporate and small and medium-sized enterprise sectors. But Golomt succeeded anyway.
With Mongolia pushed to the brink, Golomt poured extra attention and resources into SMEs, the backbone of the economy.
Golomt’s SME loan portfolio jumped 20% in 2021 over 2020. It rolled out new products to aid SMEs in financing their working capital, reducing repayment burdens and obtaining commodity-guaranteed loans at current prices without requiring additional collateral.
The bank put its emphasis on increasing sales of segment-based product packages to SMEs, as well as providing professional consulting services, strengthening digital offerings and introducing new, non-bank financial institutions-based business model options.
In the year ahead, the bank is redoubling efforts to expand its loan portfolio through new products and services, while increasing the quality of its sustainability loan programmes.