In 2007, Khan’s branch network expanded to 484 offices, with 400 of them online, employees grew by 1179 to reach 3860 and the bank’s loan portfolio expanded by 102%, or $208m, to become the largest in the country. The bank established an investment banking department to focus on international capital market transactions for both the bank and its corporate clients, and also introduced a mobile banking service. The bank also installed 70 ATMs, creating the largest ATM network in Mongolia.
“Khan Bank is honoured to again receive The Banker’s Bank of the Year Award for 2008,” says chief executive Pete Morrow. “As the universal bank in Mongolia, serving 80% of all households as well as the corporate, government and institutional markets, innovation is the key to our success. We are doubling our capital expense budget this year, mostly for IT and branch infrastructure. Though extraordinarily turbulent at this time, creative use of international capital markets will be key to serving the needs of Mongolia’s booming economy. We have ramped up education and training investment in our people to manage another level of complexity in our business.”
