Data & Intelligence

Impact Case Study: TenGer Financial

Ronoc became a shareholder in TenGer Financial in 2008, and as of 2011, Ronoc holds 9.5% of share capital in the company.

  • Company Headquarters: Mongolia
  • Business focus: Financial services holding company


  • Ronoc’s team drew on their experience managing financial institutions in Eastern Europe and Russia to develop TenGer’s strategic vision, risk management capacity and to bring its international expansion strategy into sharper focus

  • With Ronoc’s guidance, TenGer quadrupled its asset base to approximately US$600 million and grew its banking division, XacBank, from a microfinance institution into a diversified retail and SME bank that ranks as one of Mongolia’s four largest banks by assets and one of the country’s fastest-growing major banks, with asset growth of 75% in 2011

  • To help TenGer capture demand for complementary financial services, Ronoc facilitated plans for new lending and brokerage subsidiaries

  • Ronoc reinforced TenGer’s commitment to expand access to financial services to low-income individuals, contributing its experience as a member of several impact investing associations


As a Founding Member Firm of EMPEA , I am proud of what the organization achieved. I look forward to playing an active role on the Board of Directors as we enter our next phase.

Drew Guff | Managing Director and Founding Partner, Siguler Guff & Company

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Dr. Andrew Kuper | Founder and CEO, LeapFrog Investments

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Torbjorn Caesar | Senior Partner, Actis

While there are certainly challenges for the industry, the opportunities abound in our target markets and globally, making a global association like EMPEA more relevant than ever.

Drew Guff | Managing Director & Founding Partner, Siguler Guff & Company

The developed markets have no equivalent to the role EMPEA is playing as a convener and source of trusted information in the emerging markets.

David Rubenstein | Co-Founder and Managing Director, The Carlyle Group