ID :
339858
Tue, 09/02/2014 - 14:45
Auther :

GOLOMT BANK ACQUIRES CUSTODIAN BANKING LICENSE, FIRST IN MONGOLIA

Ulaanbaatar /MONTSAME/ Golomt Bank was licensed by the Mongolian Financial Regulatory Commission to carry out custody of valuables on August 27. Now it has turned to be the very first commercial bank privileged with ‘"ustodian Banking" service, thus starting a brand new historical edge in Mongolian Stock Market, as said in the bank's website. The license will allow Golomt bank to render number of professional services especially tailored for various stakeholders in stock market including safeguarding securities and valuables entrusted by customers, managing and making securities/asset transactions, certifying ownerships, defending rights of stock owners and estimating taxes and fees issued for stakes. Custodian banking service is needed at first hand for further development of Mongolian Securities Market due to its role in emergence of domestic investment funds and it’s a prerequisite for foreign investors to run business in Mongolian Stock Market, as such it allows increased flow of foreign investment and expansion in securities trading. Hence, as one of the major players in banking system, Golomt bank contributes significantly to the development of ‘Custodian Banking Service’ in Mongolia.

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