Khan Bank, with 530 branches throughout Mongolia, is the largest commercial bank in Mongolia at the end of 2012, providing banking services to an estimated 70% of Mongolian households. The Bank was established in 1991 as the Agricultural Cooperative Bank in connection with the dissolution of the mono State Bank of Mongolia. The Bank assumed most of the assets and businesses of the State Bank in rural Mongolia.

Although the Bank was privately owned, its business remained heavily influenced by the Government, and in 1999 it was placed into receivership by the Bank of Mongolia. In 2000, under World Bank guidance, a restructuring plan was developed. The Government assumed ownership and  recapitalized the Bank, and an external management team, funded by USAID, was brought in to implement the plan. In 2003 the Bank was successfully privatized through international tender. Sawada Holdings, the Bank’s majority shareholder, aquired 100% of the shares and subsequently sold 40% of the shares to Tavan Bogd Trade Ltd. In 2006 the Bank’s name was officially changed to Khan Bank LLC.

Today, the Bank operates throughout all of Mongolia, with total 530 branches, with an office in every aimag capital, soum center, and border point. Through this extensive network, the Bank provides comprehensive banking services to individuals, small and medium enterprises (SMEs) and corporate customers. The Bank is a major provider of payment services including salaries, pension and social welfare payments, and remittances. Card services are provided to over one million customers. Continued investment in technology has resulted in access to online banking at all branches, an extensive ATM network covering Ulaanbaatar, aimag capital and major soum centers, as well as nationwide access to internet, mobile and SMS banking. In addition to a full range of loan and deposit products, the Bank provides foreign exchange, trade finance, cash management and international payment services to its commercial customers: SMEs, corporate, and institutional.