KhanLex advised European Bank for Reconstruction and Development on its US$ 40 million loan to XacBank LLC.
The loan will support XacBank to provide much-needed finance to private micro, small and medium-sized enterprises across Mongolia.
The loan is syndicated and is split between US$ 10 million A loan provided by EBRD from its own account and US$ 30 million B loan provided by a syndicate of lenders consisting of TRANSKAPITALBANK, IIV-Mikrofinanzfonds, BANK IM BISTUM ESSEN EG, and responsAbility SICAV (Lux) (acting for its sub-funds responsAbility SICAV (Lux) Mikro- und KMU-Finanz-Fonds, responsAbility Sicav (Lux) Micro and SME Finance Leaders, and responsAbility SICAV (Lux) Financial Inclusion Fund).
XacBank is one of the largest commercial banks in Mongolia and a market leader of MSME financing solutions.
The KhanLex team on this deal was led by Enkhbat Batsukh, Partner. Enkhbat was assisted by senior associate Uchralbayar Iderkhangai on this transaction.
N.B.: Enkhbat Batsukh led the above work while being a partner with the merged firm “MDS KhanLex LLP” (now de-merged). In 2018, Enkhbat Batsukh together with Uchralbayar Iderkhangai, another former lawyer of “MDS KhanLex” who advised on the above transaction, have relaunched their pre-merger firm “KhanLex Partners LLP”.