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KhanLex pick up mandate on Khan Bank IPO

KhanLex Partners have picked up a mandate to advise Khan Bank of Mongolia on IPO.

Appointment of KhanLex as IPO counsel has followed enactment by the Mongolian legislature of new banking regulations earlier in 2021. In particular, under these regulations the so-called “systemic banks” of Mongolia – such as Khan Bank – must become publicly-traded companies and conduct an initial public offering of its shares within June 30, 2022. In addition to IPO advisory, the KhanLex’ mandate of includes oversight of implementation of another key requirement under the new banking regulations – bringing the presently high levels of ownership concentration of Mongolian commercial banks down to 20% of the total issued shares of the bank per single shareholder.

(You can view here to further details of the new Mongolian banking regulations).

Khan Bank’s IPO slated for Q1 of 2022 is expected to mark a milestone for Mongolia’s emerging capital markets by becoming the largest IPO in Mongolia to date.

The KhanLex team to advise on IPO are being led by capital markets partner Uchralbayar Iderkhangai and assisted by associates Namuun Odkhuu and Uuganzaya Batjargal. Uchralbayar Iderkhangai commented: “We are privileged to build on our longstanding and fruitful relationship with Khan Bank and assist with a potentially landmark IPO for Mongolia’s capital markets.”.

About Khan Bank:

Khan Bank has been operating for 30 years in Mongolia. It has the most extensive branch network in the country providing secure financial services in every town, village and border point across Mongolia. The Bank also has the largest network of ATMs located throughout the country. Khan Bank processes an estimated 70% of daily banking transactions in Mongolia. Independent surveys indicate that Khan Bank services roughly 80% of all households in Mongolia. As of Q3 2020, the Bank has MNT 11.1 trillion in total assets, making up 31.5% of the Mongolia’s the banking industry.

For more information about Khan Bank, please visit their website: www.khanbank.com

Link to the further news on this transaction


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