XacBank, Mongolia

Responsible shareholder exits for Bamboo Finance and Triodos Investment Management




Bamboo Finance and Triodos Investment Management were shareholders in TenGer Financial Group, the owner of XacBank. Bamboo Finance is a commercial private equity firm specialising in investing in business models that benefit low-income communities in emerging markets. Triodos Investment Management is a globally recognised leader in impact investing, managing direct investments ranging from sustainable energy infrastructure to microfinance institutions.


Exit responsibly, profitably and successfully from their equity investment in TenGer Financial Group by selling to a highly mission-aligned and experienced strategic investor that can help TFG-XacBank grow in a sustainable manner in the future.



Full and profitable exit for the clients, generating a very healthy internal rate of return.

The new shareholder, Orix Corporation of Japan, is an experienced strategic investor committed to helping TFG-XacBank grow sustainably while maintaining its mission to enhance financial inclusion for the citizens of Mongolia.



XacBank is well-positioned to expand its SME and microbanking services throughout Mongolia and to strengthen its share of the Mongolian banking sector.


Structured the transaction process, designed the auction, understood and negotiated the shareholder landscape within TenGer Financial Group.

Prepared all marketing materials, identified and contacted all potential buyers.

Advised the client on how to move forward once offers were received from buyers (in this case there were multiple buyers.)

Negotiated the sale and purchase agreements with all buyers and managed the regulatory approvals process.

Managed the transaction’s closing process.


We demonstrated our value-add in guiding our clients through a particularly complex, multi-party, multi-jurisdictional exit process in an effective and responsible manner.

We learnt that it is possible to complete transactions in the Mongolian market, but that these take time and the regulatory approvals process can be long and difficult.

We learnt that our engaged approach to these transactions – being involved in all of the negotiating details – is the only way to bring such transactions to completion in a successful manner.