1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. đť•Ź Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. đť•Ź Posts
Discussion
1. Investment Snapshot
2. Valuation
Discussion
Symbol
BOGD
Sector
Financials
Subsector
Banks
Offer Range
—
Shares Offered
6.25M
Shares Outstanding Pre-IPO
53.86M
60.11M
$414.8M
10.4%
Implied Upside vs Midpoint
Description
We are a diversified financial services group offering a wide range of banking and financial services to corporate and retail customers through a variety of delivery channels in Mongolia. Since our founding in 2014, we have been working towards bringing increasingly modern products and services to our Mongolian customers, with a mission of becoming the leading Mongolian bank of the 21st century. Apart from traditional banking products and services, we offer insurance brokerage, foreign exchange transactions, and banking guarantee (letter of credit) issuance. --- Moody’s Investors Service (“Moody’s”) has assigned the Bank a Baseline Credit Assessment (“BCA”) of b2. The BCA represents an opinion by Moody’s of an entity’s standalone or intrinsic financial strength and credit risk and does not constitute a rating of any specific debt instrument, deposit or security. A b2 Baseline Credit Assessment reflects Moody’s assessment of the Bank’s standalone credit profile, incorporating both the structural characteristics of its operating environment and credit supportive factors such as sound profitability, solid capitalization and a well managed liquidity position. According to Moody’s explanation of its classifications, issuers assessed in the “b” category are judged to have speculative intrinsic, or standalone, financial strength, and are subject to high credit risk absent any possibility of extraordinary support from an affiliate or a government, whilst the modifier “1” and “2” generally refer to the rankings within the category, with the modifier “1” representing that the obligation ranks in the higher end of its generic assessment category, and the modifier “2” indicating a mid-range ranking. The Bank’s BCA of b2, and Long-Term Counterparty Risk Rating (“CRR”) of B1 is in line with Moody’s baseline credit assessments of a range of commercial banks operating in Mongolia, including banks of varying sizes and systemic importance, and is also on par with Mongolia’s sovereign credit rating. For example, Trade and Development Bank, Golomt Bank and XacBank have been assigned a Long-Term CRR of B1 each. The peer group was determined based on similarities in domestic market focus, business models, funding structures predominantly reliant on customer deposits, and exposure to the same macroeconomic and regulatory environment. The Bank’s Long-Term CRR was subsequently upgraded from B2 to B1 in 2025, reflecting an improvement in the Bank’s standalone credit profile. Our primary business consists of commercial banking operations for retail and corporate customers. Our commercial banking operations for retail customers consist of retail lending, deposit taking, international remittances, brokerage of insurance products and other fee-based products and services. We provide a range of commercial banking products and services, including loan products, fee and commission-based products and services, deposit products and foreign exchange to individuals, middle market companies, and small and medium enterprises. We also offer agricultural and rural banking products. We earn interest and fee income from our commercial banking operations. We deliver our products and services through a variety of channels, including bank branches, automated teller machines (“ATMs”), call centers, internet and mobile phones. We had a network of 17 branches and 8 ATMs in Mongolia as of December 31, 2025. Our treasury operations include the maintenance and management of regulatory reserves, proprietary trading in equity and fixed income and a range of foreign exchange products and services for corporate customers. Our principal executive offices are located at Bodi Tower, Jigjidjav St 3, Sukhbaatar Square, Ulaanbaatar 15160, Mongolia, and our phone number is +976 7577 1199. We maintain a corporate website at www.bogdbank.com.