Press Release 2014-05-14
January 31 2014 The Board of Directors of the newly founded Ard Holdings LLC is pleased to announce a successful acquisition of Ard Insurance and Ard Credit NBFI from Inter Group by EIT LLC or Equity Investment Trust (formerly known as Employee Investment Trust). This merger was structured as a combination of cash and stock transfers between EIT and Inter Group, making the latter the single largest shareholder in the holding company. This M&A is considered to be the largest to date in the financial services industry in Mongolia, producing a company with a net asset value of close to MNT 30 billion. Ard Holdings will operate primarily in the financial services industry through investments in leading industry players in Mongolia. By capitalizing on the expertise of its founders it will also engage in cross-border investments. Ard Holdings' subsidiaries are Ard Insurance, the nation's 3rd general insurance provider, Ard Credit NBFI, which is pioneering into internet based microlending, Monet Capital, one of the leading brokerage firms with investment banking, and the Institute of Engineering and Technology, a leading vocational training center in Mongolia. Ard Holdings is also a shareholder in XacBank, XacLeasing, TianRong MCC, and TenGer Insurance through its minority stake in TenGer Financial Group. Inter Group is a diversified holding company with operations in financial services, pharmaceutics, logistics and transportation, road construction, and building materials production. EIT was originally founded to enable employee share ownership in XacBank. It gradually expanded into various industries. It underwent a consolidation process and is currently focusing on the financial services industry. It is owned by over 370 shareholders, including top Mongolian corporations.