Ard Holdings

Board of Directors of the newly founded Ard Financial Group (Ard Holdings) is pleased to announce a successful acquisition of Ard Daatgal and Ard Credit from InterGroup 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 InterGro... up 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 net asset value 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 engage in cross-borderinvestments. Ard Holdings’ subsidiaries are Ard Daatgal, the nation’s 4th general insurance provider, Ard Credit non-bank financial company, which is pioneering into internet based microlending, Monet Capital, one of the leading brokerage firms with an investment banking arm, and the Institute of Engineering and Technology, a leading vocational training center in Mongolia. Ard Holdings is also a minority shareholder in various other industry players. InterGroup 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 and TenGer Financial Group. Gradually it expanded into various industries. It underwent a consolidation process then and is currently refocusing on the financial services industry. It is owned by over 370 shareholders, including top Mongolian corporations.Read More