Source: www.tengerfg.mn                      June 16, 2010

TenGer Financial Group has acquired 50% of Prime General Insurance LLC, a leading insurer of Mongolia. The remaining half is owned by Petrovis LLC. The acquisition is expected to help Prime Insurance strengthen its business position and become the leader in the field. Mr. U.Ganzorig, CEO of Prime Insurance, has said the move will help the company provide “comprehensive financial services to customers and to introduce a new standard in the financial sector of Mongolia”. Mrs. J.Oyungerel, founder of Petrovis, has hailed the TenGer decision as a “clear example that well known private enterprises of Mongolia can successfully cooperate”.

Prime Insurance Company, one of the top three insurers of Mongolia, provides service to 700 companies and 11,000 individuals. TenGer Financial Group is the lead investor in Xac Bank, Xac Leasing, Xac Securities and Chorus Nomadic Solutions. Last year, it made its first international investment, in a Kyrgyz financial company, and plans to expand in the Russian Federation, Central Asian countries and China.

Among shareholders of the Group are EIT Capital Management, IFC, EBRD, Mercy Corps, Triodos Bank Group of Holland, Blue Orchard Investment Fund of Luxemburg and some domestic NGOs.