Financial News
TransBank of Mongolia Signed a Partnership Agreement With Joseph Sassoon Group, the New York-Based Merchant Banking Firm
![David Sassoon](https://cdn.newswire.com/files/x/20/30/d88411aa8c5b57ad9a898700eaeb.jpg)
David Sassoon
Executive Chairman at Joseph Sassoon Group
NEW YORK - May 20, 2022 - (Newswire.com)
TransBank is Mongolia's fastest-growing commercial bank, with a 101% surge in total assets in the reporting year of 2021. The August 2021 merger between TransBank with Credit Bank significantly propelled TransBank into its next level of development, introducing innovative products and services to its local clients while also looking for sophisticated financial solutions from other markets through global partnership. The bank is exploring expanding its footprint by attracting foreign, particularly U.S. and Israeli, investors.
Last month, TransBank signed a partnership agreement with Joseph Sassoon Group, an investment management and merchant banking firm based in New York. Joseph Sassoon Group is a successor firm to a line of trading, merchant and investment banking firms whose history expands over five hundred years. Founded in 1512 as Shoshan Frères & Co, later rebranded Sassoon & Sons, they participated in the financing and investment in some of the world's most iconic projects, from the construction of the Suez Canal in 1861, the development of the first railway in the Ottoman Empire, and becoming early investors of National Bank of Egypt, to co-founding of Banque du Caire (Bank of Cairo) by Eli Nissim Sassoon, Chairman of Sassoon & CO, and investments in the mining sectors in Africa, South America and Asia.
The partnership calls for great expansion for TransBank through providing TransBank's products and services and contributing innovative financial engineering and architectural solutions to TransBank's clients through Joseph Sassoon Group. Joseph Sassoon Group is also advising TransBank on strengthening its ESG practices to address current climate and sustainability challenges while diversifying its lending portfolio. They are also exploring opportunities for TransBank to expand in the global markets through key projects and establishing branches in other markets with Joseph Sassoon Group in the U.S., Israel, Africa and Europe.
"TransBank is an innovative bank that provides creative solutions to its customers. This is why we considered this partnership a vital step in our own expansion in re-establishing our own footprint in regions from which we have been absent. We are extremely proud of this partnership with TransBank. I am most excited about working closely with Ms. Erkhembayar Baltsukh, who has demonstrated exceptional negotiating skills, steady leadership and a wealth of knowledge in the financial markets that strengthens this partnership beyond my expectations," said David Sassoon, Executive Chairman of Joseph Sassoon Group.
Erkhembayar Baltsukh, TransBank's Deputy CEO, said: "We are excited to partner with one of the world's oldest merchant banks. The Sassoon family has a long and respected history with deep expertise in investment management, project finance, asset management, corporate finance and private equity and private banking for over 500 years. Our partnership is setting the remarkable start towards such an exciting growth. I am greatly appreciative of the very professional and sophisticated knowledge of Mr. David Sassoon who was been very supportive of the successful realization of our partnership. This partnership provides unique opportunities that will benefit the country's economy through financing key infrastructure and development projects."
https://www.josephsassoongr.com; https://www.transbank.mn/en
Related Images
![David Sassoon](https://cdn.newswire.com/files/x/21/59/4f8c7854094e08e07f044548afcd.jpg)
David Sassoon
Executive Chairman at Joseph Sassoon Group
![Erkhembayar Baltsukh](https://cdn.newswire.com/files/x/e4/85/1c45df7f91fedbabe4acf0a0088e.jpg)
Erkhembayar Baltsukh
TransBank Deputy CEO
Press Release Service by Newswire.com
Original Source: TransBank of Mongolia Signed a Partnership Agreement With Joseph Sassoon Group, the New York-Based Merchant Banking Firm
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