Subsidiary Governance and Management Changes
ICFG Limited announced significant governance and management changes at its Mongolian subsidiary, InvesCore NBFI Joint Stock Company, aimed at strengthening oversight and ensuring long-term sustainability. Mr. Ankhbold Bayanmunkh will transition from Chairman to Non-Executive Director, while Mr. Bayasgalan Dalaijamts assumes the role of Chairman and has stepped down as Chief Executive Officer. Mrs. Orolmaa Dashnyam is appointed as the new Chief Executive Officer, subject to regulatory approval, bringing extensive experience in digital lending and electronic payments. These changes are intended to enhance corporate governance and support the Group's continued growth.
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ICFG Limited (LON: ICFG), the international financial services group, is pleased to announce that the board of its Mongolian subsidiary, InvesCore NBFI Joint Stock Company ("InvesCore"), has approved a number of governance and management changes. These changes form part of the Group's broader focus on strengthening governance across its operating subsidiaries.
Board Changes at InvesCore
In connection with InvesCore's 10th anniversary and as part of its ongoing efforts to strengthen corporate governance and enhance long-term sustainability, the board of directors of InvesCore has resolved to implement the following changes with immediate effect following recipient of the approval from the Financial Regulatory Commission of Mongolia and the completion of the relevant filings with the State Registration of Legal Entities:
| · | Mr. Ankhbold Bayanmunkh will step down from his role as Chairman and will be appointed as a Non‑Executive director. |
| · | Mr. Bayasgalan Dalaijamts will be appointed as Chairman. |
- Ankhbold has served as Chairman of InvesCore since 2018. During his tenure, he made a significant contribution to strengthening corporate governance, enhancing the effectiveness and independence of the board and safeguarding the interests of InvesCore shareholders. InvesCore expresses its appreciation for his leadership and service. Mr. Ankhbold will remain actively involved in the strategic direction of InvesCore in his capacity as a member of the Board.
Management Changes at InvesCore
Following his appointment as Chairman, Mr. Bayasgalan has resigned from his position as Chief Executive Officer, at his own request, in order to ensure an appropriate separation between executive management and Board oversight.
- Bayasgalan is a co‑founder of InvesCore, having established the business in 2016, and has served as Chief Executive Officer and a member of the board since inception. He has more than 25 years of experience in the banking and financial services sectors. Under his leadership, InvesCore has:
| · | Successfully transitioned into a publicly listed company on the Mongolian Stock Exchange. |
| · | Expanded its operations into Central Asian markets. |
| · | Attracted funding from reputable international investment funds. |
The board of directors of InvesCore has appointed Mrs. Orolmaa Dashnyam as Chief Executive Officer with immediate effect, subject to regulatory approval.
- Orolmaa has served as Chief Executive Officer of Pocket NBFI LLC, a subsidiary of InvesCore, since 2019. She has extensive experience in the non-bank financial sector, particularly in digital lending and electronic payment services and has played a key role in the launch and development of technology-driven financial products through the Pocket application.
The Board of ICFG Limited remains confident that these changes will further strengthen governance at InvesCore and support the continued growth and long-term sustainability of the Group, while enabling Mr.Ankhbold to focus more fully on leading the growth of ICFG Limited in his capacity as Board Chairman.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.