London Asia Capital PLC, a U.K.-based investment and merchant banking group focusing on “Greater China,” announced creation of London Asia Capital Mongolia Ltd., a 60/40 joint venture with Capitron Bank of Mongolia.
The bulletin, which was published by the London Stock Exchange, said the “joint venture has been formed to explore opportunities in banking, insurance and capital market operations in Mongolia.
“Under the joint venture agreement, London Asia Mongolia has the opportunity to become the exclusive corporate and financial adviser to companies in Mongolia when they look to raise overseas capital via an IPO, private placement or trade sale.”
The bulletin described Capitron Bank, which began operations in 1991, as a “a licensed commercial bank with clients primarily in the mining and financial services sector.” It currently employs 108 people and had total assets of $21.7 million at the end of 2003. It’s also the third largest MasterCard issuer in Mongolia.
The agreements were signed by London Asia’s non-executive Director and current Lord Mayor of London David Brewer.
Jack Wigglesworth, Chairman of London Asia, commented: “This new joint venture takes us into a region where we have previously not been represented, with a very strong, established local partner. Mongolia’s vast natural resources and relatively undeveloped financial system creates an ideal environment for London Asia, and should produce a number of interesting transactions going forward, such as our appointment to North East Resources. I am delighted that these agreements were concluded as part of the Lord Mayor of London’s trip to Mongolia, which has given all of us that attended an insight into the untapped opportunities in this vast country.”
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