Ulaanbaatar, Mongolia, 12 October 2010: Dun & Bradstreet (NYSE:DNB), USA, and the Credit Information Bureau, LLC (CIB), Mongolia, have signed a Memorandum of Understanding (MoU) to establish the first private credit information service provider in Ulaanbaatar, Mongolia. The joint venture company (JVC) will initially provide consumer and commercial credit information services but intends to add other credit risk management services in the Mongolian market.
Mr. Bold, chairman of the CIB, said: "The signing of the MoU with D&B culminates three years of efforts of banks and non-bank financial institutions in Mongolia to build a high-class financial institution, the CIB of Mongolia. The agreement is a milestone in the process. We are grateful for world renowned D&B?s commitment to partner with us in this JV."
The Credit Information Bureau LLC, Mongolia was established in 2009 by the Mongolian Bankers Association with support from the USAID-funded Economic Policy Reform and Competitiveness (USAID/EPRC) and the International Finance Corporation (IFC). CIB selected D&B as a strategic and equity partner from a field of six highly qualified bidders through a competitive tender process. The new joint venture company will provide both credit information services and other much needed credit risk management services in the Mongolian market. Effective information sharing is essential in the credit market, especially for microfinance development and the stability of the financial sector. The company will use D&B?s state of the art credit bureau software to support the operation of the JVC.
Dun & Bradstreet is the world's leading source of commercial information and insight on businesses, enabling companies to Decide with Confidence® for 169 years. D&B's global commercial database contains more than 170 million business records. The database is enhanced by D&B's proprietary DUNSRight® Quality Process, which provides customers with quality business information. This quality information is the foundation of our global solutions that customers rely on to make critical business decisions.
For further information, please contact:
Batbayar Baljinnyam, Project Manager, Credit Information Bureau LLC.
Email: firstname.lastname@example.org Fax: 976-11-314104; Mobile: 976-99103599
Read the article on The Embasssy of United States in Mongolia website
Mr. Bold Magvan (Chairman, Credit Information Bureau LLC Mongolia)
From left to right: Mr. Artak Melkonyan (Senior Vice President Financial Infrastructure and Credit Bureaus, Dun & Bradstreet); Mr. Leon Chee (Director Alliances & Credit Bureau Solutions, Dun & Bradstreet); Mr. Bold Magvan (Chairman, Credit Information Bureau LLC Mongolia)
From left to right: Mr. Leon Chee (Director Alliances & Credit Bureau Solutions, Dun & Bradstreet); Mr. Artak Melkonyan (Senior Vice President Financial Infrastructure and Credit Bureaus, Dun & Bradstreet); Mr. Bold Magvan (Chairman, Credit Information Bureau LLC Mongolia); Mr. Fernando Bertoli (Chief of Party, USAID); Mr. Tim O?Neill (Financial Markets Advisor Deputy Chief of Party, USAID); Mr. Sergii Tryputen (Project Manager, IFC)