In early 2007, Khan Bank extended its management contract with DAI for another four years. DAI has managed the Bank since 2000, and the joint Mongolian and foreign management team will continue at least through December 31, 2010.

J. Peter Morrow serves as Chief Executive Officer. Barry Maddams joined the senior executive team as Deputy Chief Executive Officer in November 2006 bringing extensive international bank management, credit and risk management experience. S. Sukhbold serves as Chief Operating Officer.

In 2006 staff grew to 2,681 employees throughout the system, and the Bank’s management team was significantly strengthened through a number of new appointments and realignments:

Recognizing the growing importance of the Bank’s non-branch businesses, in November S. Sandagdorj was appointed Business Executive, responsible for four departments: the Card and Payment Center, International Relations Department, Public Sector Banking Department and Product Development Department. S. Sandagdorj also joined the Executive Committee.

Anticipating substantial growth opportunities in the corporate banking sector, N. Oyunkhand was appointed to organize and direct the Wholesale Banking.

S. Nemekhbayar has joined the Bank as Head of the Mining Department reflecting the growing importance of this sector and its specialized needs.

In August, Mike Hyde became Information Technology Advisor to guide the Bank’s IT development. The IT Department was reorganized, with department heads D. Enkhbold, D. Sukhbaatar and B. Doljin responsible for Database Administration, IT Operations and User Support, respectively.

D. Ayush joined the Bank in September as Head of the Executive Office.

In December, the Human Resources Department was reorganized and expanded to include three divisions: Development, Personnel Administration and Training. M. Chantsalmaa was promoted to oversee all functions.

Kh. Binderee joined the Bank in August as Head of the new Security Department, responsible for all issues related to security and safety.

Sh. Ganbyamba and N. Ariuntungalag joined the Bank to manage Human Resource Development and Personnel Administration Divisions respectively.

D. Haliun was named Head of the newly established International Relations Department to aggressively expand the Bank’s international banking relationships.

D. Tumendemberel joined the Bank to strengthen the Bank’s linkages with government agencies and non-governmental organizations (NGOs).

L. Batkhuyag, who successfully managed our Sansar branch, was promoted to Head of the New Product Development Department to oversee and coordinate the Bank’s new product launches.