Khan Bank is a stunning study in multidimensional Corporate Social Responsibility, with initiatives spanning various needs, and echelons of society.
Khan Bank LLC
Banking On Mongolia
Khan Bank LLC invests in community, health and the arts.
Khan Bank LLC is a banking and finance entity which was established in Mongolia in 1991. Its sustainability framework was defined in 2018 and covers four main areas: sustainable financing, sustainable operations (focused on internal operation), sustainable investment in communities (Corporate Social Responsibility activities), and sustainable partnership and reporting.
The Khan Bank Foundation (KBF), established in 2007, is the unit tasked with implementing the bank’s sustainability and CSR policies. Last year, KBF had a budget of MNT 500 million (Khan Bank made MNT 171 trillion in net profit in 2018). The Foundation’s budget was raised to MNT 600 million this year.
KBF implements a variety of projects and programs, such as the Khan Bank Scholarship Program for college freshmen; the National Campaign Against Cancer, jointly implemented with the National Cancer Center; and a forest tree planting program. KBF carries out around 30 projects and programs annually.
Cancer is the second leading cause of death in Mongolia. In 2018, for the eighth year running, KBF conducted cancer examinations and screenings with the National Cancer Center to promote early detection and build public awareness about cancer risks. Over 120,000 individuals have benefitted from these screenings, with the bank investing one billion MNT in the campaign, which involved approximately 2,700 employees as medical volunteers. 500 rural doctors were trained and 17 emergency surgeries were carried out in the course of the campaign.
Khan Bank’s Campaign Against Hypertension has now entered into its second year. The campaign is a partnership between the Third Central State Hospital, Khan Bank Foundation, and the Public Health Institute. It aims to address the primary cause of death in Mongolia: hypertension. The campaign resulted in 7,100 people screened, 300 rural doctors trained, and two Health Corners opened in rural areas, where citizens can check blood pressure for free.
In the area of education KBF supports students through the annual Khan Bank Scholarship Program which is open to rural high school graduates and students enrolled at accredited universities. A total of 65 million MNT in scholarships was awarded to 65 students. The Foundation’s RISE New Student Development Program helps first-year university students assimilate into higher learning via a variety of activities. The Foundation recently renovated the woodworking workshop of the country’s first school for differently enabled pupils, upgrading it with the latest equipment, and refurbished it to meet safety standards.
The Shining Horse Arts Program in partnership with the Arts Council of Mongolia and ACM US is a program now in its third year, which supports young Mongolian artists, and includes a competition for one winner to participate in the TodaysArt international media arts festival held annually in the Netherlands.
The Mongolian banking sector signed a declaration to implement a Sustainable Financing Program in 2013 to provide environmentally and socially responsible financing for loans. Under the program, all commercial banks have implemented eight principles to protect Mongolia’s environment and cultural heritage, to respect human rights, and to promote green growth and financial inclusion. To this end
Khan Bank supports eco-friendly, green businesses, and conducted environmental and social risk assessments for more than 100 loans in 2018. . Employees also subscribe to and implement an internal Green Office campaign bank-wide.
The financial giant’s social responsibility extends to planting over 23,000 trees as part of its Khan Bank Forest project, and dispensing financial aid of 15 million MNT to flood recovery efforts in Bayan-Ulgii Province. Over 6,000 employees from over 538 branches across the country took part in the bank’s CSR projects and programs, spending over 1,000 hours volunteering in 2018.
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