Founded in 2005, Mongolia International Capital Corporation (MICC) is Mongolia’s pioneering full-service investment bank and brokerage firm, headquartered in Ulaanbaatar. Over the years, we have successfully executed more than 100 complex transactions, mobilizing over USD 2 billion in financing and contributing significantly to the development of Mongolia’s capital markets. Our work supports the growth and strategic objectives of both private enterprises and state-owned companies across key sectors such as mining, trade, banking, and agriculture, as well as in other emerging and diversified industries. By combining deep local market knowledge with international best practices, we facilitate capital formation, corporate restructuring, and sustainable growth, while fostering long-term value creation for our clients and strengthening Mongolia’s broader financial ecosystem.
Our work in Mongolia’s capital markets reflects the depth and scope of MICC’s expertise. Advising the Development Bank of Mongolia on its over-the-counter bond issuance, we introduced the nation’s first floating-rate bond, broadening the range of instruments available to investors and advancing market sophistication. Acting as underwriter for government bonds financing infrastructure and energy projects under Vision 2050, as well as for major offerings by Erdenes Tavan Tolgoi JSC and the Development Bank of Mongolia, we successfully mobilized approximately MNT 2 trillion from the public, exemplifying the expertise and rigor that underpin everything we do.
Beyond financing transactions, we are committed to helping our clients unlock their full potential by shaping resilient strategies, optimizing capital structures, and creating pathways to new investment opportunities. For private enterprises, this has meant guiding growth strategies, conducting company valuations, and providing trusted advice on mergers and acquisitions. For state-owned entities, our work has focused on restructuring initiatives and enhancing financial sustainability, including our role in the government’s negotiations with Orano Mining on the Zuunbayan Uranium Project. Through these advisory services, MICC has not only supported immediate financing needs but also strengthened the long-term competitiveness of Mongolian businesses, contributing to a more dynamic and sustainable national economy.
To connect businesses with global financial markets and create sustainable growth and value through innovative solutions and trusted partnerships.
To foster Mongolia’s sustainable economic growth through financial innovation, transparency, and trust.
We uphold professionalism, trust, innovation, responsibility, and a people-centered approach to create long-term value for our clients and society.
Chairman
Mr. Gilles Guerrier de Dumast is a member of the Board of Directors and a senior advisor to MICC. He began his career at J.P. Morgan in Paris and New York before serving as the Special Advisor to the French Minister of Economy, Finance, and Industry. Over his 35 years in Investment Banking, Gilles has held senior managerial positions and been a recognized a “rain maker”. In particular, Gilles was the Head of European Strategic Derivatives at Bankers Trust; member of the Global Executive Board of the Investment Banking division of Credit Suisse First Boston (CSFB); Global Head of Credit Agricole CIB. Gilles has occupied many boards positions in various countries, latterly at Amundi Group and Amundi Singapore and Hong Kong.
Founder & President
Mr. Achit-Erdene is one of the pioneers in Mongolia’s investment banking sector and the founder of MICC, the country’s first investment bank. He began his career in the capital markets, leading the first bond issuances for private companies. Over more than 20 years of specialized experience in investment banking, Achit-Erdene has successfully executed over 50 transactions, including private fundraising, mergers, investment advisory, and bond issuances. Notable deals under his leadership include bonds for the Development Bank of Mongolia and Erdenes Tavan Tolgoi (ETT), as well as the first municipal bond issued within the framework of the “Vision-2050” national development policy.
Chief Executive Officer
Mrs. Munkhzul Khurlee is the Chief Executive Officer of MICC, bringing over two decades of deal-making experience in financial and investment banking sectors. She has advised on and led a wide range of advisory and capital markets transactions across industries including manufacturing, mining, renewable energy, and poultry. Her notable transactions include advisory roles in Erdenes Tavan Tolgoi, the Development Bank of Mongolia bond issuances and the Bogd Bank IPO, which highlight her leadership in advancing Mongolia’s capital markets. Earlier in her career, Mrs. Munkhzul held roles in the banking and statistics sectors.
Senior Vice President
Ms. Maral Tuvshinjargal is the Senior Vice President of Investment Banking Coverage at MICC. In this role, she leads and supports financial advisory mandates across mergers and acquisitions, project financing, and capital markets transactions, working closely with international development finance institutions, global investors and leading Mongolian corporates. Maral began her career as an Audit Associate at PwC and later served at War Child UK before joining MICC in 2016. Over the past ten years, she has played a key role in financing initiatives in energy, fintech, agriculture and manufacturing sectors.
Vice President
Mr. Enkhbold has over 15 years of experience in investment and financial management. He previously served as the Country Manager for the Mongolia office of Development Finance Asia Ltd. (DFA), a Hong Kong–based investment firm, where he focused on enhancing investment performance and value creation. He has also held key leadership positions at major Mongolian financial institutions and some of the country’s most innovative and fast-growing companies, building a strong foundation of expertise in strategic planning and financial management.