The Banker Magazine of London announced that it has named Khan Bank the “Bank of the Year” for 2005 in Mongolia. Khan Bank also received the award in 2003. The announcement was made September 6 in London at the Banker’s annual awards banquet.

Banker Magazine, founded in 1926, is part of the Financial Times Group, one of the most respected news organizations in the world. Its annual Bank of the Year awards for each country are the most prestigious in world banking.

J. Peter Morrow, Khan Bank CEO, commented, “We are deeply honored to again receive this award from such a transparent and authoritative source as the Banker Magazine. It is a tribute to the hard work and dedication of our 2200 employees all over Mongolia.”

Chief Operating Officer S. Sukhbold added, “At Khan Bank our main reward comes from taking care of the financial needs of our 520,000 customers. Acknowledgment of our efforts through this award only spurs us to do better and reach out to more Mongolians. All those who are not Khan Bank customers yet are invited to come to a branch and find out how we can serve you.”

Khan Bank is Mongolia’s only full-service nationwide bank with 410 offices, 110 of them fully on-line, serving 62% of Mongolia’s households. The Khan Bank network reaches every corner of every province in the countryside and every neighborhood of Ulaanbaatar, and employs more than 2200 Mongolians. The Bank is managed locally by a Mongolian/American management team, led by Development Alternatives, Inc. of Bethesda, Md.