As part of the extended fund facility program that Mongolia entered into with the International Monetary Fund (IMF), state officials reported that a comprehensive diagnosis of the banking system would be undertaken. Mongol Bank has announced that it has chosen PricewaterhouseCoopers (PWC) branch in the Czech Republic to conduct an asset quality review.
The asset quality review is part of a larger effort to assess the financial soundness and resilience of institutions. This will be followed by recapitalization and restructuring as needed. Officials note that the regulatory and supervisory framework of the banking system will be strengthened as a result of the review.
PWC Czech Republic will complete the asset quality review by November 30, 2017.
PWC is the second largest professional services firm in the world and is one of the Big Four auditors, along with Deloitte, EY and KPMG. The company provides auditing, tax, legal and consultancy services. PWC Czech Republic is a member of the worldwide network of firms employing over 233,000 people in 157 countries.