Peter Morrow, American Who Led Mongolia’s Khan Bank Reform, Dies

  • Awarded Polar Star medal in 2007 for contributions to Mongolia
  • Led team that restructured Khan, now nation’s biggest bank

James Peter Morrow, an American banker and financial consultant who led the restructuring of Mongolia’s Khan Bank before its privatization, has died, according to NovaTerra LLC, a company he co-founded. He was 68.

Morrow passed away peacefully next to his family at a hospital in the U.S. on Aug. 4, NovaTerra said in a statement on the company’s website. He was a partner at NovaTerra, an Ulaanbaatar-based financial advisory and project management firm.

He served as chief executive officer of Khan Bank from 2000 to 2010, initially leading a World Bank and U.S. Agency for International Development project team that restructured the former Agricultural Cooperative Bank. Khan, privatized in 2003, became the country’s largest commercial bank, serving 80 percent of households, according to his biography on NovaTerra’s website.

At the time of his death, he was a board member at multiple institutions including XacBank LLC and Asia-Pacific Investment Partners.

Morrow helped found the American University of Mongolia and was its chair for the Board of Trustees. He was also founding chairman of the Business Council of Mongolia. Morrow’s former roles included independent director of the Mongolian Stock Exchange, Development Bank of Mongolia, Newcom Group and Eznis Airways.

He was chair of the executive committee of the Arts Council of Mongolia and also supported cultural restoration projects.

In 2007, Morrow was awarded the Polar Star medal by Mongolia’s president for his contributions to the country. He graduated from Harvard College with a bachelor’s degree in economics.

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