 MONTENEGRIN COMMERCIAL BANK |
 - FIVE YEARS IN BUSINESS -
TAKING LARGE AND STABLE STEPS |
Montenegrin Commercial Bank (CKB), as a young and specific financial institution, began its operation exactly five years ago - on 17 January 1997. The founders were 28 small and medium enterprises, sound and promising Montenegrin companies, that were convinced in the success of their own concept of founding a bank for stimulating the development of small and medium-size enterprises, and entrusted a professional banking team, consisting of both experienced and young staff, with the realisation of such a project.
It proved, after five years of the Bank's operation, that the belief in success was absolutely justified, despite the fact that numerous circumstances in the economic and financial environments have not always been favourable.
| DEVELOPMENT OF THE BANK |
Despite difficulties, Montenegrin Commercial Bank has developed into a major commercial bank with an emphasised orientation to the market and clients. Having in mind the transition of Montenegrin economy from large state-owned enterprises to an economy that will be dominated by the private sector, the Bank has identified the private sector of small and medium enterprises as the leading force in the process of the economic recovery of Montenegro. A well chosen concept of development and a competent, professional and efficient operation of the Bank, have produced extraordinary results.
The economy of Montenegro is in the process of fast transition towards accepting international market standards. The economic policy of Montenegro stresses the importance of the integration into the international economic environment. This requires acceptance of rules and norms of developed economic systems and the establishment of concrete relations with international financial and other organisations for the support to the on-going reform and provision of the impulses for the transition of the economy and its privatisation. Montenegrin Commercial Bank has been an active participant in this process ever since its founding. In the financial circles Montenegrin Commercial Bank has become recognisable by its efficient, quality and prompt banking services. Nowadays, with the Euro as a new tender in Montenegro, CKB is making fast steps towards the European market.
| CKB TODAY |
The Bank started its operation in rented premises of couple of tens square metres, and today - five years later - Montenegrin Commercial Bank is a modern financial institution with a great growing potential both in the commercial/investment and retail banking in Montenegro.
Over 4,500 of clients and about 80 shareholders from Montenegro and abroad have tied their destiny with this Bank and its over 50 employees, with their experience and motivation, present the most important asset of this financial institution today.
| Convinced that the share capital is an important guarantee of its business, CKB keeps strengthening its capital base. The actual equity of the Bank is around DEM 11 million, of which 40% is of foreign origin.
| MAJOR ACHIVEMENTS |
Continuous support to CKB provided by major foreign business partners has resulted in several credit lines amounting to around DEM 8 million. The Bank's strategy is always directed towards what it really believes to be its competitive advantage: thorough knowledge of small and medium enterprises in Montenegro. This segment is followed also by an efficient payment operation as well as by a corresponding crediting offer. The volume of foreign payment operations in 2001 significantly increased and the volume of credits to the industrial sector was over DEM 70 million - at which the CKB's interest rates and fees are among the lowest in the Republic. The monthly increase in the number of deponents is around 100 new clients, and the average sight deposits are about DEM 20 million. The balance sum at the end of the year 2001 was around DEM 90 million, and the Bank's profit was around DEM 2 million.
| PLAYING AN ACTIVE ROLE IN PRIVATIZATION |
Montenegrin Commercial Bank has a network of 5 existing and 7 new organisational units in all major Montenegrin cities with modern and well equipped business premises, of which around 1,500 sq.m. are in its ownership.
In the process of privatisation the Bank has faced another of many challenges and appeared as one of the major founders of the successful privatisation fund Moneta.
A clear developmental orientation and the achieved results determine the further growth and ascend of Montenegrin Commercial Bank. "The Client Is King" will continue to be our slogan, that will reflect our prompt and high-quality service, which will be accompanied by a friendly relationship and the satisfaction of our clients.
Further stimulating and financing of small and medium projects, particularly in the field of tourism but also of the entire sound core of the Montenegrin economy, with the continuous increase of the share capital and the orientation that in the year 2002 two thirds of the share capital be of foreign origin - will be one of CKB's main goals.
We believe that the introduction of new banking products will accelerate the economic development and strengthen the trust that has emerged in the new banking system of Montenegro. Therefore, in the next two years, CKB will be prudently working on the development of consumer banking with the implementation of new products and profitable transactions, such as: consumer credits, insurance, bank-o-mat, card operations, leasing, etc. The basic prerequisite for a faster development of this segment of banking - besides the greater purchasing power and savings of the population - is also a high-quality IT system with modern software and professional staff.
Finally, we would like to stress that we have conceptualised the present business plan to prepare CKB to take the leading position in the group of medium-size regional banks in the next three years, when the presently segmented markets start reintegrating again thus creating a diversified environment with new perspectives and new opportunities. |
