The Pearl of the Adriatic

Mr. Slavko Drljevic

Interview with Mr. Slavko Drljevic
General Manager
Read our exclusive interview


Business Center "Krusevac", Cetinjski put bb
P.O. Box 179,
Tel.: 381 081/ 234 799,
234 796
234 764
Fax: 381 081/ 234 362
234 820


The license on the founding of Hipotekarna Banka A.D. was issued in November the 19th 1991 by resolution No. 263 of the Central Bank of Montenegro. It is operating as a joint stock company since June 1995. In October 1998 the Bank obtained the Certificate of implementation of quality control, ISO 9001. Hipotekarna Banka A.D is a commercial bank dealing with deposits, loans, insurance of securities, custiody operations, securities, guarantees, local and foreign payment operations and foreign payment operations.

The Bank encourages private entrepreneurship, Private and mixed capital prevails in the capital structure. In total participation structure of the shareholders, private enterprises prevail. Regarding the shareholders, nobody can have more than 30% of shares from all emission.

In November 2000 the German Mark became the only legal tender in Montenegro, which enabled the banks balance sheet to be seen in real figures. According to the income statement for the year 2000 the Bank made a profit of DEM 3 414 108 and paid out dividends to shareholders in amount of 28,93%, which is proportional to their participation in the total shareholders capital.

Facts and Figures

1. Number of employees: 23

2. The managers team is coordinating the banks operations and its functioning and consists of:
Slavko Drljevic, General Manager
Borislav Todorovic, Manager
Dragan Pajkovic, International Operations Manager
Toma Jovovic, Finance Manager
Ljiljana Bojic, Consultant
Ratko Radulovic, Manager of Legal administration department

3. Capital of the Bank is entirely locally owned.

4. Business premises: Business space 386 sq.m

5. Participation of Hipotekarna Banka in the capital of other companies, organizations

Lovcen Insurance AD- Podgorica
Adriatico Finadria DOO- Podgorica
World Trade Center- Podgorica
Development Bank AD- Podgorica
Montepano- Podgorica
Montenegro Stock Exchange- Podgorica
Gorenje Podgorica
Central Deposit Agency- Podgorica

Belgrade Stock Exchange
Montenegro Airlines- Podgorica
Nik Oil AD- Niksic
Yueki Bank AD- Belgrade
Energobroker- Belgrade

Bank Administration

Banks Assembly

Chairman: Mr. Petrasin Kasalica, General Manager of Port of Bar
Members: Shareholders

Managing Board

President: Dragoljub Rasovic- Director of Lovcen Insurance, Podgorica

Branko Vujovic- Government of the republic of Montenegro
Krsto Sljivancanin- Port of Bar
Boro Vucinic- Social Fund for civil land, business space and roads
Zoran Adzic- Deary AD, Podgorica
Stanislava Subotic- Jugopetrol Kotor
Miodrag Vujovic- Merkur, Budva
Dragutin Cvetkovic- Jugobicikl-Promet
Veselin Pejovic- Uniprom Niksic

Supervisory Board

President: Nedjeljko Jovovic- FEP Piva Pluzine

Branka Kolinovic- Lovcen Insurance, Podgorica
Predrag Pavlicic- PP Montecco, Podgorica
Miodrag Borilovic- PP Dubai, Cetinje
Tonci Curcija- Health Institute Igalo

Capital Structure

Structure of Shareholders by number

Independent Auditors Report


We have audited the balance sheet of Hipotekarna Banka A.D. Podgorica as at December 2000 and the related statements of income, cash flows and changes in shareholders equity for the year then ended. The financial statements of the Bank as at 31 December 1999 prepared in accordance with the International Accounting Standards (IAS), were audited by other auditors, whose report dated 4 April 2000, expressed and unqualified opinion on those statements.

Basis of opinion

We conducted our audit in accordance with the International Standards on Auditing as promulgated by the International Federation of Accountants. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatements. An audit includes examining evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.


In our opinion the financial statements present fairly in all material aspects, the financial position of the bank as at 31 December 2000 and the results of its operations, cash flows for the year then ended in accordance with International Accounting Standards as promulgated by the International Accounting Standards Committee.

Without qualifying our opinion we draw your attention to the following

Until the 31 of December 2000 the bank operated in accordance with Federal Law on banks. The bank has not met the requirements of paid in subscribes capital and the liabilities to capital ratio as stipulated by the Yugoslav Law on Banks.

The Assembly of the Republic of Montenegro Passed the Law on Banks and the Law on Central Bank of Montenegro, which came into force on the 1 of January 2001. The Central Bank of Montenegro has the right to issue and withdraw licenses for banks and other financial organizations, regulate and supervise their operations, as well as to perform liquidation activities. The minimal amount of a banks subscribed capital as prescribed by the Republic Law on Banks is DEM 5000 000 in cash which must be constantly maintained. Hipotekarna Banka A.D. has met this minimal amount of cash paid in subscribed capital as of 31 of December 2000.

Podgorica, 30 of March, 2001.
KPMG d.o.o. Beograd

Correspondent Banks

1. Banca Antoniana-Popolare Veneta
2. BAnca Commerciale Italiana
3. Deutsche Bank AG
4. Creditanstalt Bankverein Vienna
5. United European Bank Geneva
6. "Wexim Bank" Joint Stock Commercial Bank Mocow
7. Commerzbank Frankfurt
8. Banca Cattolica S.P.A.
9. Abanka D.D. Ljubljana
10. Banca di Credito Cooperativo del Carso
11. Nova Kreditna Banka Maribor
12. Privredna Banka Zagreb D.D.

  Read on  

© World INvestment NEws, 2000.
This is the electronic edition of the special country report on Jordan published in Forbes Global Magazine. May 13th, 2002 Issue.
Developed by AgenciaE.Tv