04 Jorgovanka Tabaković, NBS 102 AIK banka NBS ogledalo države pred narodom, Cilj - kreiranje najjače domaće privatne banke refleksija naroda pred svetom Aim - to create the strongest domestic The NBS as a reflection of the state before private bank the people and a reflection of the nation before the world 104 Eurobank a.d. Beograd Odgovoran partner 12 Prof. dr Nebojša Savić Responsible partner Sačuvana stabilnost bankarskog sektora Banking sector stability preserved 107 JUBMES banka a. d. Beograd Pristupačnost i inovativnost u poslovanju 16 130 godina od osnivanja NBS Accessibility and innovation in business 130 years of the National Bank of Serbia 110 Vladimir Zečar, VTB banka Beograd 34 Prof. dr Zoran Jeremić Bankarstvo će biti znatno konzervativnije Bankarstvo u Srbiji u periodu 2000-2013. Banking will be much more conservative Banking in Serbia during the 2000-2103 period. 114 Andrea Simončeli, Generali osiguranje Takmičari moraju poštovati ista pravila 52 Petar Arsić i Dušan Tomić, KPMG Competitors must respect the same rules Trendovi razvoja bankarske regulative u Evropi 118 Kristof Cetl, GRAWE osiguranje Development trends of banking regulation in Nastavljamo trend dobrih rezultata Europe We’re continuing the trend of good results 58 Nada Suđić, Deloitte 122 Obrad Sikimić, Diners Club Jak privatni sektor uslov ekonomskog rasta International Beograd Economic growth requires a strong private Rast bezgotovinskog plaćanja sector Cashless payments growing 60 Nikola Uzelac 126 NBG Leasing sa vama u proteklih 10 godina “Prvih deset godina je najteže” NBG Leasing – with you over the last “The first ten years are the hardest” 10 years 66 Draginja Đurić, Banca Intesa 130 Goran Muftić, Bisnode Srbija Dolazak stranih banaka, glavni pokretač Pouzdana poslovna informacija rasta tržišta Reliable business information Arrival of foreign banks, main driver of market growth 134 TRASSET – inovativna bankarska rešenja TRASSET – Innovative Banking Solutions 70 Klaudio Ćezario, UniCredit banka Ključna uloga u oporavku 138 Boško Živković Key role in recovery Kriza je snažno pogodila preduzeća The crisis has strongly impacted businesses 74 Goran Pitić, Societe Generale Srbija Nema više lakog profita 142 Nikola Fabris No more easy profit Za ovakvu krizu teško je biti potpuno spreman 78 Zoran Vojnović, Hypo Alpe-Adria-Bank It’s difficult to prepare for such a crisis Aktivan partner oporavka privrede Active partner in economic recovery 146 Prof. dr Hasan Hanić, Beogradska bankarska akademija 82 Marinos Vathis, Vojvođanska banka Dramatična promena finansijskog sistema Značajna uloga u finansijskom rastu Dramatic financial system changes Major role in financing growth 150 Đorđe Đukić 86 Valerij Ovsjanikov, Sberbanka Srbija Bankarski sektor je likvidan i uzdržan Pažljivo pratimo situaciju na tržištu The Banking sector is liquid and restrained Closely monitoring market situations 154 Dario Skanapieko, EIB 90 Slavko Carić, Erste banka Srbija Razduživanje pritiska Jugoistočnu Evropu Moramo da pokrenemo novi investicioni Deleveraging puts pressure on SEE countries ciklus We must launch a new investment cycle 157 Mateo Patrone, EBRD Bankarskom sektoru potrebna konsolidacija 94 Georgios Papanastasiou, Alpha banka Banking sector needs consolidation Očuvali smo poverenje klijenata We've preserved client confidence 164 Ko je ko u finansijskom sektoru Who's who in the financial sector 98 Neoklis Neokleus, Piraeus banka Kvalitet ostaje primarni cilj Piraeus banke Quality remains Piraeus Bank primary goal

WHO’S WHO IN the FINANCIAL SECTOR 3 Jorgovanka Tabaković, Jorgovanka Tabaković, guverner NBS Governor of NBS NBS ogledalo The NBS as a države pred reflection of narodom, the state before refleksija the people and naroda pred a reflection svetom of the people

„Proučavajmo prošlost da bismo definisali buduć- nost”, govorio je Konfučije. A ja bih dodala: Samo before the povremeno pogledati u prošlost da se prisetimo na- učenog i iskušenog, osvrnuti se oko sebe da uočimo postignuto i konstantno se usmeravati na buduće world izazove, recept je za uspeh. Sto trideset godina Narodna banka Srbije ponosno “Study the past if you would define the future,” said stoji na pijedestalu najvažnije finansijske institucije Confucius. I would amend that to – “only occasion- u zemlji. Više od bilo kog životnog veka naša insti- ally reflect on the past to remind ourselves of what tucija odoleva mnogobrojnim izazovima i neprili- we have learned and experienced, look around to ac- kama koje je bankarski sistem Srbije proživljavao. knowledge what we have achieved and constantly fo- Onda kada su generacije zaposlenih prestajale da cus on the challenges that lie ahead.” This is the recipe pripovedaju svoje priče, ostajala je monumentalna for success. građevina kao svedok vremena i čuvar starih vred- For a hundred and thirty years the National Bank of nosti... Ostajali su zapisi o marljivosti i stručnosti Serbia (NBS) has stood proudly on a pedestal as the njenog kadra... I izgrađeno ime koje izaziva pošto- most important financial institution in the country. vanje... I uliva poverenje. Longer than any lifetime, our institution has resisted Biti guverner centralne banke velika je čast ukazana many challenges and adversities which the Serbian jednom ekonomisti koji voli svoju zemlju i radi za banking system has experienced. When the stories nju ... Biti guverner Narodne banke Srbije privilegija told by generations of our employees were no longer je i ogromna obaveza pred plejadom velikih imena heard, this monumental building stood as a witness mojih prethodnika koji su svojim radom, stručno- to time and a keeper of traditional values. The records šću i zalaganjem utrli put svojim naslednicima, ali i of the diligence and expertise of its employees has dali u nasleđe dalji razvoj monetarnog i finansijskog remained… And a name worthy of respect has been sistema Srbije. Aleksa Spasić, Đorđe Vajfert, Dra- built up; a name that inspires trust. goslav Avramović... ličnosti su koje nas neprestano To be the governor of a central bank is a great hon- podsećaju na ispravnosti zadataka i ciljeva s kojima our to be bestowed on any economist who loves and smo došli u ovu instituciju... I ne sme biti drugačije, works for their own country... To be the governor of jer je NBS ogledalo države pred narodom, refleksija the National Bank of Serbia is a privilege and a huge naroda pred svetom. commitment to the group of my illustrious prede-

4 Ko je ko u finansijskom sektoru WHO’S WHO IN the FINANCIAL SECTOR 5 Ipak, biti guverner Narodne banke Srbije u vreme cessors who, through their work, expertise and ded- verovatno najvećih turbulencija i krize svetskih eko- ication, paved the way for their successors, as well nomija veliki je poziv i odgovornost da se bankarski as leaving behind the advancing development of the sistem očuva, povrati poljuljani kredibilitet i obnovi monetary and financial system of Serbia as their leg- međunarodni renome visokostručne institucije koja acy. Aleksa Spasić, Đorđe Vajfert, Dragoslav Avram- kvalitetno obavlja svoju misiju. ović... These are the individuals who are a constant Tokom svojih 130 godina postojanja NBS je prola- reminder of the righteousness of the tasks and aims zila kroz različite faze ugroženosti monetarnog si- we envisaged when we came to this institution. And stema. Dug period bolne hiperinflacije još uvek je that’s how it should remain, since the NBS is a reflec- duboko u sećanjima ljudi. Negativni legat prošlih tion of the state before its people and a reflection of vremena upotpunjen turbulentnostima današnjice, the people before the world. čini buduće izazove zaposlenih u NBS specifičnijim Nevertheless, being the governor of the National Bank u odnosu na ostale centralne banke sveta, ali donosi of Serbia at the time of probably the biggest turmoil i dragoceno iksustvo za pažljivo vođenje monetar- and crisis felt by economies worldwide is a great call- ne politike. I kako je to svojevremeno Čerčil rekao: ing and responsibility to preserve the banking system, „Period odugovlačenja, polovičnih mera, umiru- regain credibility and rebuild the international repu- jućih i zbunjujućih rešenja, kao i period odlaganja tation of a high-quality institution that carries out its privodi se kraju. Sada ulazimo u period posledica.” mission professionally. Nebrojeno puta u poslednjih godinu i po dana NBS During the 130 years of its existence, the NBS has se istakla svojom stručnošću, efikasnošću i uspehom gone through various stages of monetary system u ispunjavanju postavljenih ciljeva. Rezultati još više vulnerability. A long period of rather painful hyper- dobijaju na značaju sa činjenicom da se naša borba inflation is still deeply ingrained in the minds of the za poboljšanje monetarnih i finansijskih uslova od- people. The negative legacy of past times has been ex- vija u ambijentu najveće svetske ekonomske krize. acerbated by the turbulent present times, making the Period iza nas bio je pun izazova. Gotovo sedam go- future challenges that lie ahead for the NBS employees dina nakon izbijanja svetske ekonomske krize cen- different to those experienced by other central banks tralno bankarstvo i svetski finansijski tokovi nisu in the world, as well as bringing the valuable experi- isti kao što su bili u prethodnom periodu. Nosioci ence necessary for careful management of monetary monetarnih politika susreću se sa vanrednim okol- policy. Just as Churchill once said, “The era of pro- nostima koje iziskuju i upotrebu vanrednog instru- crastination, of half-measures, of soothing and baf- mentarijuma. I, nažalost, nijedna država nije ostrvo fling expedients, of delays, is coming to its close. In its izolovano od negativnih spoljnih uticaja. Štaviše, place we are entering a period of consequences.” današnji ambijent snažne međuzavisnosti finansij- In the last year and a half there were numerous in- skih tokova uslovio je da često aktivnosti ekonomija stances when the NBS shone through with its ex- u razvoju, poput naše, moraju biti u određenoj meri pertise, efficiency and success in reaching set goals. reakcija na poteze centralnih bankara visokorazvi- The results become even more meaningful when we jenih zemalja. Ono što ipak raduje jeste činjenica consider the fact that our efforts to improve mone- da smo i u takvoj konstelaciji odnosa na globalnoj tary and financial conditions have been taking place finansijskoj sceni ostvarili zavidne rezultate. during the time of the biggest global economic crisis. Učeći na prethodnom iskustvu, jer Usus magister The period behind us was riddled with challenges. egregius, možemo ustanoviti i da nam je kriza, iako Almost seven years after the global economic crisis uz snažan ceh, otvorila oči za dalje usmeravanje erupted, central banking and global financial trends naših aktivnosti. Postali smo svesni potrebe napu- have changed compared to the previous period. Mon- štanja tradicionalnih premisa o jednom cilju mo- etary policy regulators have to deal with extraordinary netarne politike i jednom instrumentu za njegovo circumstances that require the implementation of su- postizanje. Široko upotrebljen režim cenovne stabil- perior instruments. Unfortunately, there isn’t a single nosti mora biti upotpunjen značajnijom borbom za country that has not been subjected to negative exter- zdrav finansijski sistem, težnjom za jačanje njegove nal influences. Furthermore, today’s environment of supervizije i regulacije. Štaviše, postali smo sve- strong co-dependency between financial trends has sni neophodnosti pronalaženja optimalnog nivoa often led to the activities of emerging economies, just koherentnosti monetarnih i makroprudencijalnih like ours, becoming merely reactionary to the moves mera. Dodatno, iskustvo ekonomske krize je poka- made by central bankers in developed countries to

6 Ko je ko u finansijskom sektoru zalo da finansijske institucije svoje kapitalne rezerve a certain degree. What is positive is the fact that, in moraju formirati preventivno, u povoljnim perio- such a constellation of relations on the global financial dima ekonomskih ciklusa, jer na taj način efikasno scene, we have managed to achieve impressive results. smanjuju sistemski rizik, odnosno jačaju otpornost By learning from our past experiences, consider- celokupnog sistema na iznenadne šokove. ing Usus magister egregius, we can say that, despite Šta je to postignuto u prethodnom periodu? paying a high price, the crisis has opened our eyes Predano radeći na identifikaciji uzročnika visoke to what the future direction of our activities should volatilnosti cena i umanjenju njihovih negativnih be. We have become aware of the need to abandon efekata, uspeli smo da inflaciju dovedemo u ciljane traditional premises regarding the monetary policy okvire. Podatak iz novembra prošle godine o najni- of having a single goal and a single tool to achieve it. žoj inflaciji u poslednjih 40 godina istorijski je sam A widely implemented regime of price stability needs po sebi. Međutim, za razliku od ranijih epizoda kada to be supplemented with stronger efforts to achieve a je kratkoročni uspeh u snižavanju inflacije bio pra- healthy financial system, while striving to strengthen ćen rapidnim povratkom na visoke nivoe, posled- its supervision and regulation. Moreover, we have be- njih osam meseci ukazuje da smo na pravom putu come aware of the necessity to find an optimal level of da postignutu stabilnost cena održimo u srednjem coherence between monetary and macro-prudential i dugom roku. Još više raduje činjenica da su infla- measures. Additionally, the experience gained from ciona očekivanja finansijskog sektora stabilizovana the economic crisis has demonstrated that financial i usidrena na željenom nivou, jer to je cilj koji ho- institutions need to form their capital reserves pre- ćemo da postignemo, kako bismo vratili poverenje ventatively during favourable periods of economic cy- u efikasnost i uspeh nosilaca monetarne politike i cles, since only in this way will we be able to efficiently ponovo izgradili kredibilitet Narodne banke Srbije. reduce systemic risk, i.e. improve the resistance of the Novonastali ambijent globalnih turbulencija na fi- entire system to sudden shocks. nansijskim tržištima umnogome je izmenio ranije So, what was achieved in the past period? stavove ekonomskih teoretičara i nosilaca monetar- By diligently working on identifying the causes of ne politike. U proteklom periodu postalo je jasno da high volatility of prices and mitigating their negative centralne banke zemalja u tranziciji, iako deklarativ- effects, we have managed to bring the inflation down no fokusirane na održanje cenovne stabilnosti, zna- to our targeted range. The fact that the inflation rate čajnu pažnju posvećuju ravnoteži deviznog kursa. I in November last year was the lowest in the last 40 pored tradicionalnog shvatanja prema kojem režim years speaks for itself. However, unlike earlier instanc- inflacionog targetiranja podrazumeva gotovo pot- es when short-term success in reducing the inflation puno fleksibilan devizni kurs, uz minimalan nivo rate was accompanied by a rapid jump, the last eight deviznih intervencija, u specifičnim uslovima i u vi- months demonstrated to us that we are on the right sokoevroizovanoj ekonomiji poput naše, veliki deo track to maintaining the accomplished price stability privrede i stanovništva zavisi od kretanja deviznog in the long-term. We are even more satisfied with the kursa. Nagle i česte promene kursa podižu neizve- fact that inflation expectations for the financial sector snost u poslovanju privrednih subjekata, a iskustva have been stabilised and anchored at a desired level, značajnih deprecijacija ukazuju na mogućnost da se since that is a goal we also want to reach in order to slabljenje dinara u značajnoj meri prelije na cene. regain trust in efficiency and the success of monetary Pretnja negativnih efekata ovakvih dešavanja po fi- policy decision makers, as well as rebuilding the cred- nansijsku stabilnost stoga opravdava naše prisustvo ibility of the National Bank of Serbia. na deviznom tržištu. The newly-created environment of global turmoil on Otvorenost srpske privrede neminovno je izlaže financial markets has largely changed the previous dešavanjima na svetskim tržištima. Rane faze ra- views of economic theorists and monetary policy de- zvoja domaće ekonomije dovode do toga da uticaj cision makers. In the most recent period it became globalnih kapitalnih tokova bude prilično izražen. very apparent that central banks in transitional coun- U tekućoj godini, kao i u prethodnim, iskusili smo tries paid a lot of attention to maintaining a balanced da se nestabilnost sa svetskih tržišta može preliti i exchange rate, despite being focused, albeit declar- na domaće i dovesti do fluktuacija kursa nacionalne atively, on preserving the price stability. Despite the valute. Pojačana percepcija likvidnosnog rizika glo- traditional notion of inflation targeting entailing an balnih investitora je u dva navrata – sredinom prošle almost totally flexible exchange rate, with very few i početkom tekuće godine dovela do njihovog naglog foreign currency interventions, under specific condi-

WHO’S WHO IN the FINANCIAL SECTOR 7 povlačenja iz zemalja u razvoju i deprecijacija lokal- tions and in a highly ‘euroized’ economy like ours, a nih valuta. Međutim i u ovakvim okolnostima, NBS major segment of businesses and the population de- je pokazala da dobro odmerena monetarna politika pend on exchange rate fluctuations. Sudden and fre- može umanjiti posledice po domaću ekonomiju i quent fluctuations in exchange rates are only adding to nacionalnu valutu. Narodna banka Srbije je blago- uncertainty in doing business, while past experiences vremenim intervencijama na međubankarskom de- with substantial depreciations point out to the pos- viznom tržištu uspela da delimično amortizuje velike sibility of any depreciation of the Dinar significantly deprecijacijske pritiske koji su nastali usled naglog spilling over onto prices. The threat of negative effects povlačenja stranih investitora iz dinarske aktive. Sla- from these trends on the financial stability, thus, justi- bljenje dinara bilo je na nivou referentnih valuta u fies our presence on the foreign currency market. regionu (mađarska forinta, rumunski lej i dr.), a znat- The openness of the Serbian economy inevitably ex- no manje od valuta drugih zemalja u razvoju, poput poses it to developments on world markets. The early Turske i zemalja BRICS-a, koje su dostigle istorijske stages of the development of the domestic economy ili višegodišnje minimume i čije je slabljenje u poje- have led to the impact of global capital flows being dinim periodima dostizalo i 20%. Svoju objektivnost fairly pronounced. In the current and previous years, i nepristrasnu orijentisanost ka postizanju makroe- we have seen that instability in the world can spill over konomske stabilnosti pokazali smo i nastojanjem da onto the domestic market and lead to fluctuations in ne samo u deprecijacijskim fazama prodajom deviza the exchange rate of the national currency. A more ublažimo slabljenje dinara, već i u periodima apre- pronounced perception of liquidity risk among glob- cijacije kupovinom strane valute na tržištu onemo- al investors on two occasions – in the middle of last gućimo prekomerno jačanje naše valute. U prethod- year and at the beginning of this – has resulted in their nom periodu sproveli smo i dodatne aktivnosti radi abrupt withdrawal from emerging countries and the postizanja stabilnosti na domaćem deviznom tržištu. depreciation of local currencies. However, in such cir- Značajno je podignuta informisanost o aktivnostima cumstances the NBS has demonstrated that a well-ad- domaćih banaka, čime je dat signal da se neće do- justed monetary policy can mitigate the consequenc- zvoljavati spekulacije koje bi devizni kurs mogle da es for the domestic economy and national currency. usmere u za privredu neželjenom smeru. With its timely interventions on the interbank foreign Postignuta stabilnost cena i deviznih kretanja u na- currency market, the NBS has succeeded in partial- rednom periodu bi trebalo da svoj pun efekat nađe u ly absorbing the large depreciation pressures arising smanjenju premije rizika inkorporirane u kamatne from the sudden withdrawal of foreign investors from stope na kredite privredi i stanovništvu. Postepeno dinar assets. The depreciation of the dinar was at the se otvara prostor za relaksaciju monetarne politike same reference level as regional countries (Hungari- smanjenjem referentne stope, što će dovesti do sma- an forint, Romanian leu and others), but much less njenja opšteg nivoa kamatnih stopa i manjeg optere- than in other emerging countries like Turkey and the ćenja privrede. Ovim Narodna banka Srbije u svom BRICS countries, which experienced historical or domenu doprinosi izgradnji zdravog okruženja perennial lows and saw depreciation, in certain peri- pogodnog za investicije. Međutim, centralna banka ods, reach 20%. We have demonstrated our objectiv- nije institucija koja samostalnim radom može do- ity and unbiased orientation towards accomplishing vesti do popravljanja makroekonomskog ambijenta. macroeconomic stability through investing efforts Samo usklađena aktivnost svih ekonomskih politika in offsetting the depreciation of the dinar by selling države može dovesti do pokretanja privrede. Struk- foreign currency, as well as buying foreign currency turne reforme, podizanje stabilnosti finansijskog on the market to disable excessive appreciation of sistema, geopolitička stabilnost, fiskalna ravnoteža our currency during periods of appreciation. In the – neophodni su uslovi za povratak poverenja dugo- last period we also conducted additional activities to ročno orijentisanih investitora i zdravih investicija u achieve stability on the domestic foreign currency proizvodnju. U suprotnom, moramo biti svesni da market. Moreover, awareness of domestic banks’ ac- čak i efikasna centralna banka samo „kupuje vre- tivities has been significantly raised, thus giving the me“ i odlaže izvesno. Svesna rizika koji su još uvek signal that there would be no place for speculations prisutni u međunarodnom okruženju, kao i poste- that could divert the exchange rate in an unfavourable penosti uvođenja programa fiskalne konsolidacije, direction for our economy. NBS stoga oprezno odmerava svoje poteze u daljoj The achieved stability of prices and foreign curren- relaksaciji monetarne politike. cy trends in the following period should reach their

8 Ko je ko u finansijskom sektoru full effect through a reduction in the risk premium incorporated into interest rates on corporate and retail loans. Opportunities to relax monetary poli- cy through the reduction of the benchmark rate are slowly opening up, which will result in a reduction of overall interest rates and fewer burdens on the econ- omy. The National Bank of Serbia contributes to this by creating a healthy environment conducive to in- vesting. However, a central bank is not an institution that can improve the macroeconomic environment by itself. Only the coordinated activities of all of the state’s economic policies can move the economy for- ward. Structural reforms, improving the stability of the financial system, geopolitical stability and a fiscal balance are all prerequisites for the investors, who plan long-term to regain their trust and for healthy investments to be made in manufacturing. Otherwise we must be aware of the fact that even an efficient cen- tral bank will only be buying time and delaying the inevitable. With an awareness of the risks that are still not found in the international environment, as well as of the gradual introduction of the fiscal consolida- tion programme, the NBS will very carefully weigh its moves regarding the further relaxation of monetary policy. Stabilizacija cena i deviznog kursa još uvek poste- The stabilisation of prices and exchange rates are peno, ali u pravom smeru, vodi i ostvarenju dugo- gradually but undoubtedly leading to the realisation ročnog cilja NBS, podizanju stepena dinarizacije. U of a long-term goal of the NBS, which is raising the proteklom periodu i centralna banka i Vlada su u level of “dinarization”. In the previous period both the okviru svojih mandata preduzele različite aktivnosti central bank and the government carried out various za suočavanje sa navedenim problemom. Usvajanje activities, all within the scope of their jurisdiction, odluke kojom se omogućava međunarodnim finan- in order to face the mentioned problem. Adopting a sijskim institucijama da odobravaju dinarske kre- decision which enables international financial institu- dite iz sredstava koja potiču od emisije dugoročnih tions to grant loans in dinars from assets generated hartija od vrednosti na domaćem tržištu i nedavno from the issuing of long-term bonds on the domestic doneta Uredba Vlade RS o subvencionisanju kama- market, as well as the Serbian government endorsing ta na dinarske kredite privredi sa ciljem pospešiva- a bylaw about subsidising interest rates on corporate nja kreditne aktivnosti domaćih preduzeća, samo loans indexed in dinars with the aim of stimulating su neke od njih. Ipak, smanjenje stepena evroizo- credit activity among domestic companies, are just vanosti domaće ekonomije izazov je kojem ćemo u some of the measures mentioned. Nevertheless, re- dužem periodu morati da posvetimo dosta pažnje. ducing the “euroization” level of the domestic econ- Dominantno učešće bankarskog u ukupnom finan- omy is a challenge that we are going to work hard on sijskom sektoru Srbije apostrofira važnost sigurno- over a longer period of time. sti banaka za opštu finansijsku stabilnost u zemlji. A dominant share of banking in the Serbian financial U modernim uslovima poslovanja i otvorenim eko- sector emphasises the importance of the security of nomijama prelivanje turbulencija sa globalnih na banks to the country’s overall financial stability. In the tržišta u tranziciji se ne može izbeći. Ipak, Srbija se modern business environment and open economy s obzirom na visoku kapitalizovanost banaka, pre- the spill over from global markets to transitional ones, ovlađujuće učešće osnovnog kapitala i izuzetnu li- caused by turbulences, cannot be avoided. Still, with kvidnost bankarskog sektora, može pohvaliti veoma its highly capitalised banks, a dominant share of core stabilnim finansijskim sistemom. Svesni osnovnih capital and exceptional liquidity of the banking sector, rizika bankarskog sektora, postali smo još aktivniji Serbia can boast of a very stable financial system. On

WHO’S WHO IN the FINANCIAL SECTOR 9 u preduzimanju mera za smanjenje visokog učešća top of being aware of the basic banking sector risks, problematičnih u ukupnim kreditima (NPL), kao we have become even more active in implementing zajedničke rezultante domaćih i međunarodnih či- measures aimed at reducing a high share of non-per- nilaca. Kao i do sada, svojom kontrolnom funkci- forming loans (NPLs) in total loans granted. Just as jom nastojaćemo i da povećamo transparentnost u before, and thanks to our supervisory function, we aktivnostima bankarskog sektora, odnosno onemo- are going to strive to increase the transparency of the gućimo neopravdano povećanje troškova zaduživa- banking sector’s activities, i.e. disable any unjustified nja privrede i stanovništva. increase in the costs of corporate and retail lending. U prethodnom periodu često kritikovan kao ogra- Although it has been criticised as a limiting factor ničavajući faktor, konzervativni pristup superviziji in the past, a prudent approach to bank supervision, banaka, zasnovan na relativno visokim kapitalnim based on relatively high equity demands for risk cov- zahtevima za pokriće rizika, pokazao se kao jedan erage, has proven to be one of the key contributing od ključnih doprinosa očuvanju stabilnosti ban- factors to maintaining the stability of regional bank- karskih sistema u regionu. Činjenica da banke u ing systems. The fact that banks in Serbia have for the Srbiji u značajnoj meri kvantitativno već ispunja- most part quantitatively met a good portion of the vaju dobar deo zahteva koji se tek uvode Bazel III requirements that are about to be introduced to the standardima u Evropskoj uniji, za nas predstavlja EU through the Basel III standards represents to us nedvosmislenu potvrdu da će svi napori koje smo unequivocal validation that all the efforts we have ex- uložili imati dugoročne pozitivne efekte na stabil- erted so far will have a positive long-term impact on nost bankarskog sektora. the stability of the banking sector. Bez neiskrene skromnosti, ali i ne dozvoljavajući Without false modesty and while being careful not to zanesenost priznanjima i komplimentima, može- become captivated by the acknowledgments and com- mo s ponosom istaći dobar renome NBS u među- pliments we have received, we are proud of the good narodnim finansijskim krugovima. U nekoliko reputation that the NBS has in international financial poslednjih izveštaja MMF-a, monetarna politika circles. In its last few reports the IMF stated that the koju sprovodi NBS je ocenjena kao adekvatna. Na monetary policy exercised by the NBS was adequate. međunarodnim diskusijama, panelima, forumi- At international discussions, panels and forums NBS ma, predstavnici NBS su kvalitetom svojih izlaga- representatives have been held in high esteem and nja stekli status uzora i predvodnika svih drugih deemed as the leaders of other domestic institutions, domaćih institucija. thanks to the quality of their presentations. Uputimo li se vremeplovom od samog osnivanja If we took a time machine from the very foundation naše institucije ka sadašnjosti, neizbežno ćemo of our institutions to the present day, we would in- primetiti kako je sa usložnjavanjem ekonom- evitably notice that with the growing complexity of skih odnosa rasla i paleta nadležnosti Narodne economic relations the range of the National Bank of banke Srbije. Tradicionalne funkcije očuvanja Serbia’s competences also grew. Traditional activities monetarne i finansijske stabilnosti dopunjene su of preserving monetary and fiscal stability have been nadležnostima supervizije finansijskih instituci- supplemented with the supervision of financial in- ja i finansijske edukacije privrede i stanovništva. stitutions and financial education of both businesses Transparentnost funkcionisanja centralne banke and the population. The transparency of the central podignuta je u racionalnim okvirima kako bi se bank’s operations has been raised to a rational level, in pospešila komunikacija sa bankama i javnošću, a order to improve communication between the banks sa krajnjim ciljem usmeravanja svih ekonomskih and the public, and with the end goal of directing all činilaca u pravcu jačanja makroekonomske i fi- economic factors towards strengthening macroeco- nansijske stabilnosti. nomic and financial stability. Zadovoljstvo mi je da istaknem i da u gotovo svim It gives me great pleasure to say that the NBS has sferama delovanja NBS postoji aktivna saradnja sa been cooperating, in almost all segments, with other drugim centralnim bankama i međunarodnim fi- central banks and international financial institutions, nansijskim institucijama, pri čemu se zajedničkim while investing joint efforts in adopting the best inter- naporima usvajaju tekovine najbolje međunarod- national practices in central banking. ne prakse u centralnom bankarstvu. Being engaged in the aforementioned activities does Rad u službi svog stanovništva Narodna banka not side-track the National Bank of Serbia from being ne iscrpljuje obavljanjem pobrojanih aktivnosti. in the service of its population. In the previous period

10 Ko je ko u finansijskom sektoru U proteklom periodu uložen je veliki trud za re- we invested a lot of effort into resolving many issues šavanje mnogih pitanja građana. Razumevajući that our citizens were facing. With understanding for probleme stanovništva zaduženog u švajcarskim the problems faced by people who took out loans in francima, doneta je preporuka bankama sa ci- Swiss Francs, we made an official recommendation ljem balansiranja koristi obema ugovornim stra- to banks with the aim of benefiting both sides. We nama. Svoju usmerenost na rešavanje praktičnih demonstrated our resolve to deal with practical and i konkretnih problema pokazali smo i objavlji- concrete problems by publishing data regarding inter- vanjem podataka o kamatnim stopama na pre- est rates on current account overdrafts, thus increas- koračenje po tekućim računima, povećavajući ing both the competitiveness and transparency of the tako konkurentnost i transparentnost domaćeg domestic banking sector. bankarskog sektora. The National Bank of Serbia has always been, and will Nebrojeno puta Narodna banka Srbije bila je i biće always be, the driving force behind humanitarian pro- i dalje pokretač i humanitarnih aktivnosti i sarad- jects and collaboration with institutions and organiza- nje sa institucijama i organizacijama za pomoć tions engaged in helping endangered people. ugroženom stanovništvu. However, the NBS is not only orientated towards ex- Međutim, nije NBS orijentisana samo na ekster- ternal events. We are also aware of the fact that we can ne događaje. Svesni činjenice da samo kao celina only be efficient as a whole and in the last few months možemo biti efikasni i u proteklim mesecima dali we have done our best to work on improving our- smo sve od sebe da radimo na sopstvenom usavr- selves. By organizing seminars with eminent lecturers šavanju. NBS organizacijom seminara na kojima from international universities presenting the results eminentni predavači sa međunarodnih univerzi- of their research to our employees, the NBS has cre- teta zaposlenima prezentuju rezultate svojih istra- ated an opportunity for its staff to gain additional in- živanja, pruža priliku svojim zaposlenima da se sight and knowledge about the macro-economy and dodatno upute i stručno usmere ka oblastima ma- financial markets. This and other similar activities, kroekonomije i finansijskih tržišta. Ovakve i slične along with the rational utilisation of financial resourc- aktivnosti, ali uz racionalno korišćenje finansij- es, are the right way to raise the level of expertise and skih resursa, pravi su put za podizanje stručnosti i research activities at the NBS, which in turn improves istraživačke delatnosti u NBS, čime će naš među- our international reputation. narodni ugled u još većoj meri biti poboljšan. The period ahead is awash with new challenges and Period koji je pred nama prepun je novih izazova, the success of the NBS in realising its plans to fur- a uspešnost NBS u sprovođenju planiranog daljeg ther improve the macro-economic environment will uređenja makroekonomskog ambijenta zavisiće od depend on many international and domestic factors. brojnih međunarodnih i domaćih činilaca. Da li su It remains to be seen whether many changes and ad- brojne promene i prilagođavanja u aktivnostima justments in the activities of central banks and the centralnih banaka i upotreba nekonvencionalnih application of unconventional measures during the mera u doba krize bile samo kratkoročna prome- crisis were only a short-term change in the approach na pristupa ili opšta izmena načina razmišljanja or a general change in the way we think and perceive i monetarnih teorija, pitanja su na koja ćemo tek monetary theories. What is rather obvious is that dobiti odgovore. Evidentno je ipak da je „voda do- ‘everything flows’ (Panta Rei) and that, in a new en- sta izmenjena“ (Panta Rei) i da u novom ambijen- vironment, collaboration between all central banks tu međusobna saradnja svih centralnih banaka na on implementing preventative measures has become preventivnim aktivnostima postaje neophodnost. a necessity. Svesna ozbiljnosti trenutnih i budućih izazova i With awareness for the seriousness of current and fu- odgovornosti pred građanima i dugom tradicijom, ture challenges, responsibilities towards the citizens Narodna banka Srbije će i u narednom periodu and its long tradition, in the coming period the Na- voditi opreznu monetarnu politiku usmerenu na tional Bank of Serbia will lead a prudent monetary obezbeđivanje povoljnih uslova za omogućavanje policy aimed at providing favourable conditions in održivog privrednog rasta. Težićemo da zajednički order to foster sustainable economic growth. We will stvorimo uslove na koje ćemo sa ponosom gledati strive to jointly create the conditions we are going to prilikom proslave sledećeg jubileja. be proud of once the next jubilee comes. Jer, ništa ne počinje bez ljudi i ništa se ne završava Because nothing begins without people and nothing bez institucija. ends without institutions...

WHO’S WHO IN the FINANCIAL SECTOR 11 Prof. dr Nebojša Savić, Nebojša Savić Ph.D., President of predsednik Saveta guvernera NBS the NBS Board of Governors and i profesor FEFA Professor at the FEFA Banking Sačuvana sector stabilnost stability bankarskog preserved sektora he only acceptable solution for Serbia is one that will not mean a new burden on a Srbiju je jedino prihvatljivo rešenje taxpayers. Every solution in which the state ono koje neće značiti novo opterećenje Twill not cover NPLs is acceptable, because the poreskih obveznika. Prihvatljivo je sva- state has not generated those problematic loans. Zko rešenje u kome država neće pokrivati NPL Banks are individually responsible for NPLs, says jer ih država nije ni generisala. Odgovornost za Professor Nebojša Savić, chairman of the Board of NPL je pojedinačno na bankama, kaže Neboj- Governors of the National Bank of Serbia ša Savić, predsednik Saveta guvernera Narodne banke Srbije What has characterised the development of the financial sector in Serbia since the year Šta je karakterisalo razvoj finansijskog 2000? sektora u Srbiji nakon 2000. godine? It is traditional for the Serbian financial system to be Tradicija finansijskog sistema Srbije je da u nje- dominated by banks and because of that it is often mu dominiraju banke i zbog toga se često kaže said that the Serbian financial system is bank-cen- da je srpski finansijski sistem bankocentričan. tric. In 2000 Serbia faced an underdeveloped bank- Srbija je 2000. godinu dočekala sa slabo ra- ing and financial system. At that time Serbia had zvijenim bankarskim i finansijskim sistemom. a much greater number of banks in relation to Tada je u Srbiji postojao višestruko veći broj today’s figure, with the pronounced dominance of banaka u odnosu na današnji broj, sa izrazitom domestic banks. That system was characterised by dominacijom domaćih banaka. Taj sistem su low capitalisation and modest balance sheet sums karakterisale i niska kapitalizovanost i skrom- of banks, which was significantly lower than GDP. na bilansna suma banaka, koja je bila znatno That was an unambiguous indicator of an underde- niža od GDP. To je bio nedvosmisleni indika- veloped banking sector, and thus financial market, tor nedovoljno razvijenog bankarskog, pa time in Serbia. At that time banks did not even perform i finansijskog tržišta Srbije. Banke tada nisu ni an important function that they now perform, obavljale važnu funkciju koju danas obavljaju, a which is the function of salary payments. to je platni promet. The development of our financial system after Razvoj našeg finansijskog sistema posle 2000. the year 2000 was characterised by the consol- godine karakterisalo je ukrupnjavanje ban- idation of the banking system, both through the karskog sistema, što kroz gašenje jedne grupe closure of a number of banks and the takeover of banaka, što kroz preuzimanje druge grupe ba- others, etc. As such, today Serbia has less than 30 naka, itd. Tako da danas Srbija ima manje od banks, but even that figure is still too high. An- 30 banaka, ali je taj broj i dalje prevelik. Druga other important characteristic is that a significant važna karakteristika jeste da je došlo do značaj- strengthening of banks’ equity structure occurred,

12 Ko je ko u finansijskom sektoru nog jačanja kapitalne strukture banaka, čemu which contributed to the improvement of regula- je doprinelo unapređivanje regulative. Treća tions. The third important factor was the arrival važna stvar je bio dolazak stranih banaka na of foreign banks on our market, mainly through naše tržište, uglavnom preuzimanjem posto- takeovers of existing banks. This process was fol- jećih banaka. To je bio proces koji je pratilo lowed by the strengthening of the corporatization jačanje korporativizacije banaka, jačanje njiho- of banks, the strengthening of their commercial vih komercijalnih funkcija i unapređenje teh- functions and improving technologies for man- nologije upravljanja bankarskim poslovanjem. aging banking operations. In the context of this U sklopu tih procesa došlo je do unapređenja process came an improvement in the banking and bankarskog i finansijskog sistema u odnosu na financial system compared to 2000, but the system 2000. godinu, ali je i dalje taj sistem relativno was still relatively underdeveloped compared with nedovoljno razvijen u poređenju sa zemljama the countries of Central Europe, and especially in centralne Evrope, a pogotovo u poređenju sa comparison with EU countries. zemljama EU. How did the global economic crisis of Kako je svetska ekonomska kriza iz 2008. 2008 impact on Serbia’s financial sector, godine pogodila finansijski sektor, pre especially banking? svega bankarski? The economic crisis had a strong impact on the Ekonomska kriza je snažno delovala na doma- domestic banking system, just as it impacted more ći bankarski sistem, kao što je još intenzivnije intensely on the global banking system. The essence delovala na globalni bankarski sistem. Suština of the crisis in the world was the fact that key prin- krize u svetu je bila u tome da su ključni princi- ciples of good banking operation practices were pi dobre prakse bankarskog poslovanja labavili loosened, on the one side this was due to the loose

WHO’S WHO IN the FINANCIAL SECTOR 13 i to, s jedne strane, zahvaljujući veoma labavoj monetary policy of the U.S. Federal Reserve, while monetarnoj politici FED-a, i s druge strane, on the other side was the commercial banks that komercijalnih banaka koje su na tom talasu rode that wave and relaxed their criteria for the ap- obarale kriterijume odobravanja kredita. Na toj proval of credit. On the basis of this, a credit bubble osnovi je došlo do kreditnog balona i naduva- emerged and real estate prices became inflated. vanja cena nekretnina. One part of this practice was also transferred to Jedan deo te prakse se preneo i u Srbiju, pa Serbia and we had a practice of some banks ap- smo imali praksu nekih banaka da se odobra- proving consumer loans when foreseeable risks vaju krediti klijentima kod kojih su postojali existed. The essence was in the fact that there predvidljivi rizici. Suština je bila u tome da u was not enough credit potential from domestic Srbiji nije bilo dovoljno kreditnog potencijala sources in Serbia, while on the world market iz domaćih izvora, a na svetskim tržištima su there were available funds and so banks that postojala slobodna sredstva, pa su banke koje were able ended up drawing so-called cross-bor- su bile u mogućnosti povlačile iz svojih matica der loans from their parent banks. That was the takozvane prekogranične kredite. To je u osnovi basic system of financing our development from bio sistem finansiranja našeg razvoja od 2005. 2005 to 2008. However, this came to a halt with do 2008. Međutim, sa izbijanjem krize, dolazi the outbreak of the crisis and these channels of do zaustavljanja, a onda i do smanjivanja ovog financing then reduced. kanala finansiranja. Was the Serbian banking sector prepared for Da li je bankarski sektor Srbije bio the impact of the financial crisis and what spreman za udar finansijske krize i koji su are the reasons for its stability? razlozi njegove stabilnosti? At the time the crisis broke, banks in Serbia had U trenutku izbijanja krize, banke u Srbiji su high capitalisation, above 20%, which ensured imale visoku kapitalizovanost, preko 20 odsto, they could traverse the crisis without jeopardising što je obezbedilo da se kroz krizu prođe bez financial stability. This was essentially due to the

14 Ko je ko u finansijskom sektoru ugrožavanja finansijske stabilnosti. U suštini, fact that our regulations were conservative, but ovo je proisteklo iz činjenice da je naša regu- were also a guarantee of stability. lativa bila konzervativna, ali je bila garant sta- bilnosti. What kind of phase is the Serbian banking sector in now and can credit growth be U kakvoj fazi se danas nalazi bankarski expected again soon? sektor Srbije, da li se može uskoro The Serbian banking system shares the fate of the očekivati ponovo rast kreditne aktivnosti? global financial system. In the world profound Srpski bankarski sistem deli sudbinu globalnog changes have occurred and continue to occur in finansijskog sistema. U svetu su se dogodile i this area. We should not forget that Serbia tradi- događaju se duboke promene u ovoj sferi. Ne tionally has modest domestic savings and, regard- treba zaboraviti da Srbija tradicionalno ima less of how much it has, this is predominantly skromnu domaću štednju, a i toliko koliko je short term. This is the price that has to be paid for ima, ona je dominantno kratkoročna. To je cena the experience of hyperinflation and crisis. When koja se plaća zbog iskustava sa hiperinflacija- you do not have high quality domestic sources of ma i krizama. Kada nemate kvalitetne domaće financing, you have to rely on foreign funds, which izvore finansiranja, morate se oslanjati na stra- are more expensive. Today there is great caution na sredstva, što je skuplje. Danas postoji velika around the world in terms of lending. Major risks opreznost širom sveta u pogledu kreditiranja. influence the business policies of banks that utilise Veliki rizici utiču i na poslovne politike banaka the funds of others and must worry about how to koje, raspolažući tuđim sredstvima, moraju da settle obligations towards depositors. brinu kako će izmirivati svoje obaveze prema In order for the lending activities of domestic svojim deponentima. banks to increase, the key is to have good quality Da bi se kreditna aktivnost domaćih banaka po- clients. Today in the Serbian banking sector there većala, ključ je da imate kvalitetne klijente. Da- is actually a battle going on for good clients and nas se u srpskom bankarskom sektoru u stvari they can receive loans at reduced interest rates. vodi bitka za dobre klijente i oni mogu dobiti Serbia’s problem is that there are not enough good kredite sa nižim kamatnim stopama. Problem clients with good businesses Srbije je u tome što nema dovoljno kvalitetnih klijenata sa dobrim biznisima. What is the experience of other countries when it comes to resolving NPLs? What Kakva je praksa drugih zemalja u solutions are available to banks and rešavanju NPL? Koja rešenja su na monetary authorities? raspolaganju bankama i monetarnim The only acceptable solution for Serbia is one vlastima? that will not mean a new burden on taxpayers. Za Srbiju je prihvatljivo jedino rešenje koje Every solution in which the state will not cov- neće značiti novo opterećenje poreskih ob- er NPLs is acceptable, because the state has not veznika. Prihvatljivo je svako rešenje u kome generated those problematic loans. Banks are država neće pokrivati NPL, jer ih država i nije individually responsible for NPLs. Some banks generisala. Odgovornost za NPL je pojedinačno were conservative and did not enter into major na bankama. Neke banke su bile konzervativ- risks and now they have lower levels of NPLs. ne i nisu ulazile u prevelike rizike i one imaju The practice of other banks was to take on even manje nivoe NPL. Praksa nekih drugih banaka higher risks, of course with the payment of high- je bila ulaženje u veće rizike, naravno uz napla- er interest, and this resulted in the emergence ćivanje i viših kamata, pa su iz toga proistekli of NPLs, which is basically a problem of those nenaplativi krediti, u osnovi problem tih bana- banks. The NBS confronted this problem in De- ka. NBS je, suočena sa ovim problemom, još u cember 2012 by improving the regulatory frame- decembru 2012. unapredila regulatorni okvir za work for resolving NPLs and permitting their rešavanje NPL, omogućavajući njihovu proda- sale. However, only a small number of banks ju, ali je mali broj banka to do sada koristio, a have taken advantage of that option to date, but one koje su to iskoristile poboljšale su kvalitet those that have done so have improved the qual- svojih bilansa. ity of their balance sheets.

WHO’S WHO IN the FINANCIAL SECTOR 15 130 godina 130 years of od osnivanja the National Narodne Bank of banke Srbije Serbia

Knez Mihailovoj ulici broj 2, gde Knez t No. 2 Knez Mihailova Street, at the inter- Mihailova seče današnju Ulicu kralja Pe- section with today’s Kralja Petra Street, in tra, u kući braće Kumanudi, 2. jula 1884. the house of the Kumanudi brothers, the Ugodine sa radom je počela Privilegovana narodna APrivileged National Bank of the Kingdom of Serbia banka Kraljevine Srbije. Na ovaj način je mlada began operating on 2nd July 1884. In this way, the srpska država, koja je zvanično međunarodno pri- young Serbian state, which was officially recognised znata na Berlinskom kongresu 1878. godine, dobi- internationally at the Berlin Congress of 1878, re- la važno obeležje državnosti i ušla u krug moder- ceived an important characteristic of statehood and nih evropskih država sa centralnom emisionom entered the circle of modern European countries bankom. with a central issuing bank. The first initiative for the establishment of the Na- tional Bank was launched back in 1854 and over the years led to the view that a central bank should be established with private capital, but under strong government control. In 1882 the Serbian government signed a contract with the French General Union Bank for the financ- ing of the construction of the railroad and the au- thorities responded to the suggestion that the bank receive a license to operate in Serbia and, among other things, become the issuing bank. This bank in- vested in speculative activities and quickly collapsed, which was a strong indicator that any bank that would issue money must be established with domes- Još 1854. godine pokrenute su prve inicijative za tic equity. Pressure exerted by domestic traders and osnivanje Narodne banke, a tokom godina došlo businessmen contributed to such public attitudes. se do stava da Narodna banka treba da bude osno- On 20th December 1882 the Serbian Parliament vana privatnim kapitalom, ali pod jakom kontro- adopted the National Bank Act in order to upgrade lom države. trade and craftsmanship in the Kingdom of Serbia Srpska vlada je 1882. godine potpisala ugovor sa with cheaper capital and well-organized lending and francuskom bankom Generalna unija o finansiranju already on 6th January 1883 the Act was confirmed izgradnje železničke pruge, a pred vlastima se našao by the signature of King Milan Obrenović. i predlog da ova banka dobije dozvolu za rad u Srbi- The dilemma of Finance Minister Čedomilj Mija- ji i između ostalog da postane emisiona banka. Ova tovic was whether there would be sufficient capital banka je ulagala u špekulativne poslove, pa je brzo and interested shareholders at all to register 20,000 propala, što je bio jak argument da banka koja će shares, valued at 500 dinars per share. emitovati novac mora da bude osnovana domaćim However, the interest of Serbian traders in the shares kapitalom. Takvom stavu javnosti doprineli su i pri- of the National Bank at the May Conference, held tisci domaćih trgovaca i privrednika. on 20th May 1883, was huge. Consequently, a total

16 Ko je ko u finansijskom sektoru of 38,051 shares were registered, which was almost twice the amount stipulated by law, so the number of shares had to be reduced. Ultimately, the initial capi- tal of 2.5 million dinars in gold and 2,496,625 dinars was raised, as 27 registered shares were not paid. The Constituent Assembly was held from 26th to 29th February 1884 and it was then that the first governor - Aleksa Spasić – was appointed. He had previously served as Minister of Finance.

Following Belgium’s example Serbia, which was establishing an issuing bank for Već 20. decembra 1882. godine Skupština Srbije the first time, had neither the experience nor the staff donela je Zakon o Narodnoj banci, “u cilju da se to independently implement this idea in practice. jevtinijim kapitalima i dobro uređenim kreditom The organization of the National Bank followed the trgovina i radinost u Kraljevini Srbiji unaprede”, a 6. example of one of the most modern national banks januara je Zakon potvrđen potpisom kralja Milana of the time – the National Bank of Belgium. Obrenovića. It has been decided to invite a foreign expert to Serbia Dilema tadašnjeg ministra finansija Čedomilja Mi- who knows about the organization of a central bank, jatovića bila je da li će uopšte biti dovoljno kapitala because in our country there is no person with the i zainteresovanih akcionara da se upiše 20.000 akcija necessary knowledge and experience. For this pur- vrednosti od po 500 dinara po akciji. pose the government decided to address the country Međutim, interesovanje srpskih trgovaca za akcije that of all countries until then was the least prone to Narodne banke na Majskoj konferenciji, održanoj reckless and risky industrial and trading ventures, 20. maja 1883. godine, bilo je ogromno. Nakon toga where the material prosperity of the nation had de- je ukupno upisana 38.051 akcija, što je skoro dva veloped on the most secure and best organized basis, puta više nego što je planirano zakonom, pa je broj and it is Belgium – this was how Jevrem Gudović, akcija morao biti redukovan. Na kraju je prikupljen Minister of the National Economy, addressed the osnivački kapital od 2,5 miliona dinara u zlatu, od- shareholders at the General Meeting of shareholders nosno 2.496.625 dinara, jer 27 akcija koje su upisane of the National Bank of Serbia. nisu i uplaćene. Charles Boshman, Accounting Director of the Na- Osnivačka skupština je održana od 26. do 29. febru- tional Bank of Belgium, came from Belgium and, ara 1884. godine i na njoj je izabran i prvi guver- judging by the correspondence of the governor of ner - Aleksa Spasić, koji je do tada bio ministar bez the National Bank of Belgium and the Serbian Min- portfelja. istry of Finance and then the National Bank of Ser- bia itself, he was an extremely capable and important Po ugledu na Belgiju administrator. Srbija koja je prvi put osnivala emisionu banku He set up internal regulations and the organization nije imala ni iskustva ni kadrova koji bi mogli sa- of the National Bank of Serbia and, upon the request mostalno sprovesti ovu zamisao u delo. Prilikom of Governor Spasić, stayed until 1885, until the first organizacije Narodne banke ugledali su se na tada balance of the newly established bank was made. jednu od najmodernijih narodnih banaka - Belgij- It was thanks to the assistance of the National Bank sku narodnu banku. of Belgium that the first banknote was printed, be- „Odlučeno je da se u Srbiju pozove strani stručnjak cause the National Bank of Serbia had access to a koji dobro poznaje organizaciju jedne centralne ban- plate for printing spare notes of 100 francs, which ke budući da u našoj zemlji nema čoveka sa potreb- was used to print the of 100 dinar note redeemable nim znanjem i iskustvom. Vlada je odlučila da se u in gold. tu svrhu obrati zemlji koja je od svih zemalja do tada The organization of the National Bank of Serbia was najmanje bila sklona nepromišljenim i riskantnim largely established following the model of the National industrijskim i trgovačkim špekulacijama i u kojoj se Bank of Belgium and the NBS had a governor, deputy materijalno blagostanje nacije razvilo na najuređeni- governor, central board, board of directors, superviso- jim i najsigurnijim osnovama, a to je Belgija.” ry board, shareholders assembly and executive board.

WHO’S WHO IN the FINANCIAL SECTOR 17 Ovako se Jevrem Gudović, ministar narodne privre- The governor of the country’s central bank was in de, obratio akcionarima na Generalnoj skupštini ak- charge of executing the decisions of the sharehold- cionara Narodne banke Srbije. ers assembly, central board and board of directors, Iz Belgije je stigao Šarl Bošman, direktor računovod- which he chaired. Governors were proposed by the stva Narodne banke Belgije i sudeći prema prepisci national economy minister and appointed by de- guvernera Narodne banke Belgije i srpskog ministar- cree of the King. stva finansija, a zatim i Narodne banke Srbije, izuzet- The Shareholders Assembly was the highest body no sposoban i značajan službenik. of the bank and gathered at least once a year. It was On je postavio unutrašnje propise i organizaciju Na- then that the final bank account was adopted, while rodne banke Srbije, a na molbu guvernera Spasića this body also decided on profit distribution, as ostao je do 1885. godine, dok nije urađen prvi bilans well as deciding about the members of the manage- novoosnovane banke. ment and supervisory boards. Zahvaljujući pomoći Narodne banke Belgije štampa- The Board of Directors was responsible for the na je i prva novčanica, jer je Narodnoj banci Srbije functioning of the National Bank, from decision stavljena na raspolaganje ploča za štampanje rezerv- making to the determination of interest rates, staff ne novčanice od 100 franaka, na kojoj je odštampana employment and layoffs. By 1920 the Board con- novčanica od 100 dinara plativih u zlatu. sisted of 12 members, who set aside a deposit of Organizacija Narodne banke Srbije u velikoj meri 40 shares of the National Bank during their term je uspostavljena po ugledu na Belgijsku narodnu of office. banku, pa je NBS imala guvernera, viceguvernera, The Supervisory Board was responsible for control Glavni odbor, Upravni odbor, Nadzorni odbor, Zbor of the bank and its members had to lay down a de- akcionara i Eskontni odbor. posit of 15 shares of the bank. Guverner Narodne banke je bio zadužen za izvr- The Central Board included members of the Steer- šavanje odluka Zbora akcionara, Glavnog i Uprav- ing and Supervisory Boards and its principal juris- nog odbora, kojima je predsedavao. Guvernera je diction were questions regarding money issues. predlagao ministar narodne privrede, a ukazom Although the bank was established with private eq- postavljao kralj. uity, it was under the direct supervision of the state. Zbor akcionara je bio najviši organ banke i održavao Furthermore, the governor was actually appointed se najmanje jednom godišnje. Na njemu je usvajan by the state i.e. the king, upon the proposal of the završni račun banke, a na ovom telu donosile su se i minister, and there was also a position of govern- odluke o raspodeli dobiti, kao i o članovima Uprav- ment commissioner, who had the right to attend nog i Nadzornog odbora. meetings of the Board of Directors and sharehold- Upravni odbor je bio zadužen za funkcionisanje ers. Additionally, some decisions could be made Narodne banke i donošenje odluka, od određivanja only with the consent of the government, which kamatnih stopa, do prijema i otpuštanja službenika. most commonly related to issuing money. Do 1920. godine Upravni odbor je činilo 12 članova, koji su polagali depozit od 40 akcija Narodne banke Dinar as the National Currency tokom trajanja mandata. Until liberation from the Turks and gaining inde- Nadzorni odbor je bio zadužen za kontrolu rada pendence, real chaos reigned in payments in Serbian banke, a i njegovi članovi su morali da polože depo- lands. There were as many as 43 foreign coins in cir- zit od 15 akcija banke. culation, European and Turkish, and payments were U Glavnom odboru nalazili su se članovi Upravnog made in the gold, silver and copper coins. Because i Nadzornog odbora i njegova glavna nadležnost bila of so many different metal coins of different purity, su pitanja u vezi sa emisijom novca. there were a lot of fiscal tariffs that hindered trade. Iako je banka osnovana privatnim kapitalom, bila This situation lasted until 1868, when it was decid- je pod direktnim nadzorom države. Osim što je gu- ed to mint domestic, Serbian money, initially copper vernera faktički postavljala država, odnosno kralj na coins displaying the image of Prince Mihailo. predlog ministra, postojala je i funkcija vladinog ko- As early as 1873 the law on minting silver coins was mesara koji je imao pravo da prisustvuje sednicama passed and the dinar became the basic unit. There Upravnog odbora i zborovima akcionara. Dodatno, were disputes over the name of the Serbian currency, neke odluke mogle su biti donete samo uz saglasnost but the initiative of Čedomilj Mijatović prevailed and vlade, a to se najčešće odnosilo na emitovanje novca. the Serbian currency was named after the money

18 Ko je ko u finansijskom sektoru Dinar kao nacionalna valuta that had been minted in Serbia centuries previously Do oslobođenja od Turaka i sticanja nezavisnosti, by Despot Stefan Lazarevic. Standards of weight and na teritoriji Srbije vladao je pravi haos u plaćanji- fineness of coins were adapted to the regulations of ma. U opticaju su se nalazile čak 43 strane monete, the Latin Monetary Union and the monetary system evropske i turske, a plaćalo se zlatnim, srebrnim i of Serbia was fully equipped with the dinar as the bakarnim novcem. Zbog toliko mnogo različitog only valid means of payment. Shortly afterwards, in metalnog novca različite čistoće, postojalo je mnogo 1878, a law was introduced regulating the minting of novčanih tarifa koje su otežavale trgovinu. gold coins. Takva je situacija vladala sve do 1868. godine, kada The establishment of the National Bank of Serbia je odlučeno da se kuje domaći, srpski novac, najpre created the possibility to print paper notes or bank- bakrenjaci sa likom kneza Mihaila. notes, but the population was accustomed to silver Već 1873. godine donosi se Zakon o kovanju srebr- and strongly resisted the paper money. A particular- ne monete, a osnovna jedinica je dinar. Oko naziva ly aggravating factor was that the National Bank had srpske valute su se vodili sporovi, ali je prevladala issued only 100-dinar banknotes redeemable in gold, inicijativa Čedomilja Mijatovića da srpska valuta do- which was a huge denomination for that time and bije ime po novcu koji je kovao u Srbiji još despot significantly slowed down the circulation of cash. Stefan Lazarević. Standardi o težini i finoći kovanica Those were the main reasons why the National Bank prilagođeni su propisima Latinske novčane unije, a recorded a loss in its first year of operations. The novčani sistem u Srbiji je potpuno uređen sa dina- Bank wanted to print smaller denominations of 50 rom kao jedinim važećim platnim sredstvom. Ubrzo and 10 dinars, but met with the resistance from the potom, 1878. godine, zakonom se uređuje i kovanje state, which wanted to retain that right for itself. A zlatnog novca. compromise was found with the Act of 1885, accord- Formiranjem Narodne banke stvara se mogućnost ing to which the National Bank was allowed to print štampanja papirnih novčanica, odnosno banknota, banknotes of 10 dinars, but with silver backing, with ali je stanovništvo naviklo na srebrnjake imalo velike which a bimetallic system actually entered into force, otpore prema papirnom novcu. Posebno otežavajuća with coverage in gold and silver. okolnost je bilo to što je Narodna banka emitovala Acceptance of the rules of the Latin Union meant ac- samo novčanicu od 100 dinara plativu u zlatu, što je cepting coverage for paper banknotes with precious bio veoma krupan apoen za to doba. To je znatno metals. So Serbia made obligated banknotes to be usporavalo novčani opticaj. Ovo su bili i glavni razlo- backed by at least 40 per cent in gold, with the gold zi zašto je Narodna banka u prvoj godini poslovanja up to a quarter of the value of a banknote being re- zabeležila gubitak. Želeći da štampa i manje apoene placeable with silver. od 50 i 10 dinara, Narodna banka je naišla na otpor As a new institution which had introduced a novel- države koja je želela da zadrži za sebe to pravo. Za- ty like paper money, the National Bank had to gain konom iz 1885. godine nađen je kompromis, gde je credibility. This was possible only through the re- Narodnoj banci dozvoljeno da štampa banknote od quirement that each banknote’s replacement for gold 10 dinara, ali sa pokrićem u srebru, čime je u stvari had to be filled. Certainly, this had to take into ac- na snagu stupio bimetalni sistem, u kome je postoja- count the amount of banknotes issued. lo pokriće u zlatu i srebru. The real test for the credibility of the National Bank Prihvatanje pravila Latinske unije značilo je i pridr- was a customs war with Austria-Hungary in 1906, žavanje pokrića papirnih banknota plemenitim me- when 73.97 per cent of the banknotes were covered

WHO’S WHO IN the FINANCIAL SECTOR 19 talima. Tako se Srbija obavezala da će banknote biti with metal. During the First Balkan War of 1912 cov- pokrivene najmanje sa 40 odsto u zlatu, s tim što se erage accounted for 85.51 per cent, while in the first zlato do četvrtine vrednosti banknote moglo zame- year of World War I it was as much as 115.63 per niti srebrom. cent. Kao nova institucija koja je uvodila novost kao što je Although the Privileged Bank was an issuing insti- papirni novac, Narodna banka je morala steći kre- tution, its primary task was lending to the economy dibilitet. To je bilo moguće jedino tako što je svaki and the state, though it also approved loans to credit zahtev da se banknote zamene za zlato morao biti is- bureaus and banks. punjen. Naravno, zbog toga se moralo voditi i računa Even before the official opening of the National o količini izdatih banknota. Bank, the state had become its debtor thanks to a Pravi test za kredibilitet Narodne banke bio je ca- loan of 304,216 dinars in gold. Participation of gov- rinski rat sa Austrougarskom 1906. godine, kada je ernment debt in the total outstanding bills amounted 73,97 odsto banknota bilo pokriveno metalom. To- to 38.91 per cent in 1884 and two years later this fig- kom Prvog balkanskog rata 1912. godine pokriće je ure jumped to 50 per cent. This was partly cause d by iznosilo 85,51 odsto, a u prvoj godini Prvog svetskog the low speed of circulation of money and with the rata čak 115,63 odsto. accelerating of circulation this share decreased. The Iako je Privilegovana banka bila emisiona ustanova, state continually borrowed from the National Bank ipak je njen prvenstveni zadatak bilo kreditiranje. and from abroad, due to budget deficits. Osnovna delatnost je bilo kreditiranje privrede i dr- It significantly loaded gold reserves and the value žave, ali odobravala je kredite i kreditnim zavodima of the dinar and in 1904 the relationship between i bankama. the state and the National Bank was regulated and Država je i pre zvaničnog otvaranja Narodne banke Finance Minister Lazar Paču, speaking in the parlia- postala njen dužnik, pozajmicom od 304.216 dinara mentary debate on the law, defended the argument u zlatu. Učešće državnog duga u ukupnom opticaju that the National Bank could not be a source of rev- novčanica iznosilo je 38,91 odsto 1884. godine, da enue for the state, but could only indirectly contrib- bi dve godine kasnije taj udeo skočio na polovinu. ute by strengthening the economy and the proper Tome je delom uzrok bila i mala brzina opticaja nov- distribution of loans, with which it could influence ca, te se ubrzavanjem opticaja taj udeo smanjivao. the growth of the real national income. With this Država se zbog budžetskih deficita stalno zaduživala law, borrowing from the state treasury at the Nation- i kod Narodne banke i u inostranstvu. al Bank was defined as temporary and short term. To je značajno opterećivalo zlatne rezerve i vrednost Government borrowing of 10 million dinars was dinara, pa je 1904. godine regulisan odnos države i introduced, with all previous debts being combined Narodne banke, a tadašnji ministar finansija Lazar into one. This solution turned out to be an excellent Paču je na skupštinskoj raspravi zakon branio argu- one, because by 1907 the state had already overcome mentacijom da Narodna banka ne može biti izvor all its debts to the central bank. prihoda za državu, već samo posredno, jačanjem pri- vrede i pravilnom raspodelom kredita, može uticati The NBS in the Storm of the Great War na rast pravih državnih prihoda. Tim zakonom je The last decade of the 19th century and first decade zaduživanje državne kase kod Narodne banke odre- of the 20th was marked by the rapid industrialisation đeno kao privremeno i kratkoročno. Uvelo se zadu- and economic development of Serbian society, with živanje države za 10 miliona dinara, a svi prethodni the wings for that development being provided by the dugovi su spojeni u jedan. Rešenje se pokazalo kao grand operations of the National Bank. The share- odlično, jer već 1907. godine država više ništa nije holders of the National Bank had a yield based on dugovala središnjoj banci. interest of six per cent, as well as a dividend. The state participated in the profit of the bank with 20 per cent. NBS u vihoru Velikog rata Given that the National Bank operated profitably, it Poslednju deceniju 19. i prvu deceniju 20. veka označio brought the average annual return from eight to 12 je ubrzani industrijski i ekonomski razvoj srpskog dru- per cent, which was extreme for the circumstances. štva, a krila tom razvoju dalo je i odlično poslovanje Na- However, the National Bank did not realise profits by rodne banke. Akcionari Narodne banke imali su prinos increasing interest rates, because interest rates were po osnovu kamate od šest odsto, kao i od dividende. U generally lower than the rise in prices and the dis- dobiti banke učestvovala je i država sa 20 odsto. count rate had not changed for 38 years.

20 Ko je ko u finansijskom sektoru S obzirom na to da je Narodna banka poslovala pro- All this ended with the arrival of the wars. During fitabilno, donosila je prosečan godišnji prinos od the First Balkan War of 1912 the National Bank was osam do 12 odsto, što je bilo izuzetno za tadašnje allowed to pay for up to a quarter of gold-redeemable prilike. Međutim, zaradu Narodna banka nije ostva- banknotes in silver. This lasted until the beginning of rivala povećanjem kamata, jer su kamatne stope po 1914, when the situation stabilised. pravilu bile niže od rasta cena, a eskontna stopa nije However, not long afterwards war was once again menjana 38 godina. at Serbia’s doorstep. A day before the Austria-Hun- Sve ovo prekinula su ratna dešavanja. Početkom Pr- garian ultimatum was handed to the Serbian gov- vog balkanskog rata 1912. godine Narodnoj banci je ernment on 12th July, the National Bank relocated all dozvoljeno da novčanice plative u zlatu do jedne če- its gold and silver reserves to Kruševac, at the ini- tvrtine isplati u srebru. To je trajalo do početka 1914. tiative of Finance Minister Paču. The Bank operat- godine kada se situacija stabilizovala. ed from Kruševac until September 1915, when the Međutim, nije dugo prošlo kada je rat ponovo zaku- decision was made to move to Bitola as a response cao na vrata. Dan pre predaje austrougarskog ulti- to the invasion of the Austro-Hungarian Army. The matuma srpskoj vladi 12. jula, na inicijativu Laze Pa- attack of Bulgaria accelerated the withdrawal and the čua, ministra finansija, Narodna banka prebacuje sve composition from Niš passed through Vranje just a zlato i srebro u Kruševac. Banka je funkcionisala iz few hours before the railroad tracks were cut by the Kruševca do septembra 1915. godine, kada se donosi Bulgarians eventually arriving in Thessaloniki. The odluka da se preseli za Bitolj zbog nadiranja austrou- Capital Bank spent almost three months on the rail- garske vojske. Napad Bugarske ubrzava povlačenje, a way in Thessaloniki, when it was decided that the kompozicija iz Niša prolazi kroz Vranje samo neko- National Bank of Serbia would be temporarily re- liko sati pre nego što prugu presecaju Bugari i stiže u located to Marseille in the south of France. At that Solun. Imovina banke je skoro tri meseca stajala na time about 57 million francs in gold were transferred železničkoj pruzi u Solunu, kada je doneta odluka da to the treasury of the Bank of France in Marseille, se Narodna banka Srbije preseli u južnu Francusku, while the total reserves of the National Bank of Ser- u Marselj. Tada je u trezore Banke Francuske u Mar- bia amounted to 813 million francs. The dinar also selju prebačeno oko 57 miliona franaka u zlatu, dok had the backing of about 200 million francs in gold su ukupne rezerve Narodne banke Srbije iznosile 813 from loans issued by France and England during the miliona franaka. Takođe, dinar je imao i pokriće u first two years of the war. oko 200 miliona franaka u zlatu od zajmova uzetih The bank was active during the war, but its perfor- od Francuske i Engleske tokom prve dve godine rata. mance after leaving Belgrade was very limited. Lend- Za vreme rata banka je bila aktivna, ali njeno po- ing to the economy completely disappeared, while slovanje je nakon napuštanja Beograda bilo veoma on the other hand, due to financing the army, all ograničeno. Kreditiranje privrede je potpuno zamr- business was conducted with the state. lo, a s druge strane zbog finansiranja vojske celokup- During the war the National Bank would put bank- no poslovanje se odvijalo sa državom. notes into circulation only if they had gold backing. Narodna banka je tokom rata puštala u opticaj nov- At the end of 1914 the coverage of banknotes by gold čanice samo ako su imale podlogu u zlatu. Na kraju was 115.63 per cent. The total backing of the curren- 1914. godine pokrivenost novčanica zlatom iznosi- cy amounted to 297.3 million dinars, while a total of la je čak 115,63 odsto. Ukupna podloga je iznosila 340.6 million dinars was in circulation. 297,3 miliona dinara, a ukupno se u opticaju nalazilo Nevertheless, the devaluation of the dinar in the oc- 340,6 miliona dinara. cupied territory was a powerful means of impover- Uprkos tome, obezvređivanje dinara na okupiranoj ishment and oppression of the Serbian population. teritoriji bilo je moćno sredstvo osiromašenja i tla- The Bulgarians rejected the use of banknotes and čenja srpskog stanovništva. Bugari su na delu teri- nickel coins in the part of the territory they con- torije koju su kontrolisali izbacili iz upotrebe dinar- trolled, while the value of the silver dinar dropped to ske novčanice i kovanice od nikla, dok su vrednost 65 per cent of the value of the lev, which ensured the srebrnog dinara spustili na 65 odsto vrednosti leva, money held by the local population lost two-thirds čime je lokalnom stanovništvu obezvređen novac of its value. In the parts of the territory occupied by za dve trećine. U delovima teritorije koju je okupi- Austria-Hungary the value of the dinar fell by a half rala Austrougarska, vrednost dinara je oborena na compared to the krona. However, the factual situa- polovinu prema kruni. Međutim, faktička situacija tion was different from directions and in some parts

WHO’S WHO IN the FINANCIAL SECTOR 21 je bila drugačija od direktiva i dinar je tokom 1916. of Serbia in 1916 the dinar could be exchanged for a godine u razmeni u nekim delovima Srbije vredeo value exceeding that of the krona. Although it is pos- i više od krune. Iako je moguće navesti mnogo ra- sible to suggest many reasons for such exchange rate zloga za takvo kretanje kursa, najverovatniji je taj fluctuations, the most probable is that the Serbian što je srpski dinar imao jaku podlogu, dok je Au- dinar had a strong base, while the Austro-Hungarian strougarska monarhija nemilice emitovala novac monarchy degraded their currency by relentlessly is- bez pokrića u metalu ili devizama, pokušavajući suing notes without coverage in metal or foreign cur- da finansira ratne izdatke i tako ga obezvređivala. rency in an attempt to finance war expenditures. On S druge strane, neki austrijski izvori ukazuju da je the other hand, some Austrian sources indicated that stanovništvo Srbije verovalo u opstanak Kraljevine the population of Serbia believed in the existence of Srbije i povratak vlasti, pa je tako vrednovalo i di- the Kingdom of Serbia and the return of power and nar. Tako je na kraju rata na švajcarskim berzama valued the dinar accordingly. This meant that by the valuta zemlje koja je okupirana bila jača od valute end of the war the currency of the country under oc- okupatora. cupation was stronger on the Swiss stock exchange than the currency of its occupiers. Banka između dva rata Privilegovana narodna banka Kraljevine Srbije vra- Bank between the Wars tila se iz Francuske u Srbiju 1919. godine, da bi u The Privileged National Bank of the Kingdom of Ser- novoj državi, Kraljevini Srba, Hrvata i Slovenaca, bia returned from France to Serbia in 1919, in order zauzela ulogu centralne banke na celoj teritoriji. to become the central bank covering the whole terri- tory of the newly formed Kingdom of Serbs, Croats and Slovenes. The international situation in the entire period be- tween the two world wars was turbulent. Many countries were not satisfied with the terms of the Treaty of Versailles and the reconstruction of a dev- astated Europe and its financial markets lasted for the next few years. However, as early as 1922 the rise of fascism took place in Italy, in 1929 the Great De- pression started in the United States and overflowed into Europe, partially causing the rise to power of Međunarodna situacija u periodu između dva rata the Nazi Party in Germany, which had been hit by bila je turbulentna. Mnoge zemlje nisu bile zado- historical hyperinflation and unemployment during voljne uslovima Versajskog mira, a obnova razru- that period. For the fledgling Kingdom of Yugosla- šene Evrope i finansijskih tržišta trajala je narednih via, the challenge was to create a unified state and nekoliko godina. Međutim, već 1922. godine na strengthen institutions. vlast u Italiji dolazi fašizam, 1929. godine izbija Ve- Part of this was adapting the National Bank, so with lika kriza u SAD i preliva se na Evropu, što uzrokuje the law of 1920 it changed its name to the National delom i dolazak na vlast nacista u Nemačkoj koju Bank of the Kingdom of Serbs, Croats and Slovenes, prethodno pogađaju istorijska hiperinflacija i neza- to be named as such formally with 1921 amend- poslenost. Za Kraljevinu SHS izazov je bilo stvara- ments to the law. After nine years, due to a change nje jedinstvene države i učvršćivanje institucija. in the name of the state, the bank altered its name Deo toga je bilo prilagođavanje Narodne banke, pa again, this time becoming the National Bank of the je zakonom iz 1920. godine promenjeno ime u Na- Kingdom of Yugoslavia. rodnu banku Kraljevstva Srba, Hrvata i Slovenaca, The Terrestrial Currency Act of 1920 set strength- da bi izmenama zakona 1921. godine dobila ime ening as the main task of the National Bank. The Narodna banka Kraljevine Srba, Hrvata i Slovenaca. dual silver-gold system was abolished and a legal Nakon devet godina, zbog promene imena države, Metal Moneta was established, the obligation of menja se ponovo i ime u Narodna banka Kraljevine exchanging banknotes in metal legal tender was Jugoslavije. abolished. From 1st February 1920 the Privileged Zakonom iz 1920. godine kao glavni zadatak Na- National Bank of the Kingdom of Serbia ceased to rodnoj banci se postavlja jačanje „zemaljske valute”. function and the National Bank of the Kingdom of

22 Ko je ko u finansijskom sektoru Ukida se dvojni srebrno-zlatni sistem i uspostavlja Serbs, Croats and Slovenes began its operations. metalna zakonska moneta. Obustavljena je obaveza The Privileged Bank and the Kingdom of Serbia zamene novčanica u metalnu zakonsku monetu. Od transferred gold and foreign currency reserves 1. februara 1920. godine prestaje sa radom Privile- worth 831,610,160 dinars to the new bank. govana narodna banka Kraljevine Srbije i počinje A great need for money surfaced after the war, in or- sa radom Narodna banka Kraljevstva SHS. U novu der to restore the country and the economy, and the banku Privilegovana banka i Kraljevina Srbija pre- government faced the choice of whether to come out nele su zlato i devize vredne 831.610.160 dinara. to meet the economy by issuing as much money as Nakon rata javljale su se velike potrebe za novcem demanded, or just to be a cash register for money in radi obnove zemlje i privrede i vlasti su se našle circulation and avoid the right to devalue by​​ issuing pred izborom da li da izlaze u susret privredi emito- additional amounts. vanjem novca kolika god je tražnja, ili da bude samo The National Bank opted for another function, which blagajna za novac u opticaju i da nema pravo da ga practically meant abandoning the goal proclaimed at obezvređuje emitovanjem dodatnih iznosa. its establishment of upgrading trade and craftsman- Narodna banka se odlučila za drugu funkciju, što je ship in the Kingdom of Serbia with cheaper capital praktično značilo da je odustala od cilja koji je pro- and well-organized lending and turned instead to klamovan pri osnivanju, „da se jevtinijim kapitali- maintaining the value of the dinar. ma i dobro uređenim kreditom trgovina i radinost This was not surprising, as in those years inflationary u Krajevini Srbiji unaprede” i okrenula se održanju budget financing was introduced by issuing money. vrednosti dinara. As such, during the 1920s alone the money supply To i ne čudi, jer je tih godina uvedeno inflator- increased by 4.7 times. no finansiranje budžeta emisijama novca. Tako je samo tokom 1920. godine povećana novčana George Weifert masa za 4,7 puta. During all these years of operations of the National Bank of Serbia, the key role was played by George Đorđe Vajfert Weifert. One of the greatest industrialists and rich- Sve ove godine u funkcionisanju Narodne banke est individuals in the country, Weifert was one of Srbije ključnu ulogu igrao je Đorđe Vajfert. Jedan the founders of the Privileged National Bank of the od najvećih industrijalaca i najbogatijih ljudi u ze- Kingdom of Serbia and was involved from its es- mlji bio je jedan od osnivača Privilegovane narodne tablishment in 1889. He served as deputy governor banke Kraljevine Srbije, od osnivanja do 1889. bio je and governor from 1890 to 1902 and from 1912 to viceguverner, a guverner od 1890. do 1902. i od 1912. 1926, after which he was appointed a lifelong hon- do 1926. godine. Nakon toga je proglašen za doživot- orary governor. nog počasnog guvernera. Weifert led the bank during the most difficult peri- Vajfert je, dakle, predvodio banku u najtežim perio- ods of the Balkan Wars and World War I, while the dima balkanskih ratova i Prvog svetskog rata, a naj- most famous governor of the National Bank is also čuveniji guverner Narodne banke ostao je upamćen remembered for preserving the value of the Serbi- po očuvanju vrednosti srpske valute u najtežim okol- an currency in the most difficult circumstances and nostima i razvoju kreditnih poslova u Srbiji nakon developing lending operations in Serbia after inde- osamostaljenja. pendence. U ovom periodu, sa znatno uvećanima teritorijom, During this period, when the country had a signif- brojem stanovnika i privredom, javila se i potreba icantly enlarged territory, population and economy, za sopstvenom štamparijom novčanica. Izgradnja there was a need to print its own banknotes. Con- je počela 1927. godine u Topčideru, prema projektu struction of the printing works began in 1927 in arhitekte Jozefa Najmana. Gradnja objekta, koji je za Topčider, according to the design of architect Joseph uzor imao francusku štampariju, završena je 1929. Najman. The facility was constructed according to a godine, a 1930. godine svečano je otvoren. French model and was completed in 1929. It official- Ploče za izradu prvih novčanica od 10 i 100 dinara ly opened in 1930. Zavodu za izradu novčanica ustupila je Banka Fran- Printing plates to issue the first banknotes of 10 cuske, a iz ove zemlje je uvezen i papir sa vodenim and 100 dinars were donated to the Institute for žigom. Pogon za izradu kovanog novca izgrađen je the production of banknotes from the Bank of 1937. godine. France, while watermarked paper was imported

WHO’S WHO IN the FINANCIAL SECTOR 23 Old building of the NBS The cornerstone of one of the most beautiful buildings in Belgrade, the home of the National Bank of Serbia, was laid in April 1887 in today’s Kralja Petra Street, then Dubrovačka Street. Inter- estingly, the building of the central bank was con- structed on the site of the house of famous writer Branislav Nušić. As he wrote in his autobiography, “I was born in a little old house near the Belgrade Cathedral. That house was later wiped from the earth and today on that spot is being raised the great palace of the National Bank, so that today the bank’s vaults are Drugi svetski rat exactly where the room in which I was born was Nemačka je 6. aprila 1941. godine bombardovala located.” Beograd, 17. aprila je kapitulirala jugoslovenska This palace, built in the neo-Renaissance acade- vojska, a već 29. maja je nemački poverenik za pri- mic style and nowadays a cultural monument vredu u Srbiji doneo Uredbu o likvidaciji Narodne protected by the state, is the work of architect Konstantin Jovanović, the son of the famous banke Kraljevine Jugoslavije, budući da je teritorija Anastas Jovanović, the father of Serbian photo- Jugoslavije okupirana od strane Nemačke, Bugar- graphy. Jovanović lived and worked in Vienna, ske, Italije, Mađarske i Albanije, uz formiranje Ne- but he also left ​​his mark on Belgrade with other zavisne Države Hrvatske, dok je u Srbiji postavljena buildings: The Spasić endowment and the bu- marionetska vlada. ilding that formerly housed the Ruski Tsar ta- Krajem marta 1941. godine Narodna banka je vern, both in Knez Mihailova Street. He received u rezervama imala 63,5 tona zlata. Samo dan pre recognition in the form of the the Order of St. napada na Jugoslaviju, Narodna banka je 5. aprila Sava of the III order for the palace of the Nati- sve zlato (više od jedne tone) na čuvanju u Banci za onal Bank. međunarodne obračune u Bazelu, kao i depozite u The building was purpose-built for the purposes of the National Bank, which took up residence in švajcarskim bankama u vrednosti od osam miliona 1890. Following World War I and the expansion dolara, konvertovala u američke dolare i deponova- of the territory of the new state and the responsi- la na svoj račun kod Federalnih rezervi u Njujorku. bilities of this institution, another part was added U zemlji se u trenutku okupacije našlo 11 tona re- in the same style between 1922 and 1925. zervi u zlatu. Today the building has a subterranean vault, ba- Ukupne devizne rezerve iznosile su 38,8 miliona sement, ground floor, two storeys and an attic. američkih dolara, uz izvesna potraživanja i u engle- Jovanovic also conceived and designed the inter- skim funtama, švajcarskim francima, kanadskim ior, decorations, furniture, doors, windows and dolarima i švedskim krunama. other details, while the painting of the walls and Umesto Narodne banke Kraljevine Jugoslavije, floors was entrusted to painter and sculptor Paško osnovana je posebna emisiona banka u svakoj Vučetić, who was assisted by his apprentice Moša Pijade. The façade of the building was the work of zoni okupirane teritorije, pa je tako u Srbiji osno- the famous maestro Petraš. vana Srpska narodna banka, koja je bila pod kon- The old part of the building includes the cere- trolom nemačkog opunomoćenika za privredu. monial reception hall, where the most important Iz opticaja se povlačio kraljevski dinar, a puštao meetings of the NBS leadership are held. The hall novi, okupacioni dinar. Kurs novog dinara bio je gained its current appearance during the period of 20 dinara za jednu rajhsmarku i 50 dinara za jedan the building’s extension. američki dolar. Sculptor Đorđe Jovanović’s bronze bust “Serbia” Za to vreme Narodna banka je, zajedno sa Vladom was placed on the gallery of the grand hall, above Kraljevine Jugoslavije, izbegla u London, odakle je the white marble staircase, in 1901. It is identical nastavila rad. S obzirom na to da je guverner Milan to the work “Monument to the Kosovo heroes” in Radosavljević ostao u Beogradu, u Londonu je za Kruševac and was bought by the National Bank guvernera imenovan trgovac Dobrivoje Lazarević. after being displayed at the World Exhibition in Paris in 1900. Tokom izbeglištva vlada je stalno pokušavala da

24 Ko je ko u finansijskom sektoru from that country. A production plant for minting Stara zgrada NBS coins was built in 1937. Kamen temeljac jedne od najlepših zgrada u Beogradu, doma Narodne banke Srbije, posta- World War II vljen je u aprilu 1887. godine u današnjoj Uli- German forces bombed Belgrade on 6th April 1941 ci kralja Petra, a ondašnjoj Dubrovačkoj ulici. and the Yugoslav Army formally capitulated on 17th Interesantno je da je zgrada Narodne banke April. As early as 29th May that same year the Ger- izgrađena na mestu gde se nalazila kuća pisca man commissioner for the Serbian economy issued a Branislava Nušića. decree on the liquidation of the National Bank of the Tako je on u svojoj Autobiografiji napisao Kingdom of Yugoslavia, since Yugoslav territory was „Rodio sam se u jednoj staroj kućici, u blizini now occupied by Germany, Bulgaria, Italy, Hungary beogradske Saborne crkve. Ta kućica je docni- and Albania, with the formation of the Independent je zbrisana sa zemlje i namesto nje sad se diže Croatian state underway and Serbia being run by a velika palata Narodne banke, tako da su danas newly established puppet government. bančini trezori tačno tamo gde je bila soba u ko- At the end of March 1941 the National Bank had 63.5 joj sam se ja rodio “. tons of gold in reserves. Just a day before the attack on Ova palata izgrađena u stilu neorenesansnog Yugoslavia, on 5th April, the National Bank took all of akademizma, inače spomenik kulture pod zašti- its gold (more than one tonne) kept in the Bank for tom države, delo je arhitekte Konstantina Jova- International Settlements in Basel, as well as deposits novića, sina čuvenog Anastasa Jovanovića rodo- in other Swiss banks amounting to a value of eight mil- načelnika srpske fotografije. Jovanović je živeo lion dollars, and exchanged it into U.S. dollars before i radio u Beču, ali je u Beogradu ostavio traga depositing this sum onto its account at the Federal Re- i drugim zdanjima: Spasićevom zadužbinom i serve in New York. Some 11 tone of gold reserves were zgradom u kojoj se nalazila kafana “Ruski car”, found in the country at the time of the occupation. obe u Knez Mihailovoj ulici. Za palatu Narodne Total foreign exchange reserves amounted to 38.8 banke dobio je priznanje - Orden svetog Save III million U.S. dollars, with certain claims in UK reda. sterling, Swiss francs, Canadian dollars and Swed- Zgrada je zidana namenski za Narodnu ban- ish crowns. ku koja se uselila 1890. godine, a nakon Prvog Instead of the National Bank of the Kingdom of Yu- svetskog rata i proširenja teritorija nove države i goslavia, a special issuing bank was established in nadležnosti ove institucije dograđen je još jedan each zone of the occupied territory, so in Serbia the deo u istom stilu 1922. do 1925. godine. Serbian National Bank was founded and controlled Zgrada danas poseduje podzemni trezor, sute- by the German commissioner for the economy. The ren, prizemlje, dva sprata i potkrovlje. Royal Dinar was withdrawn from circulation and the Jovanović je osmislio i uređenje unutrašnjosti, new occupational dinar was issued. The new dinar štuko dekoracije, nameštaj, vrata i prozore i exchange was 20 dinars for one Reichsmark and 50 ostale detalje, dok je za oslikavanje zidova i po- dinars for one U.S. dollar. dova bio zadužen slikar i vajar Paško Vučetić, During that time the National Bank, together with kome je, kao njegov đak, pomagao Moša Pijade. the Government of the Kingdom of Yugoslavia, Fasadu zgrade radio je poznati majstor Petraš. fled to London, where it continued to work. With U starom delu zgrade nalazi se svečana sala, u Governor Milan Radosavljević having remained in kojoj se održavaju najvažniji sastanci rukovod- Belgrade, trader Dobrivoje Lazarević was appointed stva NBS. Svoj sadašnji izgled sala je dobila u governor of the bank in exile in London. periodu dogradnje zgrade. During exile the government strove constantly to Na galeriji svečanog hola, iznad stepeništa od unblock and spend funds deposited in national belog mermera, postavljena je 1901. godine banks throughout the world. As such, they exerted bronzana bista „Srbija“ vajara Đorđa Jovanovi- constant efforts to unblock the 11.2 million dollars ća, identična delu „Spomenik kosovskim juna- that the National Bank had deposited in the Central cima“ u Kruševcu, koju je Narodna banka otku- Bank of Brazil and transfer that money to the gov- pila nakon što je bila izložena 1900. godine na ernment account at the Federal Reserve, although Svetskoj izložbi u Parizu. this was not in accordance with the provisions of the National Bank Act.

WHO’S WHO IN the FINANCIAL SECTOR 25 odblokira i troši deponovana sredstva kod naci- Accordingly, the government in exile passed a law onalnih banaka po svetu. Tako su godinama po- with which it would be able to take over the funds of kušavali da odblokiraju 11,2 miliona dolara koje the National Bank, but the National Committee for je Narodna banka deponovala u Centralnoj banci the Liberation of Yugoslavia (NKOJ), established at Brazila i da se taj novac prebaci na račun vlade kod the Second AVNOJ, demanded that the British gov- Federalnih rezervi, iako to nije bilo u skladu sa Za- ernment block the assets of the National Bank by the konom o Narodnoj banci. end of the war. Zato je vlada u izbeglištvu donela zakon kojim Reserves and deposits were blocked and long after bi mogla da preuzme sredstva Narodne banke, the end of the war the Federal Republic of Yugo- ali je Nacionalni komitet oslobođenja Jugoslavije slavia had to prove that it was the rightful owner (NKOJ), osnovan na Drugom AVNOJ-u, zahtevao of the funds. od britanske vlade da blokira imovinu Narodne The National Bank in London, in cooperation with banke do kraja rata. the Serbian government in exile, prepared notes Rezerve i depoziti ostali su blokirani i dugo posle worth a total of 10.35 billion dinars to be introduced rata je Federativna Narodna Republika Jugoslavija into circulation after the war. Given that these bank- morala da dokazuje da njoj pripadaju ta sredstva. notes displayed an image of the king, they were de- Narodna banka u Londonu je u saradnji sa srpskom stroyed, while notes showing portraits of partisans vladom u emigraciji pripremila novčanice u vred- were printed in Moscow at the same time. nosti 10,35 milijardi dinara, kako bi ih pustila u opticaj nakon završetka rata. Pošto je na tim novča- Reconstruction of the National Bank The restoration of the National Bank began in late 1944 and early 1945, and on 27th November 1945 the National Bank of the Kingdom of Yugoslavia in exile was shut down. With the new socialist system, significant chang- es began for the National Bank. The Act of 1946 changed the status of the central bank and renamed it the National Bank of the Federal Republic of Yu- goslavia, but also recognised continuity with the National Bank in exile. That same year saw the be- nicama bio lik kralja, one su uništene, a uporedo su ginning of a merger with the NB FNRY bank, with u Moskvi štampane novčanice sa likom partizana. which banking capital was concentrated in order to prepare for a planned economy and nationalisation. Obnova Narodne banke As eary as the end of 1944 it was decided that the Krajem 1944. godine i početkom 1945. počinje ob- dinar would remain the currency of the so-called nova Narodne banke, a 27. novembra 1945. likvi- Democratic Federal Yugoslavia, although there were dirana je Narodna banka Kraljevine Jugoslavije u other proposals. The most important reason the di- izgnanstvu. nar maintained continuity in foreign trade, along Sa novim socijalističkim sistemom nastupile su i with easier proof of the rights, was the restitution of značajne promene za Narodnu banku. Zakonom iz gold reserves and reserves taken abroad prior to the 1946. godine promenjen je status centralne banke outbreak of the war. i preimenovana je u Narodnu banku Federativne The largest part of the reserves were unblocked in Republike Jugoslavije, ali je i priznat kontinuitet sa 1948, following negotiations with the U.S., but only Narodnom bankom u emigraciji. Iste godine za- after American citizens had been compensated for početo je prisajedinjenje banaka NB FNRJ, čime je the nationalisation of Yugoslavia. bankarski kapital koncentrisan, kako bi se pripre- Until 1961 the National Bank of Yugoslavia was the mili za plansku privredu i nacionalizaciju. country’s issuing bank and credit bank. The largest Još krajem 1944. godine odlučeno je da novčana part of the lending industry went through it and in jedinica Demokratske Federativne Jugoslavije osta- 1952 it was the only bank in Yugoslavia, controlling ne dinar, mada je bilo i drugih predloga. Najvažni- all payments and lending. Only local savings banks ji razlog zašto je zadržan dinar jeste kontinuitet u continued to operate as independent organizations. spoljnotrgovinskom poslovanju i lakše dokazivanje From 1955 new banks were established and there

26 Ko je ko u finansijskom sektoru prava i povraćaj zlata i rezervi iznetih pre rata u was a transfer to a decentralised banking system, inostranstvo. although large companies were still financed by the Najveći deo rezervi je deblokiran 1948. godine, posle National Bank. pregovora sa SAD, ali tek nakon što su američki gra- The reforms of 1965 also included the National Bank. đani obeštećeni zbog nacionalizacije u Jugoslaviji. The conclusion was reached that the influence of state Narodna banka Jugoslavije je do 1961. godine bila i authorities on the operations of banks should be re- emisiona i kreditna banka. Najveći deo kreditiranja duced and the National Bank of Yugoslavia should privrede išao je preko nje, a 1952. ostaje jedina ban- become the bank of banks, also financed by all com- ka u Jugoslaviji i preko nje su išli sav platni promet mercial banks. Moreover, that year also saw payments i kreditiranje. Jedino su mesne štedionice nastavile completely relocated from the National Bank to Social da posluju kao samostalne organizacije. Accounting (SDK). Social control was introduced into Od 1955. godine osnivaju se nove banke i prelazi banks, beginning with bigger banks, after first centrali- se na decentralizovaniji bankarski sistem, mada sation and then decentralisation of the banking system. je krupna preduzeća i dalje kreditirala Narodna In 1971 the National Bank of Yugoslavia became a banka. system of national banks of the republics and auton- Reforma 1965. godine je zahvatila i Narodnu ban- omous provinces of Yugoslavia, controlled by the ku. Došlo se do zaključka da treba smanjiti uticaj Governor and the Board of Governors from repub- državnih organa na rad banaka, a NBJ je postala lican national banks. The national banks of the re- banka banaka, odnosno kreditirala je sve poslovne publics and provinces were established by a special banke. Takođe, ove godine je i platni promet potpu- unit of the federal law and they made independent no izmešten iz Narodne banke u Službu društvenog decisions regarding lending activities. With the changes to the Constitution in 1974, the banking sector became a self-governing institu- tion controlled by companies, with social and po- litical organisations withdrawing from the man- agement of banks. The series of changes continued in the law in 1989, which entitled the NBY to greater autonomy towards the executive authority, although the governors of national banks in the NBY Council of Governors knjigovodstva (SDK). U banke je uvedeno društve- were elected by the Republican Assembly. no upravljanje, a počinje i ukrupnjavanje banaka, The National Bank of Yugoslavia found itself in a nakon najpre centralizacije, pa zatim decentraliza- difficult position when in 1983, upon the request of cije bankarskog sistema. foreign creditors, it became the guarantor for the for- Od 1971. godine NBJ postaje sistem narodnih ba- eign loans of banks and companies. naka republika i autonomnih pokrajina SFRJ i njo- On the other hand, the Bank did not have much im- me su upravljali guverner i Savet guvernera repu- pact on credit policy, which was being taken over bličkih narodnih banaka. Narodne banke republika increasingly by the Republican National Banks, so it i pokrajina se osnivaju posebnim zakonom federal- had to guarantee loans it did not draw and was also nih jedinica i u delu kreditiranja privrede samostal- weighed down by exchange losses, which further no odlučuju. hampered its operations. Promenom Ustava iz 1974. godine i bankarski sek- Financial indiscipline, bills without coverage, de- tor postaje samoupravan i kontrolu nad njim pre- lays in repayments of loans and payments to sup- uzimaju preduzeća, dok se iz upravljanja banaka pliers acted as issuing money, but beyond monetary povlače društveno-političke organizacije. control, which led to major inflation in 1989. Ante Serija promena nastavljena je zakonom iz 1989. go- Markovic, as the then President of the Federal Gov- dine, koji je NBJ davao veću samostalnost prema ernment, presented reforms aimed at fixing the Di- izvršnoj vlasti, mada su i dalje guvernere narodnih nar exchange rate to the Deutschmark and allowing banaka, koji su bili u Savetu guvernera NBJ, birale the convertibility of the currency, as well as balanc- republičke skupštine. ing the budget through the management of a firm Narodna banka Jugoslavije našla se u teškoj pozi- monetary policy and wage freeze until mid-1990. ciji kada je od 1983. godine, na zahtev inostranih The denomination of the Dinar was performed from

WHO’S WHO IN the FINANCIAL SECTOR 27 poverilaca, postala garant za inokredite banaka i 10,000 dinars to one dinar and an exchange rate of preduzeća. seven dinars to one Deutschmark was determined. S druge strane, Narodna banka SFRJ nije imala Soon the dinar could be exchanged in banks abroad mnogo uticaja na kreditnu politiku, koju su sve više and the IMF evaluated that requirements under Ar- preuzimale republičke narodne banke, pa je tako ticle VIII of the convertibility of the currency had morala garantovati za kredite koje nije uzimala, a been fulfilled. However, targets set regarding the takođe su na NBJ prevaljene i kursne razlike, što joj amount of money were increased several times dur- je dodatno otežavalo poslovanje. ing the year, with the primary emissions proving to Finansijska nedisciplina, menice bez pokrića, be higher than planned. kašnjenja u otplati kredita i plaćanja prema do- Meanwhile, the republics of Croatia and Slovenia bavljačima delovalo je kao emisija novca, ali van were working on secession from Yugoslavia and the monetarne kontrole, što je dovelo do velike infla- law on the National Bank was violated, first by the cije 1989. godine. Ante Marković kao predsednik Republic of Slovenia entering the monetary system, Savezne vlade predstavlja reforme koje imaju za cilj and then on a massive scale by Serbia, with armed da fiksiraju kurs dinara za nemačku marku i omo- conflicts started and both Slovenia and Croatia sep- guće konvertibilnost valute, kao i da uravnoteže arating and introducing their own currencies at the budžet kroz vođenje čvrste monetarne politike i za- end of 1991. Large amounts of dinars were returned mrzavanje plata do sredine 1990. godine. Izvršena from the republics to the territory of the dinar, lead- je i denominacija dinara sa 10.000 na jedan dinar. ing to a rise in prices that saw inflation hit 235.2 per Određen je devizni kurs sedam dinara za jednu ne- cent in 1991. That same year, the mass of money in mačku marku. circulation grew by 253.5 per cent. Ubrzo se dinar mogao menjati u bankama u ino- Payment operations in the country were falling stranstvu, a MMF je procenio da su ispunjeni uslo- apart, trade was disrupted and all economic indica- vi iz člana VIII o konvertibilnosti valute. Ipak, po- tors were becoming dramatically worse. stavljeni ciljevi o visini novčane mase više puta u toku godine su pomerani naviše, zbog toga što je Hyperinflation primarna emisija bila veća od planirane. The outbreak of civil war and the imposing of sanc- U međuvremenu republike Hrvatska i Slovenija tions by the UN Security Council in 1992 destroyed rade na otcepljenju od SFRJ, krši se zakon o Narod- the economy and that year GDP fell to the 1971 noj banci upadima u monetarni sistem od strane level. A year later, in 1993, the Federal Republic of republika, prvo Slovenije pa potom u masivnijem Yugoslavia was hit by the biggest hyperinflation in obimu Srbije, počinju oružani sukobi i Slovenija i its history. The dinar was almost completely replaced Hrvatska se krajem 1991. godine otcepljuju i uvode in payment transactions by the Deutschmark and sopstvene valute. Velike količine dinara vraćaju se almost nothing could be bought for dinars. From iz ovih republika na teritoriju gde je dinar u opti- month to month primary emissions and prices led caju, dovodeći do rasta cena, pa je inflacija 1991. the race, so that in the last quarter of 1993 the money godine iznosila 235,2 odsto. Novčana masa u 1991. supply increased by almost 58 billion per cent, while godini povećana je za 253,5 odsto. inflation was 725 million per cent and dinar place- U državi se raspada platni promet, prekida se tr- ments with banks increased by 167 million per cent. govina, svi ekonomski pokazatelji se dramatično However, the real quantity of money in circulation in pogoršavaju. Deutschmarks was dramatically reduced, due to the plummeting value of the dinar. As such, at the begin- Hiperinflacija ning of 1993 there were 2.2 billion Deutschmarks in Izbijanje građanskog rata i uvođenje sankcija Save- circulation, while at the end of that same year there ta bezbednosti UN 1992. godine razaraju privredu, were only 50 million Deutschmarks. a bruto društveni proizvod iz 1992. pada na nivo iz The Monetary Reconstruction Programme was 1971. godine. Saveznu Republiku Jugoslaviju 1993. enacted in December 1993 and entered into force godine pogađa najveća hiperinflacija u dotadašnjoj on 24th January 1994. This programme was intend- istoriji. U plaćanjima dinar skoro sasvim zamenju- ed to devote monetary policy to reducing inflation, je nemačka marka i za dinare skoro da i nema šta stop financing the budget deficit from primary -is da se kupi. Iz meseca u mesec primarna emisija i sued money and run the policy of a single digit cene vodile su trku, tako da je u poslednjem kvarta- exchange rate.

28 Ko je ko u finansijskom sektoru Nova zgrada NBS New building of the NBS Većina službi i zaposlenih Narodne banke Srbije In 2006 most departments and staff of the Natio- 2006. godine preselila se u novu zgradu u Ne- nal Bank of Serbia relocated to the new building in manjinoj ulici na Trgu Slavija, petnaest godina Nemanjina Street on Slavija Square, 15 years after od početka gradnje. Još 1976. godine pokrenuta the building's construction began. An initiative to build a new building for the then National Bank of je ideja u Savetu guvernera da se izgradi novo Yugoslavia was launched back in 1976 by the Co- zdanje za tada Narodnu banku SFRJ, jer zgra- uncil of Governors, as the building in Kralja Petra da u Kralja Petra nije mogla da odgovori svim Street was no longer able to meet all the needs of potrebama centralne banke tako velike zemlje. the central bank of such a big country. The locati- Urbanističkim planom 1980. godine određena on of the new building was determined by the ur- je lokacija nove zgrade, a nakon devet godina je ban development plan of 1980 and after nine years i usvojen investicioni program. Gradnja počinje the investment programme was also adopted. 1992. godine i u njoj učestvuje oko 60 firmi, ali Construction began in 1992 and included aro- zbog raspada države, ratova, sankcija, gradnja und 60 companies. However, due to the collapse of the state, wars and sanctions, the construction ovog monumentalnog zdanja od 44.000 kvadra- 2 ta trajala je skoro 15 godina. of this monumental 44,000m building lasted al- most 15 years. Izgradnja ove „pametne” zgrade sa staklenom Construction of this “smart” building with a glass fasadom koja dominira Slavijom, koštala je 134 façade that dominates Slavija Square cost $134 miliona dolara. Ovo moderno zdanje NBS ima million. This modern NBS building has four un- četiri podzemna nivoa, u kojima se nalazi tre- derground levels, which house the treasury room, zorski prostor, prostorija sa dizel-agregatom, an area with a diesel generator, a printers, storage štamparija, skladišta, parking i 11 nadzemnih area and parking garage. There are also 11 floors etaža.Zgrada spada u kategoriju „pametnih” jer above ground. ima automatizovano upravljanje temperaturom. The building belongs to the “smart” category be- U 6 sati ujutru sistem se sam pokreće i zagreva cause it has automated temperature control. At prostor na 19 stepeni Celzijusovih. Dolaskom 6am the system starts automatically and heats the zaposlenih aktiviraju se detektori prisustva i space to a temperature of 19 degrees Celsius. With the arrival of staff, motion detectors activate and temperatura se podiže na 22 stepena. Ukoliko the temperature is raised to 22 degrees. If someo- neko otvori prozor, hlađenje ili grejanje se auto- ne opens a window, cooling or heating is automa- matski gasi u toj prostoriji. tically turned off in that room.

WHO’S WHO IN the FINANCIAL SECTOR 29 lu 1993. godine novčana masa uvećana za skoro 58 Rampaging prices and exchange rates stopped al- milijardi procenata, a inflacija je iznosila 725 mi- most immediately and one convertible dinar was liona procenata, dok su dinarski plasmani banaka equal to one Deutschmark. If 24th January is taken povećani za 167 miliona procenata. Međutim, real- as the beginning of the period, there was no infla- na količina novca u opticaju izražena u nemačkim tion in 1994. markama se dramatično smanjivala, zbog gubljenja The creator of this programme was Dragoslav vrednosti dinara. Tako je na početku 1993. godine Avramović, who became NBY Governor in March u opticaju bilo 2,2 milijarde maraka, a na kraju go- 1994 and remained in that post until May 1996. dine svega 50 miliona maraka. There were several explanations offered for the suc- Program monetarne rekonstrukcije donet je u de- cess of this programme, but the most important was cembru 1993. godine, a stupio je na snagu 24. janu- that citizens had gained confidence in the measures ara 1994. godine. Ovim programom je predviđeno and the negative psychological factor had ceased, da se monetarna politika posveti smanjenju inflaci- i.e. expectations were pushing prices up. The De- je, da se prekine finansiranje budžetskog deficita iz cision to print money only with the coverage of primarne emisije i da se vodi politika jedinstvenog foreign currency also played an important role. deviznog kursa. However, in the second half of 1994 the National Skoro momentalno je zaustavljeno divljanje cena Bank gave in to pressure from large systems that i deviznog kursa, a jedan konvertibilni dinar je iz- had previously functioned only because of primary jednačen sa jednom markom. Ako bi se kao po- issue money. Loans earmarked for production were četak perioda uzeo 24. januar, u 1994. godini nije approved, but the funds ended up covering run- bilo inflacije. ning costs or wages. This could already be seen in Tvorac ovog programa bio je Dragoslav Avramović, 1995, through the rise of the exchange rate. koji je u martu 1994. godine postao i guverner NBJ During the second half of the 1990s the NBY fo- i na tom mestu ostao do maja 1996. godine. cused on price and exchange rate stability, but of- Za uspeh ovog programa ima više objašnjenja, ali ten resorted to primary issue due to high liquidity najvažnija su da su mere imale poverenje građana problems. i da je zaustavljen psihološki faktor, odnosno oče- kivanja koja su gurala cene naviše. Važnu ulogu je Post-2000 imala i odluka da se novac štampa samo na osnovu After the bombing of 1999 and federal elections of pokrića u devizama. Ipak, u drugoj polovini 1994. October 2000, the democratic opposition came to godine, Narodna banka je popustila pred pritiscima power and the international community brought velikih sistema, koji su do tada funkcionisali samo an end to sanctions imposed on the Federal Repub- zahvaljujući primarnoj emisiji. Odobreni su kredi- lic of Yugoslavia. ti koji je trebalo da se iskoriste za proizvodnju, ali The economic situation in the country was dire. su otišli na potrošnju, odnosno na plate. To se već The average monthly salary was just over 100 pokazalo u 1995. godini, kroz rast deviznog kursa. Deutschmarks, external debt amounted to 132 Tokom druge polovine devedesetih godina NBJ se per cent of GDP and the losses of the economy fokusirala na stabilnost cena i deviznog kursa, ali je and the financial sector were estimated at around zbog velike nelikvidnosti banaka često posezala za $10 billion. primarnom emisijom. For the National Bank, this marked the start of the period of curbing inflation and fighting for Posle 2000. the stability of the dinar exchange rate. In the Nakon bombardovanja 1999. godine, u oktobru first few months this was managed by issuing 2000. godine, posle saveznih izbora, na vlast dolazi money solely on the basis of coverage in foreign demokratska opozicija, a međunarodna zajednica currencies, which meant the complete abolition ukida sankcije SR Jugoslaviji. of primary issue. In 2001 the target was to reduce Ekonomska situacija u zemlji bila je loša. Prosečna inflation from 113 per cent in 2000 to 35 per plata iznosila je nešto više od 100 nemačkih mara- cent. A reduction to 40 per cent was achieved, ka, spoljni dug je iznosio 132 odsto BDP-a, a gubici which was mostly influenced by the liberalisa- u privredi i finansijskom sektoru procenjeni su na tion of prices that many companies used in order oko 10 milijardi dolara. to raise prices that had been limited by the state Za Narodnu banku nastupio je period obuzdavanja to the economic level.

30 Ko je ko u finansijskom sektoru inflacije i borbe za stabilnost kursa dinara. U prvim The National Bank intervened heavily in the foreign mesecima to je uspelo emisijom novca samo na exchange market, in order to maintain exchange rate osnovu pokrića u devizama, što je značilo potpu- stability and restore confidence in the domestic cur- no ukidanje primarne emisije. U 2001. godini cilj rency. This resulted in the real appreciation of the je bio smanjenje inflacije sa 113 odsto u 2000. na 35 Deutschmark of 30 per cent, with nominal deprecia- odsto, a ostvareno je 40 odsto, na šta je najviše uti- tion of four per cent. cala liberalizacija cena, koju su mnoga preduzeća Also, in the meantime, the Deutschmark was intro- iskoristila tako što su cene, do tada ograničene od duced as legal tender on the territory of Montenegro, strane države, podigli na ekonomski nivo. so payments between the two republics had to be in- Narodna banka je snažno intervenisala na devi- troduced into the legal framework. In addition, the znom tržištu kako bi održala stabilnost kursa i po- Euro became the currency of the European Mone- vratila poverenje u domaću valutu. Posledica toga tary Union and it was necessary to organize the pro- je izrazita realna apresijacija dinara prema nemač- cess of replacing currencies. For this reason, the Na- koj marki, od 30 odsto, uz nominalnu depresijaciju tional Bank of Yugoslavia imported €326.5 million od četiri odsto. and during 1st and 2nd January 2002 the bank provid- Takođe, u međuvremenu na teritoriji Crne Gore ed the necessary quantities of the new currency. By uvedena je nemačka marka kao zakonsko sredstvo May that year the National Bank of Yugoslavia had plaćanja, pa je i plaćanja između ove dve republike exchanged around €4.2 billion. trebalo uvesti u legalne okvire. Osim toga, moneta As stipulated by the Foreign Exchange Act, banks Evropske monetarne unije postala je evro, pa je tre- were able to form exchange rates independently balo organizovati i proces zamene valuta. U okviru and freely, and for the first time since 1931, on toga NBJ je uvezla 326,5 miliona evra i tokom 1. i 15th May 2002, Serbia fulfilled Article VIII of the 2. januara 2002. godine snabdela banke potrebnim Statute of the IMF and the dinar became convert- količinama nove monete. Do maja Narodna banka ible currency. Jugoslavije promenila je oko 4,2 milijarde evra. During 2002 the huge task of regulating the coun- Prema Zakonu o deviznom poslovanju, poslovne try’s banking sector began. At the time the banking banke mogle su samostalno i slobodno da formira- sector was characterised by a high level of NPLs, ju devizne kurseve, a prvi put od 1931. godine, 15. low levels of reserves, insolvency with more than maja 2002. godine, Srbija je ispunila član VIII sta- half of total assets, illiquidity of banks and a low tuta MMF-a i dinar je postao konvertibilna valuta. level of equity. The National Bank, along with the Tokom 2002. godine započet je veliki posao uređe- World Bank, determined that the cost of restruc- nja bankarskog sektora SR Jugoslavije. Bankarski turing the banking sector amounted to 21 billion sektor je karakterisao visok nivo nenaplativih kredi- Deutschmarks. The refinancing of loans from the ta, nizak nivo rezervi, nesolventnost banaka sa više World Bank, the International Bank for Recon- od polovine ukupne aktive, nelikvidnost banaka i struction and Development, the London Club and nizak nivo kapitala. Narodna banka je sa Svetskom Paris Club of creditors cost 6.4 billion; frozen sav- bankom utvrdila da bi troškovi restrukturiranja ings totalled 7.5 billion and the banking sector’s re- bankarskog sektora iznosili 21 milijardu maraka. habilitation cost 7.2 billion marks. Given that the Refinansiranje zajmova Svetske banke, Međuna- state did not have much money, it opted for the rodne banke za obnovu i razvoj, Londonskog i Pari- liquidation of four major banks – the Bank of Bel- skog kluba poverilaca koštalo je 6,4 milijarde, stara grade, Beobanka, Jugobank and Investbank, along devizna štednja 7,5 milijardi i sanacija bankarskog with another 18 smaller banks. This meant that sektora 7,2 milijarde nemačkih maraka. there were no longer any large domestic banks, so S obzirom na to da država nije raspolagala tolikim six banks with foreign capital entered the market. novcem, opredelila se za likvidaciju četiri velike After the proclamation of the formation of the State banke: Beogradske banke, Beobanke, Jugobanke i Union of Serbia and Montenegro, the National Bank Investbanke, uz još 18 manjih banaka. Na ovaj na- of Yugoslavia changed its name to become the Na- čin nije ostala nijedna velika domaća banka, a na tional Bank of Serbia, which merely formalised the tržište je ušlo šest banaka sa stranim kapitalom. factual state in which the NBY was already essential- Nakon proglašenja državne zajednice Srbija i ly the Central Bank of Serbia. Crna Gora, Narodna banka Jugoslavije menja According to the 2003 Law on the National Bank ime u Narodnu banku Srbije, čime se samo uskla- of Serbia, the main objective of the central bank

WHO’S WHO IN the FINANCIAL SECTOR 31 Guverneri Narodne banke Srbije od 2000. Od 2000. godine do danas na čelu Narodne banke nalazilo se pet guvernera. Odmah nakon demokratskih promena, 28. novembra 2000. guverner tada još Narodne banke Jugoslavije postao je Mlađan Dinkić, kao član ekspertske nevladine organizacije G17 plus. On je na tom mestu ostao do 22. jula 2003, s tim što je od 3. februara 2003. godine bio na čelu Narodne banke Srbije.

Na mestu prvog čoveka Narodne banke Srbije Dinkića je nasledila Kori Udovički. Ona je od 1993. do 2001. godine bila zaposlena u Međunarodnom monetarnom fondu, da bi se u Srbiju vratila kao savetnik ministra finansija, a kasnije postala i ministar energetike. Na čelu Narodne banke Srbije ostala je do 25. februara 2004. godine.

Najduže je guverner Narodne banke Srbije od 2000. godine bio Radovan Jelašić, koji je tu funkciju vršio od 25. februara 2004. do 28. jula 2010. godine. Prethodno je od decembra 2000. do jula 2003. godine bio viceguverner, a pre toga je bio zaposlen prvo u Dojče banci, a zatim u konsultantskoj kući Mekinzi.

Dejan Šoškić je na mesto guvernera NBS došao 29. jula 2010. godine i na toj poziciji je ostao do 6. avgusta 2012. godine. Pre nego što je postao guverner, bio je predsednik Saveta guvernera Narodne banke Srbije.

Aktuelni guverner Narodne banke Srbije je Jorgovanka Tabaković, koja je na toj poziciji od 6. avgusta 2012. godine. Od marta 1998. godine do oktobra 2000. godine bila je ministar za ekonomsku i vlasničku transformaciju u Vladi Republike Srbije. Od 1993. do 2000. godine birana je u tri saziva Narodne skup- štine Republike Srbije za narodnog poslanika, kao i od 2007. godine do izbora za guvernera.

đuje sa praksom u kojoj je NBJ već bila centralna is to achieve and maintain price stability. Without banka Srbije. questioning the fulfilling of its basic objectives, Prema Zakonu o Narodnoj banci Srbije, iz 2003. the National Bank of Serbia supported the imple- godine, osnovni cilj centralne banke je postizanje mentation of the economic policy of the Govern- i održavanje stabilnosti cena. Ne dovodeći u pita- ment of the Republic of Serbia. In addition, the nje ostvarivanje osnovnih ciljeva, Narodna banka bank conducted monetary and foreign exchange Srbije podržava sprovođenje ekonomske politike policies, managed foreign currency reserves, es- Vlade Republike Srbije. Pored toga, banka spro- tablished and implemented activities and meas- vodi monetarnu i deviznu politiku, upravlja de- ures aimed at preserving and strengthening the viznim rezervama, utvrđuje i sprovodi aktivnosti stability of the financial system, issued banknotes i mere radi očuvanja i jačanja stabilnosti finan- and coins and controlled payments. sijskog sistema, izdaje novčanice i kovani novac i Based on the Memorandum on the new mone- kontroliše platni promet. tary policy framework, adopted in August 2006, Na osnovu Memoranduma o novom okviru mone- the National Bank of Serbia gradually introduced tarne politike, usvojenog u avgustu 2006. godine, inflation targeting. The inflation targeting regime Narodna banka Srbije postepeno uvodi režim ci- implied the maintenance of price stability with- ljanja inflacije. Pod režimom ciljanja inflacije pod- in the established inflation corridor, using the razumeva se održavanje stabilnosti cena u okviru benchmark interest rate as the main instrument. utvrđenog inflatornog koridora, korišćenjem refe- At the session held on 22nd December 2008, the rentne kamatne stope kao osnovnog instrumenta. Monetary Board of the National Bank of Serbia Na sednici održanoj 22. decembra 2008. godine, adopted the Memorandum of the National Bank Monetarni odbor Narodne banke Srbije usvojio of Serbia on targeting inflation as a monetary je memorandum Narodne banke Srbije o ciljanju strategy, which defined the formal implementa- (targetiranju) inflacije kao monetarnoj strategiji, tion of the inflation targeting regime as of st1 Jan- kojim se definiše formalna primena režima infla- uary 2009. In this way the goal of monetary policy cionog targetiranja od 1. januara 2009. godine. Na is no longer at the level of the exchange rate, but ovaj način cilj monetarne politike više nije neki rather the rise of consumer prices. nivo deviznog kursa, već rast potrošačkih cena. The National Bank set goals with the intention of

32 Ko je ko u finansijskom sektoru Governors of the National Bank of Serbia from 2000 From the year 2000 to date the National Bank has been led by five governors. Immediately after the democratic changes, on 28th November 2000, Mlađan Dinkić, then a member of the expert NGO G17, became governor of the National Bank of Yugoslavia. He remained in office until nd22 July 2003, while on 3rd February 2003 he also became the head of the National Bank of Serbia.

Dinkić was replaced as the head of the National Bank of Serbia by Kori Udovicki. She had been employed by the International Monetary Fund from 1993 to 2001 and returned to Serbia as an advisor to the Minister of Finance, later becoming Minister of Energy. She held the post of NBS governor until 25th February 2004.

Radovan Jelašić was the longest-serving governor of the National Bank of Serbia in the post-2000 era. He was go- vernor from 25th February 2004 until 28th July 2010. Having previously served as deputy governor from December 2000 until July 2003, prior to that he had been employed at Deutsche Bank and then consulting house McKinsey.

Dejan Šoškić was appointed NBS governor on 29th July 2010 and held the position until 6th August 2012. Šoškić is a professor at the Belgrade Faculty of Economics and prior to becoming governor had been the Chairman of the Board of Governors of the National Bank of Serbia.

The current governor of the National Bank of Serbia, Jorgovanka Tabaković, has held the position since 6th August 2012. Tabaković served as minister for economic and ownership transformation in the Republic of Serbia from March 1998 to October 2000. Previously, from 1993 to 2000, she served three terms as an MP in the Serbian Nati- onal Assembly, before returning to parliament in 2007 until her appointment as governor.

Narodna banka postavlja ciljeve sa namerom da inflation remaining within the range of 2 to 4 per inflacija u srednjem roku bude u rasponu od dva cent in the medium term, which would be closer do četiri odsto, čime bi se približili nivou inflacije to the eurozone’s level of inflation. u evrozoni. Od 2012. do 2016. godine cilj Narod- The goal of the National Bank of Serbia for the ne banke Srbije je da godišnja inflacija, merena 2012-2016 period is for annual inflation to be rastom potrošačkih cena, iznosi četiri plus minus measured according to the consumer price rise of 1,5 odsto. four plus or minus 1.5 per cent. Na kraju 2013. godine međugodišnja inflacija našla At the end of 2013 the inter-year inflation reached se na istorijskom minimumu od 2,2 odsto. an historic low of 2.2 per cent.

Literatura: References: Narodna banka: 1884 - 2004./ autori: Veroljub Dugalić, National Bank: 1884 – 2004 Authors: Veroljub Dugalic, Andrej Mitrović, Dragana Gnjatović, Gordana Hofman, Andrej Mitrovic, Dragana Gnjatović, Gordana Hofman, Ile Ile Kovačević; Jugoslovenski pregled, 2004. Kovačević; Yugoslav Survey, 2004. Narodna banka Srbije - Nacionalna evropska insitucija/ National Bank of Serbia - National European Institution/ Narodna banka Srbije - Zavod za izradu novčanica i ko- National Bank of Serbia – Institute for Minting Money, 2011 vanog novca, 2011. Mission of Mr Boshman 1884/85 – NBS Launch of Operation/ Misija g. Bošmana 1884/85 - Početak rada NBS/ Narodna National Bank of Serbia (www.nbs.rs), 2009 banka Srbije (www.nbs.rs), 2009. Serbian Money from the 13th to the 21st centuries – Selection Srpski novac od XIII do XXI veka - Izbor iz numizmatičke from Numismatic Collection of The National Bank of Serbia zbirke Narodne banke Srbije/ Narodna banka Srbije, Ma- / National Bank of Serbia, Matica Srpska, 2012 – Project tica Srpska, 2012. - Autor projekta: prof. dr Dušan Nikolić Author: Prof Dušan Nikolić Ph.D. Memorandum Narodne banke Srbije o ciljanju (targetira- National Bank of Serbia Memorandum on Targeting Infla- nju) inflacije kao monetarnoj strategiji/ Narodna banka tion as Monetary Strategy/National Bank of Serbia (www. Srbije (www.nbs.rs), 2008. nbs.rs), 2008 Memorandum Narodne banke Srbije o ciljanim stopama National Bank of Serbia Memorandum on Targeting Infla- inflacije do 2016. godine/ Narodna banka Srbije/ Narod- tion Rates until 2016/ National Bank of Serbia / National na banka Srbije (www.nbs.rs), 2013. Bank of Serbia (www.nbs.rs), 2013

WHO’S WHO IN the FINANCIAL SECTOR 33 Bankarstvo Banking in u Srbiji u Serbia during periodu the 2000-2013 2000-2013. period Prof. dr Zoran Jeremić1* Zoran Jeremić, Ph.D.1*

country’s banking sector is an indicator of trends in the sphere of economic develop- ment, but also a reflection of trends in the Asphere of overall social relations. In Serbia banking began to impact significantly on economic develop- ment after the Berlin Congress of 1862, when Ser- bia became an internationally recognised state, after ankarstvo jedne zemlje je pokazatelj kre- which the development of banking in a more organ- tanja u sferi privrednog razvoja, ali je i ized and institutionalised manner followed, with the odraz kretanja u sferi ukupnih društvenih establishment of financial institutes, district savings Bodnosa. U Srbiji bankarstvo počinje značajnije banks, credit cooperatives, private domestic and for- da utiče na privredni razvoj od Berlinskog kon- eign banks, and then the Privileged National Bank gresa 1862, kada je Srbija postala međunarodno of the Kingdom of Serbia. This was followed by the priznata država, nakon čega je usledio i razvoj adoption of the Law on Public Exchanges of 1886 bankarstva na organizovaniji i institucionalizo- and establishment of the Belgrade Stock Exchange van način, osnivanjem novčanih zavoda, okru- in 1894, with which banking was joined by the be- žnih štedionica, kreditnih zadruga, privatnih ginning of the institutional development of the stock domaćih i stranih banaka, a zatim i Privilego- exchange trading business as the second important vane narodne banke Kraljevine Srbije. Usledilo segment of the financial system market. je donošenje Zakona o javnim berzama 1886. i With the formation of the National Bank of Serbia in osnivanje Beogradske berze 1894. godine, čime 1884, the basic institution for the development of the je pored bankarstva započet i institucionalni ra- financial system was established, which could be said zvoj berzanskog poslovanja kao drugog značaj- to have also been a significant state-building institu- nog segmenta tržišnog finansijskog sistema. tion in Serbia, due to its continuity and relatively high Osnivanjem Narodne banke Srbije 1884. godi- level of competence in the operations it performed in ne uspostavljena je bazična institucija za razvoj various historical periods . As such, it is also very im- finansijskog sistema, za koju bi se moglo reći i portant for studying the development of the state and da je bila i značajna državotvorna institucija u the whole of society. Srbiji, zbog svog kontinuiteta i relativno viso- 1* The author is a professor at Singidunum University’s Faculty 1 *Autor je profesor na Poslovnom fakultetu Univerziteta of Business and at the Faculty of Finance, Economy and Singidunum i na Fakultetu za finansije, ekonomiju i Administration - FEFA. He has served as managing director administraciju – FEFA. Bio je generalni direktor dve banke u of two banks undergoing the process of rehabilitation and has postupku sanacije i generalni direktor Beogradske berze. been general manager of the Belgrade Stock Exchange.

34 Ko je ko u finansijskom sektoru kog nivoa kompetentnosti u poslovima koje je Following the Berlin Congress, the policies and inter- obavljala u raznim istorijskim periodima. Stoga ests of European countries led to the establishment of je ona veoma značajna i za proučavanje razvoja foreign banks in the Kingdom of Serbia, which had a države i celokupnog društva. significant impact on the economic development of Nakon Berlinskog kongresa, politika i interesi Serbia. Primarily French, German and English capi- evropskih država doveli su do osnivanja stranih tal was working, while Belgium dominated in terms banaka u Kraljevini Srbiji, što je imalo znača- of the transfer of knowledge. After a break of 60 years, jan uticaj na privredni razvoj Srbije. Radilo se alongside certain modalities, the interest of foreign prevashodno o francuskom, nemačkom i engle- banks was once again expressed following the open- skom kapitalu, dok je u pogledu prenošenja zna- ing up of the country after the year 2000. nja dominirala Belgija. Nakon pauze od šezdeset The banking sector was awaited by social changes godina, uz izvesne modalitete, interes stranih following the fall of the Berlin Wall, with regulations banaka ponovo je iskazan nakon otvaranja ze- that were formally based on banking directives of the mlje posle dvehiljadite. European Union and banks that have the legal form Bankarski sektor dočekao je društvene prome- of joint stock companies. The problem was that the ne nakon pada Berlinskog zida sa regulativom shareholders were public companies whose sole mo- koja je formalno bila zasnovana na bankarskim tive was to draw as much credit as possible and not to direktivama Evropske unije i bankama koje su achieve a return on equity, while the relatively good imale pravnu formu akcionarskih društava. Pro- regulations were only on paper and were not actual- blem je bio što su akcionari bile društvene firme ly enforced. In the 1990s several banks entered that čiji je jedini motiv bio da povuku što više kredita had ownership in the world’s major cities, but they a ne da ostvare prinos na kapital, a relativno do- had to be closed due to the imposing of sanctions. bra regulativa bila je samo slovo na papiru, jer There is no doubt that the banking sector could have se nije primenjivala. U devedesete se ušlo sa vla- become the driving force behind positioning Serbia sništvom više banaka u glavnim svetskim centri- as the regional centre of the global financial sector ma, ali su one zbog ulaska u sankcije morale biti and the Balkan headquarters of global companies ugašene. Nema sumnje da je bankarski sektor if the country had gone through the reform process mogao postati motor pozicioniranja Srbije kao and peaceful resolved its conflicts, which is also con- regionalnog centra globalnog finansijskog sekto- firmed by the fact that in the late 1980s major glob- ra i sedište globalnih kompanija za Balkan, da je al banks expressed an open interest in taking over zemlja pošla putem reformi i mirnog rešavanja domestic banking groups – recognising in them an konflikta, što potvrđuje i činjenica da su velike excellent opportunity for future positioning on this svetske banke krajem osamdesetih iskazivale new market. otvoreni interes za preuzimanje domaćih ban- Historical events have ensured that the banking, karskih grupacija, videći u njima odličnu priliku which had great chances at the historic crossroads za buduće pozicioniranje na novom tržištu. of the entry into a market economy and multiparty Istorijska dešavanja učinila su da se bankarstvo system, was transformed during the 1990s into an od velike šanse na istorijskom razmeđu ulaska instrument of redistribution and a symbol of the u tržišnu privredu i višepartijski sistem, deve- disintegration of the system. Banking in the ’90s was desetih preobrati u instrument preraspodele i entirely a reflection of the chaotic adventurous poli- simbol raspada privrednog sistema. Bankarstvo cies, which were characterised the monetary sphere devedesetih godina bilo je u punoj meri upra- by record hyperinflation, but also the proliferation of vo odraz haotične avanturističke politike koja newly established banks, of which there were over a se u monetarnoj sferi karakterisala rekordnom hundred, which had a speculative character at their hiperinflacijom, ali i bujanjem novoosnovanih basis because they were used as a mechanism for the banaka, kojih je bilo više od stotinu, a koje su rapid acquisition of wealth based on loans from pri- u osnovi imale špekulativni karakter jer su kori- mary issuance and exchange rate differences. That šćene kao mehanizam za brzo sticanje bogatstva was a new phase of speculative banking, usury and na bazi kredita iz primarne emisije i kursnih ra- pyramid schemes, of which there were already exam- zlika. Bila je to nova etapa špekulativnog ban- ples in the history of Serbian banking. Unfortunate- karstva, zelenašenja i piramidalnih šema, što je ly, not even banking after the year 2000 managed to već imalo primere u istoriji srpskog bankarstva. avoid the bad examples that were expressed during

WHO’S WHO IN the FINANCIAL SECTOR 35 Ni bankarstvo nakon dvehiljadite nije, nažalost, the economic crisis. It was again demonstrated that uspelo da izbegne loše primere koji su se ispoljili banking is a reflection of social conditions, because tokom ekonomske krize. Opet se pokazalo da je this time the losses of bank crashes were expressed bankarstvo odraz društvenih prilika, jer se ovog through the partocratic state that distorted the corpo- puta ceh bankarskih krahova ispostavio kroz rate governance of banks with state capital. partokratsku državu koja je deformisala korpo- rativno upravljanje u bankama sa državnim ka- Characteristics of the reform of the pitalom. banking sector after the year 2000 Thus, the banking sector was largely destroyed in the Karakteristike reformi bankarskog ‘90s, as was the case with the overall economy of the sektora nakon 2000. godine country. Confidence in banks was completely lost, Bankarski sektor je, dakle, tokom devedesetih the savings of citizens were outside of legal flows, godina u velikoj meri devastiran, kao što je to while the recoverability of loans was very low, so it bio slučaj i sa ukupnom ekonomijom zemlje. was clear that deep reform operations after the year Poverenje u banke bilo je potpuno izgubljeno, 2000 were essential. What happened was, however, štednja građana nalazila se van legalnih tokova, previously unprecedented in world economic his- a naplativost kredita bila je veoma niska, pa je tory. In early 2002 the decision was made to being bilo jasno da je dubok reformski zahvat nakon bankruptcy proceedings for four major banks, with dvehiljadite neophodan. Ono što se desilo ipak which about two-thirds of total banking assets were je bio u svetskoj ekonomskoj istoriji nezabele- “cut” in one move. A number of smaller banks and žen presedan. Početkom 2002. godine doneta two larger banks were retained. As the quality of their je odluka o stečaju četiri velike banke, čime je loan portfolios and the economic financial position jednim potezom biti „skraćeno” oko dve trećine of the “surviving” banks did not differ significantly ukupne bankarske aktive. Zadržan je jedan broj from the banks that had been shut down, the conclu- manjih i dve veće banke. Pošto se kvalitet njiho- sion arose that the decisions were largely subjective in vih kreditnih portfolija i ekonomsko-finansijska nature, where political motives, connections and lob- pozicija „preživelih” banaka nisu bitno razliko- bying played a significant role. Although it seems that vali od ugašenih banaka, nameće se zaključak da even in professional circles the prevailing belief is that su odluke u značajnoj meri bile subjektivne pri- bankrupting the banks was a good move, the fact re- rode, gde su politički motivi, veze i lobiranja od- mains that we have now entered the second decade of igrali značajnu ulogu. Mada se čini da i u struč- the commencement of the implementation of bank- nim krugovima preovlađuje uverenje da je stečaj ruptcy and that the bankruptcy of those banks is still banaka bio dobar potez, činjenica da se ušlo u ongoing and the completion of this process, and the drugu deceniju od započinjanja sprovođenja ste- total direct and indirect costs, cannot even be approx- čajeva, a da stečajevi banaka i dalje traju i da se imately estimated, as well as a host of other questions završetak ovog procesa i ukupni direktni i indi- that arise, supports the notion that this precedent of rektni troškovi ne mogu ni približno proceniti, economic history was perhaps not as good a move as kao i niz drugih pitanja koja se nameću, govore it seemed to its creators. u prilog tome da ovaj presedan u ekonomskoj One of the arguments that he did not support this istoriji možda ipak nije bio tako dobar kako se kind of decision is that the country was practically left njegovim tvorcima činilo. without a banking sector, as the banks that were re- Jedan od argumenata koji nije išao u korist tained according to some vague criteria were small in ovakve odluke je to što je faktički zemlja ostala terms of assets and financial potential, so they could bez bankarskog sektora, jer su banke koje su po not support any significant undertakings. All balance nejasnim kriterijumima zadržane bile male po sheet categories of the banking sector had an almost aktivi i finansijskom potencijalu, pa nisu mogle negligible share of GDP. It was only in 2006 that the ispratiti nijedan značajniji posao. Sve bilansne banking sector, following the intensive growth of bal- kategorije bankarskog sektora imale su gotovo ance sheet categories, attained dimensions that could zanemarljivo učešće u BDP. Tek 2006. godine be compared to the least-developed banking sectors bankarski sektor je, nakon intenzivnog rasta bi- in the region. lansnih kategorija, dosegao gabarit koji se mo- In banking there is the “too big to fail” rule, due to gao porediti sa najmanje razvijenim bankarskim numerous negative effects on a large number of busi-

36 Ko je ko u finansijskom sektoru Bilansne kategorije banaka (u mlrd.EUR) / Balance sheets categories (in EUR bill)

60

štednja / Savings 50 kapital / Equity

40 Krediti privr. i stan. / Loans

Aktiva / Assets 30

20

10

0 2001 2002 2003 2004 200520062007 200820092010 201120122013 sektorima regiona. nesses and the overall environment, so in theory and U bankarstvu postoji pravilo „previše veliki da in practice various models are applied in order to pre- bi bankrotirao” zbog mnogobrojnih negativ- vent the systemic risk of large banks going bankrupt. nih efekata na veliki broj privrednih subjekata i All of these arguments are more pronounced in Ser- ukupno okruženje, pa su u teoriji i praksi pri- bia, due to weak institutions, lengthy legal process- menjivani različiti modeli sa ciljem da se zbog es, corruption in the management of the enormous sistemskog rizika spreče bankrotstva većih ba- assets and claims of banks undergoing bankruptcy, as naka. Svi ti argumenti u Srbiji su još izraženiji well as a number of additional reasons. In resolving

Učešće bilansnih kategorija u BDP-u (%) / Balance sheet categories/GDP 100%

90% aktiva/BDP assets/GDP

80% krediti/BDP loans/GDP

70% štednja/BDP savings/GDP

60% kapital/BDP equity/GDP

50%

40%

30%

20%

10%

0% 2001 2002 2003 20042005 20062007200820092010 201120122013 Izvor:www.nbs, obrade autora Source: www.nbs.rs, edited by author

WHO’S WHO IN the FINANCIAL SECTOR 37 zbog slabih institucija, dugih sudskih procesa, the banking crises of some country, and there have korupcije pri upravljanju enormnom imovinom been many such crises in the world, there exists an i potraživanjima banaka u stečaju, kao i nizu entire arsenal of measures that can be applied – from dodatnih razloga. U rešavanju kriza bankar- withdrawing bad assets in a specialised institution stva neke zemlje, a takvih kriza bilo je u svetu that will manage them, through a combination of mnogo, postoji čitav arsenal mera koje se mogu merging and “cleansing” balance sheets and their primenjivati, od izvlačenja loše aktive u speci- substitution with long-term bonds, in order for jalizovanu instituciju koja će njome upravljati, sound banking assets to later be sold to a strategic preko kombinacije spajanja i „čišćenja” bilansa partner. None of these instruments have been ap- i njihove supstitucije dugoročnim obveznicama, plied, so the correctness of a determination for their da bi se zdrava bankarska aktiva potom prodala application is a precedent that should yet be received strateškom partneru. Ništa od ovih instrumena- with caution. On the other hand, many companies ta nije primenjeno, pa ispravnost opredeljenja that had no market prospects have been artificially za primenjeni presedan ipak treba primiti sa re- held in the status of “restructuring” for more than a zervom. S druge strane, mnoga preduzeća koja decade, although in a market system they should be nisu imala nikakvu tržišnu perspektivu veštački shut down, because unlike major banks they do not se već više od decenije održavaju u statusu „re- cause a domino effect. strukturiranja”, mada bi ona u tržišnom sistemu trebalo da budu ugašena, jer za razliku od veli- Entry of foreign banks kih banaka ne izazivaju domino efekat. into the market After the year 2000 the last incomplete market was Ulazak stranih banaka na tržište enough of a lure for the Serbian banking sector to Poslednje nepopunjeno tržište nakon dvehiljadi- come into the focus of regional investors, especially te godine bilo je dovoljan mamac da bankarski after the closure of four major banks and circum- sektor Srbije uđe u fokus svih regionalnih inve- stances under which the banking market almost stitora, naročito nakon gašanja četiri velike ban- dried up because the remaining banks had only sym- ke i okolnosti da je bankarska ponuda gotovo bolic potential and were not competitive. There were potpuno presahla, jer su preostale banke imale various entry strategies. The most interested, but also simboličan potencijal i nisu bile konkurentne. most courageous, got the first chance to enter the Strategija ulaska bila je različita. Najzaintereso- market via “greenfield” licenses. It turned out that vaniji, ali i najhrabriji, dobili su prvi šansu da they correctly estimated the relationship between uđu na tržište kroz „greenfield“ licence. Poka- potential return and risk, because they were well re- zalo se da su dobro procenili odnos potencijal- warded not only in terms of high returns, but also in nih prinosa i rizika, jer su bili dobro nagrađeni terms of good positioning and winning a significant ne samo visokim prinosima, već i dobrim pozi- market share. Increased interest was also based on cioniranjem i osvajanjem značajnijeg tržišnog the fact that large capital inflows and rapid economic udela. Pojačano interesovanje se temeljilo i na growth was expected. The household retail sector was činjenici da su se očekivali veliki dotok kapitala not overburdened with debt, while companies could i brz privredni rast. Sektor stanovništva nije bio not get loans and guarantees for any significant work, kreditno zadužen, a preduzeća nisu mogla dobiti due to the low potential of the remaining banks. For kredite i garancije za iole značajniji posao, zbog years the human resources of banks had been created malog potencijala preostalih banaka. Kadrovski and educated both at home and abroad, with repre- resursi u bankama godinama su stvarani i obra- sentative offices and the ownership of banks in the zovani u zemlji i inostranstvu, sa predstavništvi- world’s largest centres, according to which Serbia was ma i vlasništvima banaka u najvećim svetskim unique and well-known among Western bankers. centrima, po čemu je Srbija bila jedinstvena i With the liquidation of banks human resources were poznata među zapadnim bankarima. Stečajem available in full measure, which also enabled foreign banaka kadrovski resursi su bili dostupni u pu- banks to rapidly and successfully enter the market, noj meri, što je takođe omogućilo brz i uspešan initially through greenfield investments (the thresh- ulazak na tržište stranim bankama, prvo kroz old was only €5 million), and then through the pur- grinfild licence (cenzus je bio samo pet miliona chase of existing banks. evra), a zatim kroz kupovinu postojećih banaka. A second group of banks decided to enter the mar-

38 Ko je ko u finansijskom sektoru Druga grupa banaka odlučila se za ulazak na ket with a delay and under the positive influence of tržište sa zadrškom i pod pozitivnim uticajem the success of those who entered first. Their only -op uspeha onih koje su ušle prve. One su imale kao tion was the purchase of existing banks, so the com- jedinu opciju kupovinu postojećih banaka, pa je petition for their acquisition commenced. A third nadmetanje za njihove akvizicije otpočelo. Kao group of banks in the process of market consolida- treća grupa banaka u procesu konsolidacije trži- tion could be defined as domestic private, joint stock šta mogle bi se uzeti domaće privatne, akcionar- banks. They took advantage of the period of growth ske banke. One su iskoristile period rasta tržišta of the share market and the high interest of foreign akcija i visoko interesovanje stranih investitora investors to raise the value of their own shares and za podizanje vrednosti sopstvenih akcija i pri- raise capital by issuing new shares. Their main disad- kupljanje kapitala emisijom novih akcija. Njihov vantage is the lack of access to affordable sources of osnovni hendikep je nemogućnost pristupa po- funding from abroad, as well as lacking the knowhow voljnim izvorima sredstava iz inostranstva, kao to develop new products, which foreign bank receive i „know how“ za razvoj i nove proizvode, koji from their headquarters abroad. strane banke dobijaju iz centrala. The privatisation of banks has also continued through Privatizacija banaka nastavljena je takođe jed- one specific model. According to the agreement with nim specifičnim modelom. Sporazumom sa the Paris and London Club of creditors, around 70% Pariskim i Londonskim klubom poverilaca otpi- of the debt was written off and the government con- sano je oko 70 odsto duga, a država je izvršila za- ducted a debt swap for part of the capital of banks. menu duga za odgovarajući deo kapitala banaka. With this the state returned its ownership share of Time se država na mala vrata vratila u vlasništvo banks through the backdoor. One of the drawbacks dela banaka. Jedna od loših strana ovog modela of this model is that the management of these banks je to što je upravljanje ovim bankama slično kao was much like the management of other public com- i upravljanje ostalim javnim preduzećima. To je panies. This also eventually led to the collapse of this na kraju i dovelo do kraha ovog modela upra- management model where the (partocratic) state had vljanja tamo gde je (partokratska) država imala a direct or indirect influence. direktnog ili indirektnog upliva. The entry of foreign banks into the domestic mar- Ulazak stranih banaka na domaće tržište zapo- ket began with the issuing of “greenfield” licenses, čeo je davanjem „grinfild” licenci, pri čemu je u for which the initial requirement was to have sym- početku trebalo imati simboličan iznos kapitala bolic capital amounting to only €5 million. Such a od samo pet miliona evra. Ovako nizak cenzus low threshold was not as irrational as many pointed ipak nije bio nelogičan, kako su to mnogi isticali, out, because extremely risky countries should attract jer je u ekstremno rizičnu zemlju trebalo privući credible foreign banks. This “breaking of barriers” kredibilne strane banke. To „probijanje barijere” initiated further capital inflows and the return of sav- je iniciralo dalji priliv kapitala i vraćanje šted- ings to the banking sector, thus opening a new phase nje u bankarski sektor, pa je otvorena nova etapa of buying banks and growing all balance sheet cate- kupovine banaka i rast svih bilansnih kategorija. gories. Pojavom ekonomske krize interes za kupovinu Interest in buying banks dissipated with the emer- banaka je nestao. Veliki apetit stranih banaka da gence of the economic crisis. The great appetite of zauzmu poslednje nepopunjeno tržište u kom- foreign banks to take over the last vacant market, in binaciji sa opštom berzanskom euforijom koja combination with the general stock exchange eupho- je svuda vladala pre krize, doprineo je fantastič- ria that reigned everywhere prior to the crisis, con- nom rastu akcija banaka na Beogradskoj berzi. tributed to the spectacular growth of bank shares on Formirao se špekulativni mehur, jer cene akcija the BSE. A speculative bubble formed because stock nisu imale nikakvo pokriće u fundamentalnim prices had no coverage in the fundamental indica- pokazateljima. Kada se svetski mehur raspukao, tors. When the world bubble burst, a fiasco followed usledio je fijasko i na domaćem tržištu u kojem on the domestic market, where the most expensive su najskuplji ceh platili brojni mali akcionari costs were paid by numerous small shareholders who koji su na tržište ulazili kada je već krenulo for- entered when the formation of speculative bubbles miranje špekulativnog mehura. Ekonomska kri- on the market had already started. The economic za prekinula je proces konsolidacije banaka, jer crisis brought a halt to the process of consolidation je postojao veliki broj nekonkurentnih banaka sa of banks, due to the large number of uncompetitive

WHO’S WHO IN the FINANCIAL SECTOR 39 malim tržišnim učešćem, za koje je postalo jasno banks with small market shares, for which it became da ne mogu izdržati tržišnu utakmicu. clear that they could not withstand the competition Iako je rast bilansnih kategorija do pojave eko- on the market. nomske krize bio izrazito visok, kreditna ek- Although the growth of balance sheet categories up spanzija nije delovala na ubrzani razvoj indu- until the emergence of the economic crisis was ex- strijske proizvodnje i to iz nekoliko razloga. tremely high, the credit expansion did not prompt Prvo, baza je bila niska, pa je ekspanzija bila accelerated development of industrial production for procentualno visoka, ali je zapravo bankarski several reasons. First, the base was low, so the expan- sektor i dalje ostao nerazvijen, te je samo dola- sion was high in terms of percentages, but the bank- zilo do produbljavanja finansijskog sistema, a ne ing sector actually remained underdeveloped, thus it do kreditnog buma. Drugi razlog je prebrza libe- only led to a deepening of the financial system and ralizacija u kombinaciji sa apresijacijom dinara, not to a credit boom. Another reason was hasty lib- koja je dovodila do toga da krediti previše odlaze eralisation combined with appreciation of the dinar, u finansiranje uvoza i trgovine, što je doprinelo which led to too many loans going to finance imports dezindustrijalizaciji zemlje. and trade, which contributed to the country’s de-in- Vlasnička struktura banaka po zemljama po- dustrialisation. rekla krajem 2013. godine je disperzovana i u The ownership structure of banks by country of velikoj meri odgovara uspostavljenoj ukupnoj origin at the end of 2013 was dispersed and largely privrednoj saradnji i zastupljenosti drugih stra- corresponded to established overall economic coop- nih kompanija na domaćem tržištu. U prvi plan eration and participation of other foreign companies su izbile italijanske banke, austrijske su u krizi on the domestic market. The initial breakout affected smanjile tržišno učešće, a pojavila se i jedna zna- Italian banks, while the Austrians reduced their mar- čajna ruska banka. Matice grčkih banaka stabi- ket share in the crisis and one major Russian bank lizuju svoje poslovanje, jer je Grčka uspela da se appeared on the scene. The parent banks of Greek vrati u 2014. godini na međunarodno finansijsko players stabilised their business, because Greece tržište. managed to return to the international financial mar- ket in 2014.

Kapital banaka po zemljama porekla / Ownership by country of origin, 31.12.2013.

Ostale Domaće Other Domestic 10% 25% AUS 17%

GR 8% 15%

FR 25% ITA

Izvor / Source: NBS

40 Ko je ko u finansijskom sektoru

Prinosi na aktivu i kapital po zemljama porekla (%) / Profitability indicators by country of origin 11,2

ROA ROE 8,8

2,3 2,0 Francuska Grčka France Greece

Austrija -0,1 -0,5 Italija Austria -1,0 Italy

-4,7

Kraj ekspanzivnog modela, ulazak u End of the expansive model, entering recesioni the recession U periodu ekspanzije do 2008. godine banke su During the period of expansion until 2008, banks se takmičile u zauzimanju što bolje dugoročne competed to capture the best long-term market po- tržišne pozicije, pa su reinvestirale profit, vrši- sition and then reinvested profit, undertook recapi- le dokapitalizaciju i odobravale prekogranične talisation and approved cross-border loans, in order kredite, da bi zauzele što veći deo tržišta. Stoga to take the greatest possible share of the market. su u tom miljeu stalno rasli finansijski leveridži Therefore, in this milieu financial leverage and the i zaduženost pojedinih kompanija, jer se raču- debt of individual companies constantly grew, be- nalo na budući rast poslovnih prihoda. Visokim cause they relied on the future growth of operating deviznim prilivima po osnovu prekograničnih income. With the high foreign exchange inflows on kredita, prihoda od privatizacije i “vrućeg nov- the basis of cross-border loans, proceeds from priva- ca” pojavio se problem sterilizacije koji je uslovio tisation and “hot money”, the problem of sterilisation pritisak na apresijaciju dinara. Banke su, htele to emerged and exerted pressure on currency apprecia- ili ne, profitirale od loše makroekonomske poli- tion. Whether they liked it or not, banks profited from tike, gde se ekspanzivna javna potrošnja korigo- poor a macroeconomic policy where expansionary vala rastom kamatnih stopa kroz repo operacije public spending corrected growth rates through repo centralne banke da bi se smanjili inflatorni priti- operations of the central bank to reduce inflationary sci. Uporedo je išla i druga nevolja – veliki priliv pressures. Other troubles emerged in tandem with deviza motivisan i visokim kamatnim stopama this – the huge influx of foreign currency also moti- na dinarske plasmane, jačao je dinar kroz tro- vated high interest rates on loans in dinars, while the škove sterilizacije priliva deviza. Na taj način se dinar strengthened through the costs of sterilisation u tom periodu vršila stalna redistribucija dohot- of foreign currency inflows. In this way, during this ka od privrede i stanovništva ka profitu banaka. period the permanent redistribution of income from Banke su ovakvom politikom bile subvencioni- the economy and population to towards banks’ prof- sane, što se pokazalo kao dobra okolnost kada se its occurred. Banks subsidised such policies, which pojavila ekonomska kriza, jer su je dočekale sa proved to be a good factor when the economic crisis ojačanim kapitalom. emerged, because they awaited it with strengthened Poslednji kvartal 2008. godine označio je, me- capital. đutim, naglu promenu dotadašnjih trendova u The last quarter of 2008, however, was marked by bankarstvu. Odobravanje „prekograničnih” kre- a sudden change in banking trends until then. The

WHO’S WHO IN the FINANCIAL SECTOR 41 Karakteristike bankarskog sektora Srbije Characteristics of the Serbian banking pre i posle svetske ekonomske krize sector before and after the global economic crisis Do ulaska u krizu Until entering the crisis • Visoke stope rasta svih ključnih bilansnih kategorija. • High growth rates of all key balance sheet categories. • Visok devizni priliv kroz dokapitalizacije u devizama i priliv • High foreign currency inflows through recapitalisation in deviznih kredita. foreign currencies and inflows of foreign currency loans. • Visoka kamatna stopa na REPO kao osnovni mehanizam • High interest rates on REPO as the main mechanism to neutralisanja rasta u fiskalnom sektoru. neutralise growth in the fiscal sector. • Motiv zauzimanja što većeg dela tržišta i mera NBS da se • Motive of taking the maximum possible market share and plasmani stanovništvu vežu za kapital, kao ključni motivi za NBS measures to tie household lending to capital as the key priliv deviznih sredstava. motive for the inflow of foreign funds. • Rast zaduženosti kroz ”cross border” kredite. • Growth of indebtedness through cross-border loans. • Subvencioniranje uvoznika i dužnika kroz apresiran kurs • Subsidising importers and borrowers through appreciation dinara. of the dinar exchange rate..

Mechanism of creating profits through the entry of foreign Mehanizam kreiranja profita unosom deviza currencies • Unos deviza i pretvaranje u dinare - pritisak na apresijaciju • Influx of foreign currency and conversion into dinars - kursa i zarada na kursnim razlikama- kupovina HOV NBS i pressure on the appreciation of the exchange rate and zarada na kamati i kursnim razlikama. earnings from exchange rate differences - buying NBS • Visok priliv ”vrućeg novca” securities and earnings on interest and exchange rate differences. • High influx of “hot money” Negativne posledice • Ekstremno visoki troškovi sterilisanja deviza, apresijacija Negative consequences dinara • Extremely high costs of sterilisation of foreign currencies • Bankarski sektor koji nije okrenut „core biznisu” već mu je and appreciation of the dinar. „glavni klijent” centralna banka i država • Banking sector not focused on „core business“, but rather • Profiti banaka bili su nesrazmerno visoki u odnosu na realni with the central bank and the state as the „main client“. sektor • Banks’ profits were disproportionately high compared to the • Ekstremno visoka adekvatnost kapitala: (što je, međutim, real sector. bio i pokazatelj anomalija u kreiranju profita, ali je u krizi, • Extremely high capital adequacy (which, however, was an ovako kreirana visoka kapitalizacija bila odličan amortizer indicator of an anomaly in the creation of profit, but in a crisis this kind of created high capitalisation was a great gubitaka). shock absorber for losses).

Nakon ulaska u krizu After entering the crisis • Promena tržišne strategije; umesto zauzimanja što većeg • Changing market strategy; instead of taking the maximum tržišnog učešća, cilj postaje očuvanje solventnosti i possible market share, the objective became preserving likvidnosti, solvency and liquidity • Kriza likvidnosti na svetskom tržištu reflektuje se na • The liquidity crisis on the global market is reflected in smanjen devizni priliv po svim osnovama i smanjenje apetita reduced foreign currency inflows in all respects and a loss of appetite for risk za rizik • High stock repurchases of bonds as strong shock absorbers • Visok repo stok HOV kao jak amortizer udara na likvidnost, on liquidity, fear of approving loans to the economy. strah od odobravanja kredita privredi. • Fear of the risk of sudden and uncontrolled depreciation of • Strah od rizika nagle i nekontrolisane depresijacije dinara the dinar. • Smanjenje i povlačenje cross border kredita. • Reduction and withdrawal of cross-border loans.

Povoljne okolnosti Favourable circumstances • Zatečena visoka kapitalizovanost amortizuje udare na • Caught in high capitalisation depreciated shocks on liquidity and the growth of NPLs. likvidnost i rast nenaplativih potraživanja. • Relatively low indebtedness of citizens. • Relativno niska zaduženost građana, • Prudent lending policy pursued by the NBS. • Oprezna politika zaduživanja koju je vodila NBS • Unfavourable circumstances

Nepovoljne okolnosti Negative consequences • Stimulansi za priliv kapitala kroz unos deviza i pretvaranje • Incentives for capital inflows through the entry of foreign u dinare, sada se kreću u suprotnom pravcu i nastaje odliv currencies and conversion into dinars are now moving in the sredstava po osnovu pritiska na razduživanje opposite direction and resulting in the outflow of funds on • Bekstvo od kreditiranja privrede i stanovništva i okretanje the basis of pressure on deleveraging ka državi. • Avoidance of lending to the economy and population, while turning towards the state. • Relativno visoka referentna kamatna stopa za period • Relatively high benchmark interest rate for the period of recesije da bi se ispunio postavljeni cilj uticaja na smanjenje recession in order to fulfil the set objective of influencing a inflacije. Da li je proklamovani cilj potrebno preispitati? reduction on inflation. Is it necessary to review the stated goal?

42 Ko je ko u finansijskom sektoru dita prekinuto je naglo, a korisnici kredita uhva- approval of cross-border loans was discontinued ćeni su u zamku previsokog leveridža, koji je abruptly, while borrowers were caught in the trap of imao opravdanje u stanju brzog rasta, ali koji je excessive leverage that had been justified during the u krizi postao kamen oko vrata. Umesto priliva state of rapid growth, but that became a millstone kroz prekogranične kredite, reinvestiranje pro- around the neck during crisis. Instead of inflows fita i dokapitalizacije, sada se pojavila težnja ka through cross-border loans, the reinvestment of prof- povlačenju kredita i ostvarenih profita. Kreditni its and recapitalisation, now a tendency emerged to plasmani ne samo da usporavaju rast od 2008. withdraw loans and realised profits. Credit invest- godine, već dolazi i do smanjenja nivoa zaduže- ments not only slowed growth from 2008, but also nosti preduzeća, jer se dospeli krediti naplaćuju led to a reduction in the level of indebtedness of com- i vraćaju bankama maticama, što naravno, kao panies, as matured loans were repaid and returned ni transfer profita, ne predstavlja nikakvo nedo- to parent banks, which, of course, like the transfer of zvoljeno iznošenje novca iz zemlje, kako se to profits, does not represent any kind of unauthorised često u javnosti predstavljalo, ali ima jake recesi- removal of money from the country, as it is often pre- one efekte. Problem je što je sve manje kreditno sented in public, but has strong recessionary effects. sposobnih klijenata, a kreditna kontrakcija dalje The problem is that there are fewer creditworthy dovodi do ubrzanja recesione spirale. Stoga je customers, while further credit contraction leads to odluka da se tokom 2014. godine ponovo uvede an acceleration of the recessionary spiral. As such, subvencionisanje kredita od strane države da bi the decision was forced to re-introduce subsidising se presekla recesiona spirala - iznuđena. Ne bi loans from the government during 2014, in order to se, međutim, smele ponoviti greške prethodnog cut the recessionary spiral. However, the mistakes subvencionisanja, kada je država sa jedne strane of previous subsidies should not be repeated, when davala subvencije, a sa druge strane dovela na the state gave subsidies on the one side, while on the ivicu bankrotstva čitave industrijske grane odla- other entire industrial branches were brought to the ganjem izvršenja svojih obaveza. brink of bankruptcy with the postponement of the Bilansi uspeha banaka zaključno sa 30. septem- execution of their obligations. The successful balance brom 2008. godine predstavljali su poslednji sheet statements of banks from 30th September 2008 period karakterističan po visokim profitima represented the last period characterised by the high banaka. Period bankarske bonance i visoke ek- profits of banks. The period of the banking bonan- spanzije je završen, a otpočela je etapa ulaska u za and high expansion was over and we began en- recesiona dešavanja. Narodna banka pozitivno tering the stage of recessionary developments. The je uticala nekim svojim dotadašnjim merama National Bank positively influenced the stability of na stabilnost bankarskog sektora, prevashodno the banking sector with some of its former measures, kroz propisivanje uslova koji su jačali kapitalnu primarily through the regulation of conditions that bazu banaka i insistiranjem na visokom nivou strengthened the equity base of banks and the insist- rezervacija. Na taj način banke su stimulisane da ence on high levels of reserves. In this way banks were ne dele dividende, već da reinvestiranjem potvr- encouraged to not share dividends, but rather to con- de trajni karakter svojih interesa na tržištu. firm the permanent character of their interest in the market through reinvestment. Problemi apresijacije dinara i visokih kamatnih stopa Issue of dinar appreciation and high Kada se radi o kamatnim stopama i deviznom interest rates kursu kao nesumnjivo ključnim polugama eko- When it comes to interest rates and the exchange rate, nomske politike, Srbija se i tu nalazi u specifič- as the undeniable key levers of economic policy, Serbia noj i kontradiktornoj poziciji: visok nivo zate- is also in a very specific and contradictory position in čene inflacije zahteva restriktivnu monetarnu this respect: high level of existing inflation requires a politiku, a recesija podrazumeva ekspanzivnu restrictive monetary policy, while the recession implies politiku i što jeftiniji novac. Posebno je neugod- an expansionary policy and money that is as cheap as na pozicija Narodne banke Srbije, kojoj je kao possible. The position of the National Bank of Serbia is primarni cilj određena borba protiv inflacije. particularly unpleasant, with its primary goal of spe- Uzroci inflacije su van monetarne politike, u -fi cifically fighting inflation. The causes of inflation are skalnoj politici, prevelikoj javnoj potrošnji i ne- beyond monetary policy in the fiscal policy, excessive

WHO’S WHO IN the FINANCIAL SECTOR 43 konkurentnosti, pa njeno smanjenje primenom public spending and a lack of competitiveness, so its re- monetarnog instrumentarija, koji podrazumeva duction is applied using monetary instruments, which restriktivnost i visoku referentnu kamatnu sto- implies restrictiveness and a high benchmark interest pu, može proizvesti negativne efekte. Tim pre rate, could lead to negative effects. Furthermore, since što se država ubrzano zadužuje, pa visoke repo the state is rapidly becoming indebted, high repo rates stope po osnovu dinarskog zaduženja i priliv on the basis of dinar loans and inflows of foreign ex- deviza po osnovu deviznog zaduženja dovode change on the basis of foreign currency borrowings do pritiska na apresijaciju. Stoga preispitivanje lead to pressure on appreciation. As such, a review of zadatih funkcija centralnoj banci ne bi trebalo the given function of the central bank should not be izbegavati, mada bi i drugi modeli u postojećim avoided, although other models would also have their protivrečnim okolnostima mogli imati svoje ne- drawbacks in the existing contradictory circumstances. dostatke. The problem with the foreign currency exchange rate Problem kod deviznog kursa je to što je on glav- is that it is a major component of the recoverability of na komponenta naplativosti kredita, pa bi svaka loans, thus any significant depreciation would lead to značajnija depresijacija dovodila do drastičnog a drastic deterioration in the banking sector, but also pogoršanja u bankarstvu, ali i u eksternoj likvid- in the external liquidity of all borrowers – from com- nosti svih dužnika, od preduzeća i građana, do panies and citizens to the state and local communities države i lokalnih zajednica (sem neto izvoznika i (except for net exporters who are not over-indebted). to onih koji nisu prezaduženi). To u praksi rađa In practice this gives rise to wide resistance to the de- širok otpor depresijaciji dinara. S druge strane, preciation of the dinar. On the other hand, countries zemlje koje kao imperativ imaju povećanje izvo- that have set increasing exports as an imperative typ- za, po pravilu pribegavaju depresijaciji domaće ically resort to depreciation of the domestic currency, valute, dok je u Srbiji u periodu nakon 2000. while in Serbia during the post-2000 period apprecia- uglavnom bila prisutna apresijacija. Uporedo tion was mainly present. Along with improving macro- sa poboljšanjem makroekonomskih uslova, po- economic conditions, it is necessary to at least prevent trebno je da se na srednji i dugi rok bar spreči the appreciation of the dinar in the medium and long apresijacija dinara, jer bez toga neće biti moguća term, because without that it will not be possible to promena privredne strukture u pravcu potrebne change the economic structure in the direction of the brzine rasta proizvodnje i izvoza. required rate of growth in manufacturing and exports. Kamatne stope banaka godinama su u Srbiji izu- Interest rates of banks have been extremely high in zetno visoke, a banke su predmet kritika i priti- Serbia for years, while banks are subject to criticism saka da se one snize. Teško je imati konkurentnu and pressure to lower them. It’s tough to have a com- privredu ako izvoznik u odnosu na svog konku- petitive economy if an exporter has to pay a much renta iz inostranstva mora da plati znatno viši higher cost for financing in relation to its competitors trošak za finansiranje posla, a uz to ima i apresi- from abroad, and also has appreciation of the local ranu domaću valutu koja mu umanjuje prihode. currency, which reduces the exporter’s income. The Jedini način da se visina kamatnih stopa smanji only way to reduce the level of interest rates, howev- jeste, međutim, poboljšanje ukupnog ambijenta er, is to improve the overall business environment. In poslovanja. Pored faktora kao što su inflacija i addition to factors such as inflation and foreign cur- devizni rizik kod indeksiranih kredita, veoma je rency risk on indexed loans, it is also very important bitno otklanjati niz sistemskih uzroka, kao što je to eliminate a number of systemic causes, such as the neefikasnost naplate potraživanja u okviru ste- inefficiency of collecting receivables in the context of čajnog zakonodavstva, efikasnost sudstva, efika- bankruptcy legislation, judicial efficiency and the -ef snost naplate hipoteka. Stoga kada se u javnosti ficiency of mortgage payments. Therefore, when the od „stranih banaka” traže iste kamatne stope public seeks the same rate from “foreign banks” as in kao u njihovim zemljama, korisnije bi bilo raditi their own countries, it would be more useful to work na društvenom konsenzusu za efikasno uređenje on social consensus for the effective regulation and i funkcionisanje sopstvene države, kao što je u operating of their own state, as is the case in those tim zemljama, pa će se i kamate kao svojevrsni countries, so interest rates will also fall as a kind of in- indikator tog stanja, smanjiti. Sprovođenje re- dicator of that condition. Carrying out reforms, thus, formi je, dakle, jedini put smanjenja kamatnih is the only route to reducing interest rates. stopa.

44 Ko je ko u finansijskom sektoru Prinosi na kapital po zemljama / Equity returns by country 22

2012. Prosek / Average 17

12

7

HungaryRomania Mađarska Rumunija

Letonija Crna GoraAlbanijaMakedonijaBiH Srbija Bugarska Hrvatska LitvanijaPoljska Turska Latvia Montenegro AlbaniaMacedonia B-HSerbiaBulgariaCroatiaLithuaniaPoland Turkey -3

-8 Izvor: NBS i podaci centralnih banaka / Source: NBS and statistics of central banks

Profitabilnost bankarskog sektora Profitability of the Serbian banking Srbije: ima li dovoljno konkurencije sector: Is there sufficient competition u bankarstvu? in banking? Period ubrzanog rasta i relativno visokih profita The period of rapid growth and relatively high profits bankarskog sektora u Srbiji završio se pojavom of the banking sector in Serbia ended with the emer- ekonomske krize. Njenim nastankom dolazi do gence of the economic crisis. Its arrival led to a change promene tržišne strategije banaka: cilj zauzima- in the market strategies of banks: the aim of growing nja tržišnog učešća zamenjuje očuvanje likvid- the market share was replaced with the preservation nosti i solventnosti, a u prvi plan izbija problem of liquidity and solvency, in which the problem of naplativosti kredita. Bankarski sektor je i nakon loan collectability came to the fore. Even after en- ulaska u veliku ekonomsku krizu iskazivao agre- tering the major economic crisis the banking sector giranu dobit, koja se stalno smanjivala, da bi u still expressed aggregate gains, which constantly de- 2013. godini gubici prvi put bili veći od dobiti. creased, only for losses to become greater than gains Osim toga, došlo je i do gašenja više banaka u for the first time in 2013. Apart from that, the shut- kojima je država imala direktan ili inderektan down of more banks in which the state had a direct uticaj na upravljanje, za šta je plaćen visok ceh or indirect influence over management occurred, for iz budžeta. which a high price was paid from the budget. Prinosi banaka na prosečnu aktivu i prosečan Banks’ returns on average assets and average equi- kapital bankarskog sektora u Srbiji su nakon ty of the Serbian banking sector are low after 2008, 2008. godine niski, pogotovo ako se imaju u especially if we consider the risks that are expressed vidu rizici koji su izraženi u izuzetno visokoj, through extremely high and growing NPLs. Only rastućoj nenaplativosti kredita. Samo nekoliko a few banks realised profits in excess of 10%, with banaka ostvaruje profite iznad 10%, oko trećine about a third of banks managing to continuously turn banaka uspeva da permanentno iskazuje profit, a profit, while the others are on the verge of record- dok su ostale na granici, ili se bore sa gubicima. ing, or are struggling with, losses. A more realistic Realnija slika o profitabilnosti banaka u Srbiji picture of the profitability of banks in Serbia can be može se steći poređenjem prinosa u regionu. obtained by comparing returns in the region. Prinosi na kapital bankarskog sektora u regi- Returns on equity of the banking sector in the region onu pokazuju da je Srbija bila ispod proseka u show that Serbia was below average in 2012. As the 2012. godini. Kako je bankarski sektor u 2013. banking sector expressed a negative financial result godini prvi put iskazao negativan finansijski re- for the first time in 2013, that position has worsened

WHO’S WHO IN the FINANCIAL SECTOR 45 zultat, taj položaj se dalje pogoršao. U javnosti, further. In public, however, there is still a strong per- međutim, i dalje postoji snažna percepcije o vi- ception of the high profitability of the banking sector, sokoj profitabilnosti bankarskog sektora, koja se which is largely derived from the high interest rates uglavnom izvodi iz visokih kamatnih stopa na on loans, so one can also often hear about potentially kredite, pa se često čuju i potencijalno opasni dangerous recipes from the arsenal of administrative recepti iz arsenala administrativnog ograničenja restrictions on interest rates. kamatnih stopa. Centralno pitanje jeste, među- The central question, however, is whether there is suf- tim, ima li dovoljno konkurencije u bankarstvu, ficient competition in the banking industry, because jer ako nema, onda kamatne stope mogu biti re- if there is not then interest rates may be the result of zultat kartelizacije tržišta. To bi značilo da je reč the cartelization of the market. This would mean that o oligopolskoj strukturi koja kreira ekstraprofite, it is a case of an oligopoly structure that creates extra kao što je to slučaj i u nekim drugim sektorima profit, as is the case in some other sectors where there gde ne postoji dovoljna konkurencija. Ukoliko, is insufficient competition. If, however, there is suffi- pak, na tržištu postoji dovoljna konkurencija, cient competition on the market, then high interest onda su visoke kamatne stope zapravo rezultanta rates are actually a result of the macro-economic and makroekonomskog i privrednosistemskog okru- business system of the environment, of high inflation, ženja, od visoke inflacije, troškova monetarne the costs of monetary regulation and an inefficient regulacije pa do neefikasnog sudstva i stečajnog judiciary and bankruptcy legislation. The HHI index zakonodavstva. HHI indeks koncentracije na tr- concentration on the market indicates a low concen- žištu pokazuje nisku koncentraciju po svim bi- tration for all balance sheet items. The top bank on lansnim pozicijama. Prva banka na tržištu ima i the market still has a relatively low share, which goes dalje relativno nizak udeo koji ide do 15% aktive up to 15% of assets in certain balance sheet positions u pojedinim bilansnim pozicijama i daleko je od and is far from the height of the share on regional visine učešća na regionalnim tržištima. Prvih markets. The top five banks only have about 45 per pet banaka imaju tek oko 45 procenata. Prvih 10 cent. The top 10 have around 70%, while the remain- imaju oko 70%, a 23 preostale banke dele preo- ing 23 banks share the remaining 30% of the market. stalih 30% tržišta. Svi ovi pokazatelji govore da All of these indicators show that Serbia has a much

Pokazatelji za bankarske sektore iz regiona (31.12.2012.) Region banking sector indicators (31.12.2012.)

Srbija Hrvatska Bugarska Rumunija Mađarska BIH Crna Gora Albanija Makedonija Serbia Croatia Bulgaria Romania Hungary B-H Montenegro Albania Macedonia

Aktiva (MlrdEUR) 25,1* 53,1 42,1 91,4 108,0 11,4 2,8 8,6 5,7 Assets (MlrdEUR) rast/pad 0* -2,2% 7,3% 0,5% -3,6% 2% -0,1% 6,6% 10,8% growt/decline aktiva/GDP 85% 120% 106% 70% 108% 86% 86% 87,0% 77% assets/GDP Broj banaka 32 31 31 39 35 12 11 16 16 No of banks u stranom vl. 74% 90% 77% 90% 89% 92% 81% 92,20% 92% in foregn ownership

Pokazatelji profitabilnosti / Profitability indicators

RoA 0,90% 0,90% 0,70% -0,60% -0,40% 0,90% -2,00% 0,33% 0,40%

RoE 2,9% (4,65*) 4,80% 5,30% -5,40% -3,80% 7,00% -18,30% 3,8% 3,8%

CAR 16,40% 20,60% 16,70% 14,60% 15,70% 16,40% 14,7% 16,2% 17,10%

%NPL 19,90% 13,80% 16,60% 18,20% 13,70% 13,50% 17,60% 22,50% 10,90%

*bez Agrobanke I Razvojne banke Vojvodine Izvor: podaci centralnih banaka, Izveštaji o finansijskoj stabilnosti

46 Ko je ko u finansijskom sektoru Aktiva prema GDP / Assets to GDP mlrd. EUR aktiva aktiva/GDP(%) assets assets/GDP(%)

120 1,4 1,2 100 1,2 1,06 1,08 1 80

0,85 0,862 0,86 0,87 0,8 60 0,77 0,7 0,6 40 0,4

20 0,2

0 0 Srbija Hrvatska Bugarska Rumunija Mađarska BIHCrna Gora Albanija Makedonija Serbia Croatia Bulgaria Romania Hungary B-HMontenegroAlbania Macedonia je u Srbiji znatno veći stepen konkurencije na higher degree of competition on the market than tržištu nego u ostalim zemljama regiona. Štavi- in other countries in the region. Moreover, due to še, zbog podizanja konkurentnosti celog sektora the increasing competitiveness of the entire sector i smanjenja njegovih troškova koji se ugrađuju and the reduction of its costs built into the interest u kamate, potrebna je dalja koncentracija kroz rate, there is a requirement for further concentra- povećanje banaka sa višim tržišnim učešćem i tion through increasing banks with a higher market smanjenje broja nekonkurentnih banaka, kao i share and reducing the number of non-competitive njihovo preuzimanje od strane snažnijih i kon- banks and their takeover by those that are stronger kurentnijih. Kao prelomna tačka za održivu kon- and more competitive. Reaching a 2% market share kurentnost na tržištu pokazuje se dostizanje 2% in assets has been shown as a turning point for sus- tržišnog učešća u aktivi, mada ni veličina ban- tainable competitiveness on the market, although not ke, pa ni vlasnička struktura ipak ne garantuju even the size of a bank, or its ownership structure, konkurentnost. Optimalni trošak bankarske in- can guarantee competitiveness. The optimal cost of frastrukture bio bi na nivou dvadesetak banaka, banking infrastructure would be at the level of 20 što bi dovelo do smanjenja troškova i povećanja banks, which would lead to a reduction in costs and prinosa na kapital. an increase in returns on equity.

Nenaplativi krediti kao ključni NPLs as a key problem of the region problem regiona The main problem of the banking sector in the region Osnovni problem bankarskih sektora u regionu is the growth of non-performing loans coupled with je rast nenaplativih kredita uz stagnaciju kredit- the stagnation of lending activity, both in the corpo- ne aktivnosti kako u korporativnom delu, tako rate area, as well as in retail lending, in which Serbia i u kreditiranju stanovništva, u čemu Srbija na- unfortunately leads the way. Since there is no signif- žalost prednjači. Budući da značajnijeg privred- icant economic recovery, solvency and liquidity are nog oporavka nema, solventnost i likvidnost maintained due to continued good capital adequacy se održavaju zbog još uvek dobre adekvatnosti which, however, is slowly melting away. kapitala, koji se, međutim, lagano topi. Skoro Almost all countries in the region have either stag- sve zemlje regiona imaju ili stagnaciju ili blagi nation or slight falls in lending activity and total as- pad kreditne aktivnosti i ukupne aktive. Broj sets. The number of solvent, creditworthy clients is solventnih, kreditno sposobnih klijenata je sve decreasing ever further, so banks avoid lending to

WHO’S WHO IN the FINANCIAL SECTOR 47 manji, pa banke izbegavaju kreditiranje privre- the economy, which further influences recessionary de, što dodatno utiče na recesione tokove. Pla- trends. Banks’ placements are focused on government smani banaka usmereni su na državne hartije od bonds, with which banks reduce the risk of their loan vrednosti, čime banke smanjuju rizike kreditnog portfolio and improve their capital adequacy, but the portfolija i poboljšavaju adekvatnost kapitala, ali effects of this change in the structure of the borrower su efekti ovakve promene strukture korisnika are unfavourable because the real economy cannot kredita nepovoljni, jer se realni sektor ne može recover without a credit stimulus. The NPL ratio in oporaviti bez kreditnih stimulansa. NPL racio the region is still at a very high level, averaging about u regionu još uvek je na vrlo visokom nivou, u 16%. For most countries it cannot be concluded with proseku oko 16%. Za većinu zemalja ne može se certainty that the trend of deterioration has stopped, sa sigurnošću konstatovati da je trend pogorša- unlike the countries of Central Europe, where nega- nja zaustavljen, za razliku od zemalja centralne tive flows have halted and stabilised at about 5 to 6%. Evrope gde su negativni tokovi presečeni i stabi- The banking sectors in the EU member countries lizovani na oko 5% do 6%. (Hungary, Bulgaria and Croatia) have assets that ex- Bankarski sektori u zemljama koje su u EU (Ma- ceed the GDP, indicating greater saturation on the đarska, Bugarska I Hrvatska) imaju aktivu koja banking sector compared to other countries in the je veća od iznosa GDP-a, što pokazuje veću satu- region, where this ratio is around 80%. Macedonia’s riranost bankarskog sektora u odnosu na ostale has the lowest banking sector participation according zemlje u regionu, gde se ovaj odnos kreće oko to GDP (77%) and that is partly the reason for the 80%. Najniže učešće bankarskog sektora prema faster growth of this sector, as there is space availa- GDP ima Makedonija (77%) pa je delimično i to ble on the banking market. On the other hand, the razlog bržeg rasta ovog sektora, jer je bankarsko most developed banking sector in relation to GDP is tržište nepopunjeno. S druge strane, najrazvije- in Croatia (120%), where there is also the greatest de- niji bankarski sektor u odnosu na GDP je u Hr- gree of concentration of banks on the market, meas- vatskoj (120%) u kojoj postoji i najveći stepen ured according to the competitiveness index and the koncentracije banaka na tržištu meren indek- participation of the largest banks in the market. som konkurentnosti i učešćem najvećih banaka na tržištu. Poor corporate governance The impact of the ownership structure on the man- Loše korporativno upravljanje agement of banks has proved to be extremely impor- Uticaj vlasničke strukture na upravljanje ban- tant in the case of Serbia. The success of a bank is sig- kom pokazao se kao izuzetno važan na prime- nificantly dependent on a number of factors: sources ru Srbije. Uspeh banke značajno zavisi od niza of capital, home country of the parent bank, whether faktora: porekla kapitala, zemlje u kojoj je ma- the state’s the dominant shareholder, whether share- tična banka, da li je država u vlasništvu kao holders include international financial institution, dominantni akcionar, da li ima međunarodnu the extent of dispersion of ownership. The opera- finansijsku instituciju kao akcionara, kakva je tional results of banks, thus, depend directly on the disperzija vlasništva. Rezultati poslovanja bana- quality of corporate governance, which in turn is pri- ka direktno, dakle, zavise od kvaliteta korpora- marily dependent on the ownership structure. In this tivnog upravljanja, a ono zavisi u prvom redu od respect, it is evident that the worst results in Serbia vlasničke strukture. U tom pogledu evidentno have always been realised when the state has played a je da je vlasnička struktura u kojoj država ima dominant role in the ownership structure. dominantnu ulogu u Srbiji do sada uvek davala Private joint stock banks can also be problematic, najlošije rezultate. Privatne akcionarske banke particularly if their ownership structure lacks seri- takođe mogu biti problematične, pogotovo ako ous institutional investors, as is the case in developed nemaju u vlasničkoj strukturi ozbiljne instituci- economies. In this case, however, the damages of onalne investitore kao što je to slučaj u razvije- poor positioning on the market are actually paid by nim ekonomijama. Ceh lošeg snalaženja na trži- the parent bank, which is forced to carry out recapi- štu u tom slučaju ipak plaća matična banka, koja talisation, rather than being compensated by the state je prinuđena da vrši dokapitalizacije, a ne drža- via the budget. In the range of different ownership va preko budžeta. U lepezi različitih vlasničkih structures, the best results are achieved by European struktura, najbolje rezultate daju evropske banke banks with good local management, excellent mon-

48 Ko je ko u finansijskom sektoru Rast štednje i kredita stanovništvu (mlrd EUR) / Retail loans and savings (Bill EUR) 8,4 Krediti stanovništvu štednja stanovništva 8,2 Retail loansRetail savings 7,6 7,1

6,2 6,0 6,0 5,9 5,7 5,4 5,2 4,9 4,8

3,9 3,4

2,3 2,4

1,7 1,4 1,1 1,0 0,8 0,5 0,4 0,3 0,1

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 sa dobrim lokalnim menadžmentom, odličnim itoring of bank performance and high quality risk monitoringom performansi banke i kvalitetnim management. upravljanjem rizicima. The successes of post-2000 banking Uspesi bankarske reforme nakon reforms 2000. godine Applying the precedent of initiating liquidation meant Primenjeni presedan gašenja gotovo dve trećine that almost two-thirds of banking assets had, in addi- bankarske aktive imao je, pored često isticanih tion to an oft pronounced positive side, a number of pozitivnih strana, i brojne negativne posledice. negative consequences. Until 2005 Serbia was actually Srbija je zapravo sve do 2005. godine bila bez without a serious banking sector that could be com- ozbiljnijeg bankarskog sektora, koji bi se mogao pared to even the region’s weakest countries econom- uporediti čak i sa ekonomski najslabijim zemlja- ically, because the share of banking assets in GDP was ma regiona, jer je udeo bankarske aktive u GDP very low, with dwarf-like banks that could not provide bio je izuzetno nizak, sa patuljastim bankama sufficient support to the economy. Moreover, the debt koje nisu mogle dati dovoljnu podršku privredi. to equity swap carried out as part of the reform model Takođe, sprovedeni debt to equity kao deo mo- led to a high share of state ownership in the remaining dela reformi doveo je do visokog učešća države domestic banks, with an ownership model that could be u vlasništvu preostalih domaćih banaka sa vla- characterised as a quasi-shareholders, with a great in- sničkim modelom koji bi se mogao okarakteri- fluence of the “partocratic” state, which later resulted in sati kao kvaziakcionarski, sa velikim uplivom the collapse of many banks during the economic crisis. partokratske države, što je kasnije rezultiralo On the other hand, the positive effects that have oc- krahom više banaka tokom ekonomske krize. curred in the banking sector during the past decade S druge strane, ne treba negirati pozitivne efekte should not be negated. This sector is the best organised koji su u bankarskom sektoru nastali u protekloj and closest to operating according to European stand- deceniji. On je najuređeniji i najbliži poslovanju ards, especially when compared to other sectors that po evropskim standardima, pogotovo ako se fared much worse during that period of the reform and uporedi sa drugim sektorima koji su u posma- privatisation process. The most significant successes of tranom periodu prošli mnogo lošije u postupku the banking after the year 2000 could be shortlisted as reformi i privatizacije. Kao najznačajniji uspesi follows:

WHO’S WHO IN the FINANCIAL SECTOR 49 bankarstva nakon 2000. mogli bi se navesti: • restoration of confidence in the banking sector, a • vraćanje poverenja u bankarski sektor, čemu je prerequisite for which was the resolving old foreign preduslov bio rešavanje stare devizne štednje currency savings • usvajanje i dosledna primena evropske regula- • adoption and consistent implementation of Europe- tive i standarda Bazela an regulations and Basel standards • priliv kapitala i dugoročnih izvora finansiranja • inflow of capital and long-term sources of financing iz inostranstva abroad • sprečavanje upliva „prljavog novca” u vlasni- • prevention of the influx of “dirty money” in the own- štvo banaka (što nije urađeno u privatizaciji ership of banks (which was not done during the pri- preduzeća) vatisation of enterprises) • efikasan transfer platnog prometa sa SDK na • efficient transfer of the salary payment system from banke the SDK to banks • osnivanje i rad kreditnog biroa • establishment and operation of the credit bureau Nesporan rezultat reformi je svakako rešavanje One irrefutable result of the reforms was certainly re- pitanja takozvane stare devizne štednje kroz iz- solving the issue of so-called “old foreign currency sav- davanje državnih obveznica kojima je uspešno ings” through the issuance of government bonds, with započeto i trgovanje na Beogradskoj berzi. Na- which trading on the Belgrade Stock Exchange – BSE kon toga, devizna štednja se postepeno vraćala was also successfully launched. This was followed by u bankarski sektor, tako da krajem 2013. godine the gradual return of foreign currency savings to the prevazilazi osam milijardi evra. Dinarska šted- banking sector, so that by the end of 2013 it exceeded

Bilansne kategorije banaka (mlrd RSD i mlrd EUR), broj zaposlenih i broj banaka 2000-2013. godine Balance sheet categories of banks (in RSD bln. and EUR bln), number of employees and number of banks 2000-2013 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Aktiva / Assets 704 291 316 367 510 775 1169 1561 1776 2160 2533,5 2650 2880 2846 Krediti privr i stan. Retail/ 347 116 170 227 331 503 585 814 1.093 1.270 1.603 1.718 1.879 1.786 commercial lending kapital / Equity 24 46 64 86 99 125 216 328 420 447 497,8 546 591 595

štednja / Savings 4 22 49 73 113 193 266 392 425 578 745 79 5 928 968

u milijardama EUR / u milijardama EUR

kurs EUR 58,68 59,71 61,52 68,31 78,89 85,50 79,00 79,24 88,60 95,89 105,50 104,64 113,72 114,64

Aktiva / Assets 12,0 4,9 5,1 5,4 6,5 9,1 14,8 19,7 20,0 22,5 24,0 25,3 25,3 24,8 Krediti privr i stan. Retail/ 5,9 1,9 2,8 3,3 4,2 5,9 7,4 10,3 12,3 13,2 15,2 16,4 16,5 15,6 commercial lending kapital / Equity 0,41 0,77 1,04 1,26 1,25 1,46 2,73 4,14 4,74 4,66 4,72 5,22 5,20 5,19

štednja / Savings 0,07 0,37 0,80 1,07 1,43 2,26 3,37 4,95 4,80 6,03 7,06 7,60 8,16 8,44

Broj zaposl. 26.075 22.804 18.914 22.319 23.463 25.680 28.092 30.246 32.342 31.182 29.887 29228 28394 26380 No. employees

Broj banaka 86 49 50 47 43 40 37 35 34 34 33 33 32 30 No. banks

Učešće aktive u BDP (u %, mlrd EUR) izvor: www.nbs.rs, obrade autora Source: www.nbs.rs, edited by author

50 Ko je ko u finansijskom sektoru nja, međutim, nikada nije imala više od 3% uče- €8 billion. Dinar savings, however, have never account- šća u ukupnoj štednji. Nastojanje da se dinaru ed for more than 3% of total savings. Endeavouring da primat ne može dati rezultate sve dok se ne to give primacy to the dinar cannot yield results un- uravnoteže ekonomski fundamenti i uspostavi til there is balance in the economic fundamentals and stabilnost cena i kursa, koja bi trajala bar neko- price and exchange rate stability lasting at least a few liko godina, kako bi se vratilo poverenje u dinar. years have been established, in order to restore con- Tokom celog posmatranog perioda, sektor sta- fidence in the dinar. Throughout the entire observed novništva bio je neto kreditor privrede i države. period, the retail sector was the net creditor of both the Izuzetak je bila samo 2008. godina, na vrhuncu economy and the state. The only exception was 2008, at zamaha kreditne ekspanzije. the peak of the momentum of credit expansion. U zasluge kreatora bankarskih reformi, pored In addition to restoring savings in banks, the creators of vraćanja štednje u banke, svakako spada to što, banking reforms can certainly be credited with the fact za razliku od privatizacije privrede, sumnjiv kapi- that, in contrast to the privatisation of companies, dubi- tal i nekompetentni vlasnici nisu mogli da imaju ous capital and incompetent owners were unable to pen- pristup upravljanju. Proces smanjenja ukupnog etrate management structures. The process of reducing broja banaka kroz spajanje, prodaju i oduzima- the number of total banks through mergers, sales and re- nje licence kvazibankama (taj broj je premašivao voking the licenses of quasi-banks (of which there were 100) imao je puno opravdanje, a za to je bila po- in excess of 100), was fully justified and often required trebna često i velika hrabrost, jer su neke od ovih great courage, because some of these dwarf speculative patuljastih špekulativnih banaka bile bastioni banks were bastions of non-transparent operating and netransparentnog poslovanja i predstavljali su actually represented para-banking institutions, whose parabankarske institucije, čije gašenje, za razliku liquidation caused no systemic effects, unlike the major od velikih banaka, nije izazvalo nikakve sistem- banks. Other significant successes of the reforms also in- ske posledice. U značajne uspehe reforme spada i clude the painless transfer of the salary payment system bezbolan prelazak platnog prometa u banke, kao to banks, as well as the positive step of developing the i dobar potez sa pravovremenim razvojem Kre- Credit Bureau at the right time. When the high capitali- ditnog biroa. Kada se tome doda i visoka kapita- sation of banks is added to that, which was a strong ab- lizovanost banaka koja je bila jak amortizer krize, sorber of the crisis and was partly related to the excellent što je jednim delom vezano i za odličnu odluku decision to link the expansion of loans to households to o vezivanju ekspanzije kredita stanovništvu za the amount of capital, it proved to be enough to ensure visinu kapitala, to je ipak dovoljno za pozitivan a positive balance of the banking sector, especially com- saldo bankarskog sektora, pogotovo u poređenju pared to other sectors. The current ownership structure sa ostalim sektorima. Postojeća vlasnička struktu- is well diversified in terms of the countries of origin of ra dobro je diversifikovana po zemljama porekla foreign banks and corresponds with the overall level of stranih banaka i korespondira sa ukupnim nivo- economic cooperation with those countries. om privredne saradnje sa tim zemljama. The banking sector, therefore, is still not fully consol- Bankarski sektor, dakle, još uvek nije u potpuno- idated. The problem is that under the conditions of sti konsolidovan. Problem je što u postojećim re- the existing recession there is no interest in increas- cesionim uslovima ne postoji interes za poveća- ing market share through acquisitions, nor the entry nje tržišnog udela kroz akvizicije, niti za ulazak of new players on the banking market. The banking na bankarsko tržište novih banaka. Bankarski sector essentially has the same problems as the overall sektor u suštini ima iste probleme kao i ukupna economy of the country: there is no real basis for its ekonomija zemlje: nema realne podloge za nje- development on a sound basis, due to the weakening of gov razvoj na zdravim osnovama zbog slabljenja the real sector, low exports, high public spending, but realnog sektora, malog izvoza, visoke javne po- also due to the consequences of the global economic trošnje, ali i posledica velike svetske ekonomske crisis, which had a significant impact. krize, koja je na to bitno uticala. Viewed as a whole, the commercial banking sector rep- U celini gledano, bankarstvo u Srbiji predstavlja resents the better part of the economy and could repre- bolji deo ekonomije i može predstavljati zna- sent an important instrument for the country’s future čajan instrument budućeg privrednog razvoja i economic development and integration. The condition ekonomskih integracija. Uslov za to je sprovođe- for this is the carrying out of reforms that have been nje reformi, koje se godinama odlažu. postponed for years.

WHO’S WHO IN the FINANCIAL SECTOR 51 Trendovi Development razvoja trends of bankarske banking regulative u regulations in Evropi Europe Petar Arsić and Dušan Tomić Petar Arsić i Dušan Tomić KPMG LLC, Belgrade KPMG d.o.o. Beograd

est godina nakon izbijanja svetske ekonomske ix years after the outbreak of the global econom- i finansijske krize, kao i krize u evrozoni koja ic and financial crisis, as well as the crisis in the je ubzo usledila za njom, bankarsko poslo- euroarea which has followed, banking operations Švanje obojeno je neizvesnošću. Brojne izmene su Shave been coloured by uncertainty. Numerous changes izvršene ili se očekuju u domenu važnih propisa have been made, or are expected, in the area of import- kojima se reguliše poslovanje banaka. Takođe, ant regulations determining the operations of banks. In prisutne su i promene po pitanju međusobnih od- addition, there are also changes in terms of relations of nosa regulatornih tela zaduženih za nadzor ban- regulatory bodies responsible for supervising banking karskog poslovanja, od kojih je svakako najvažnije operations, the most important of which is certainly formiranje Evropske bankarske unije i usposta- the formation of the European Banking Union and the vljanje Mehanizma jedinstvenog nadzora. establishment of the Unified Supervision Mechanism. Imajući u vidu o kakvim izmenama je reč, nije pri- Being aware of the type of changes it refers to, it is not mereno govoriti o prilagođavanju ponašanja ba- appropriate to speak about adapting the behaviour of naka, već o njihovoj suštinskoj promeni. Naime, banks, but about its essential change. The new circum- novonastale okolnosti zahtevaju da banke preispi- stances require banks to revise the way they operate taju način poslovanja (biznis model), kulturu po- (their business model), business culture, attitude to risk slovanja, odnos prema rizicima i drugo. Imajući and so on. Bearing in mind that economies around the u vidu da se ekonomije širom sveta polako i ne- world are recovering slowly and unevenly, banks will ravnomerno oporavljaju, pred banke će biti posta- be faced with great challenges. The ability to change in vljeni veliki izazovi. Sposobnost menjanja u datim the given circumstances will be the major determinant okolnostima predstavljaće glavnu determinantu of survival in a cruel game from which some banks will opstanka u surovoj igri iz koje će neke banke izaći come out as winners, whereas others will disappear. kao pobednici, a druge nestati.

52 Ko je ko u finansijskom sektoru Potreba za jasnijim, jednostavnijim i The need for clearer, simpler and stalnijim propisima more stable regulations

Finansijski sektor u poređenju sa ostatkom eko- The financial sector, in comparison with the rest nomije oduvek je imao složenije propise. Među- of the economy, has always had more composite tim, vremenom propisi su postajali sve složeniji regulations. However, over time the SE regulations o čemu najbolje svedoči geneza propisa u delu have become increasingly complex, which is best adekvatnosti kapitala banaka u poslednje dve i shown in the genesis of the legislation in the part po decenije - od Bazela 1 iz davne 1988. godine of adequacy of banks’ capital in the last two and pa sve do Bazela III koji se od 1. januara 2014. a half decades - from Basel I in distant 1988 un- godine fazno primenjuje u EU kroz CRD4 pa- til Basel III, which has been applied in phases in ket propisa. Štaviše, pojedine korekcije Bazela 3 EU through CRD4 package of regulations since 1st mogu se okarakterisati kao tihi dolazak Bazela January 2014. Moreover, some corrections to Basel 4. Ovi standardi polako dolaze u Srbiju kroz III may be defined as the silent arrival of Basel IV. Strategiju za uvođenje Bazela 3, koju je NBS The standards are slowly coming to Serbia through usvojila krajem prethodne godine. Strategy of Introduction of Basel III, which was Ipak, brojni predstavnici stručne javnosti adopted by the NBS late last year. opravdano postavljaju pitanje da li se regulati- However, numerous representatives of the profes- va razvija na odgovarajući način, a sve u sklopu sional community justifiably ask whether the regu- dešavanja u proteklim godinama. Živa diskusija lation is developing appropriately, related to the de- koja se odvija na ovu temu uglavnom pokriva velopments of recent years. An active discussion that sledeće aspekte: složenost, (ne)stalnost, uskla- takes place on this topic mainly covers the following đenost (uporedivost), preciznost (jasnoća), tro- aspects: complexity, (non-) continuity, compliance škovna strana. (comparability), accuracy (clarity), the cost side. Složenost ili kompleksnost propisa (koja je često The complexity of the regulations, which is often predmet kritika) direktno utiče na poslovanje the subject of criticism, directly influences the pojedinačnih učesnika i podrazumeva postoja- operations of individual participants and implies nje određenih kapaciteta kako bi ista mogla da the existence of a particular capacity for the afore se isprati na odgovarajući način. Pri tome, treba mentioned to be tracked properly. In doing so, we imati u vidu da se ovo odnosi na banke ali i na should keep in mind that this applies to banks as nadzorna tela (revizija, supervizori) koja tako- well as the supervisory bodies (auditors, supervi- đe često imaju ograničene interne kapacitete. Iz sors) that also often have a limited internal capac- pojedinih dokumenata može se zaključiti da se ity. It can be concluded from certain documents teži jednostavnijim propisima. that simpler regulations are being sought.

WHO’S WHO IN the FINANCIAL SECTOR 53 Izvor / Source: KPMG International

(Ne)stalnost odnosno promenljivost propisa je ta- (Non-) permanence or variability of regulations kođe jedna od otežavajućih okolnosti sa kojima se is also one of the aggravating conditions which banke susreću. Trenutno postoji velika doza regula- banks face. Currently there is a high level of reg- torne neizvesnosti. Premda je pravac u kome treba ulatory uncertainty. Although the direction in da se ide opštepoznat, postoje brojna otvorena pi- which we should continue is generally familiar, tanja koja znatno otežavaju poslovanje banaka. Lo- there are many open issues that significantly ham- kalno neka od tih otvorenih pitanja su budući tret- per the banking business. Locally some of the open man velikih izloženosti (zaoštravanje uslova kroz issues are the future treatment of large exposures korišćenje CET1 kapitala i spuštanje limita velikih (strictness of conditions through the use of CET1 izloženosti na 5%), brojne novine koje donosi Bazel capital and lower limits of large exposures to 5%), 3 (LCR, NSFR pokazatelji i leveridž racio) za koje a number of changes brought about by Basel III još uvek nije sve do kraja definisano, implikacije (LCR, NSFR indicators and leverage ratio) which IFRS 9 na rezervisanja i korišćenje potrebne rezer- are still not fully defined, the implications of IFRS ve za procenjene gubitke i drugo. 9 on the provision and use of required reserves for Preciznost ili jasnoća propisa je jedan od elemenata estimated losses and others. koji se detaljno razmatra. Praksa je pokazala da su The precision or clarity of regulations is one of the se pojedini pokazatelji relativno složeniji po svojoj elements that are considered in detail. Practice has prirodi pokazali kao manje pouzdani i precizni od proved that relatively complex individual indica- nekih relativno jednostavnijih pokazatelja, zbog čega tors are naturally less reliable and accurate than se supervizori sve više okreću u tom smeru. Takođe, some relatively simple indicators, due to which prisutna je želja da se propisi, pokazatelji i mere u supervisors are increasingly turning in this di-

54 Ko je ko u finansijskom sektoru Stvarni diverzitet ili oportunitetno Actual diversity and opportunistic ponašanje behaviour Postavlja se pitanje da li diverzitet pondera ri- The question is raised as to whether the diversi- zika sa kojim su se supervizori susreli, a koji su ty of risk weights which supervisors face, are the proizvod različitih internih modela predsta- product of different internal models representing vljaju realnu sliku ili su više posledica čišćenja a realistic picture or are more a consequence of podataka, različite postavke i tehnike obračuna cleaning data, different settings and techniqu- i slično čime su pojedine banke postigle znatno es of accounting and similar, with which some niže pondere rizika nego neke druge banke za banks have achieved significantly lower risk gotovo isti posao i poslovno okruženje. weights than some other banks for virtually the same job and the business environment.

što većoj meri međusobno usklade kako bi se olak- rection. Likewise, there is a desire for regulations, šalo praćenje i nadzor. Smanjuju se diskreciona pra- indicators and measures to be adjusted as much va banaka i supervizora kako bi se omogućila veća as possible to each other in order to facilitate mon- uporedivost podataka, uz koliko je moguće zadrža- itoring and supervision. The discretionary rights vanje osetljivosti na rizike. of banks and supervisors are decreased to allow Prilagođavanje novoj regulativi iziskuje značajne greater comparability of the data, while retaining troškove (ulaganja) u pogledu angažovanja i/ili obu- sensitivity to risks as much as possible. ke kadrova i kupovine/razvoja odgovarajućih teh- Conforming to new regulations requires signifi- ničkih i informacionih rešenja. Često kompleksnost cant costs (investments) in terms of hiring and / opravdano zahteva i angažovanje eksternih konsul- or training personnel and the purchase / develop- tanata koji poseduju ekspertizu za datu oblast. ment of the appropriate technical and IT solutions. Complexity often rightly requires the engagement Međunarodni karakter regulative i of external consultants who have know-how in the centralizacija subject area. U govoru koji je nedavno (početkom juna 2014. godine) održao gospodin Jaime Caruana, generalni The international character of direktor Banke za međunarodna poravnanja, još jed- regulation and centralisation nom istaknut je stav da globalno poslovanje iziskuje In a speech given recently (early June 2014) by međunarodno prihvaćene propise. Shodno tome, Mr Jaime Caruana, General Manager of the Bank regulatorna tela širom sveta prisiljena su da pored for International Settlements, the view that global uloge „dobrih domaćina“ koji uređuju poslovanje business requires internationally adopted regula- na nacionalnom nivou, preuzmu ulogu i učesnika u tions was once again highlighted. Consequently, koordiniranoj međunarodnoj aktivnosti u domenu regulatory bodies around the world are forced, be- donošenja i usklađivanja propisa u različitim oblasti- side the role of “good host” governing operations ma sa ciljem postizanja veće stabilnosti i otpornosti at the national level, to also take on the role of par- finansijskog sistema. ticipants in coordinated international activities in Aktuelnost ove ideje najbolje se ogleda u konceptu the field of adoption and harmonisation of regu- Mehanizma jedinstvenog nadzora i šire posmatra- lations in various fields with the aim of achieving no Evropske bankarske unije. Evropsku bankarsku greater stability and resilience of the financial sys- uniju čine države članice evrozone i ostale članice sa tem. osnovnim ciljem postizanja veće stabilnosti i otpor- The persistance of this idea is best reflected in the nosti bankarskog sistema u Evropi, a sve imajući u concept of the Unified Supervision Mechanism vidu prethodno iskustvo sa krizom. and, more broadly, from the view of the Europe- Mehanizam podrazumeva dominantu ulogu an Banking Union. The European Banking Un- Evropske centralne banke (ECB) u domenu nad- ion include member states of the Eurozone and zora poslovanja 124 najveće bankarske grupacije u other Member States with the primary objective bankarskoj uniji sa udelom od 85% u ukupnoj ak- of achieving greater stability and resilience of the tivi, počevši od novembra 2014. godine. ECB biće banking system in Europe, considering the previ- uključena u nadzor i preostalih 6,000 banaka u ous crisis experience.

WHO’S WHO IN the FINANCIAL SECTOR 55 bankarskoj uniji, međutim odgovornost za njihov This mechanism involves the dominant role of nadzor (bar za sada) zadržavaju nacionalni super- the European Central Bank (ECB) in terms of vizori. Trenutno je u toku (i trajaće sve do oktobra supervision of the 124 largest banking groups in 2014. godine) sveobuhvatna procena pomenute EU banking, with a share of 85% in total assets, 124 bankarske grupacije. at the beginning of November 2014. The ECB will be included in monitoring the remaining Sveobuhvatna procena 6,000 banks in the banking union; however, the banaka od strane ECB responsibility for their supervision (at least for Sveobuhvatna procena se može podeliti u tri dela: now) is retained by national supervisors. Com- procena kvaliteta aktive (AQR = asset quality re- prehensive assessments of the afore mentioned view), stres testovi i nedostatak kapitala. Rezultati 124 banking groups are currently being con- procene neće biti pojedinačno objavljeni, ali postoji ducted (and will continue until October 2014). mogućnost da banke koje budu saznale svoje rezul- tate budu pod pritiskom da iste objave. Comprehensive assessment Provera kvaliteta aktive ili AQR vrši se kroz posred- of banks by the ECB ne i neposredne kontrole sa detaljnom proverom Comprehensive assessment can be divided into kvaliteta bilansne aktive i vanbilansnih stavki po three parts: assessment of asset quality (AQR = različitim tipovima rizika, ali pomoću metodologi- asset quality review), stress tests and the lack of je koja je posebno razvijena za ove potrebe i koja je capital. These results will be published separate- konzervativnija od važećih računovodstvenih propi- ly, but there is a possibility that banks will be un- sa koji se uglavnom baziraju na IFRS. Testira se port- der pressure to make their results public when folio loših plasmana (po usklađenim definicijama), they are confirmed. adekvatnost vrednovanja aktive i sredstava obezbe- Asset Quality Review or AQR is done through đenja, visina rezervisanja i adekvatnost korišćenih indirect and direct control with a detailed check pondera rizika. Stres testovima se testira otpornost of the quality of the balance sheet assets and na buduće šokove (npr. promena uslova za dužnič- off-balance sheet items at different types of risk, ke hartije od vrednosti pojedinih država) u odnosu but using a methodology that has been devel- na 8% CET1 kapitala. Pritom, definicija kapitala se oped specifically for this purpose and which is usklađuje sa posmatranim vremenskim horizontom more conservative than the applicable account- (ne definiciji koja se primenjuje sa početkom 2014. ing rules, which are mostly based on IFRS. Test- godine i koja se koristi za potrebe provere kvaliteta ing is performed in the portfolio of non-per- aktive). Procena nedostajućeg kapitala trebe da vodi forming loans (by harmonised definitions), the obezbeđenju dovoljne i kvalitetne kapitalne baze pri- adequacy of the valuation of assets and collater- marno kroz privatne izvore (oslanjanje na državu u al, the amount of provisions and the adequacy krajnjoj instanci uz rigorozne kriterijume). of the used risk weights. Stress tests are tests of resilience to future shocks (e.g. changes in the Uticaj na bankarsko tržište u Srbiji conditions for debt securities of certain states), Navedene promene u pravcu centralizacije usme- compared to 8% CET1 capital. In doing so, the rene su dugoročno na postizanje veće stabilnosti definition of capital aligns with the observed u bankarskom sistemu. Međutim, posmatrano na time horizon (not the definition that applies to kratak rok postoji neizvesnost iz razloga što još early 2014 and used for the purposes of checking uvek nije sigurno kakve će biti posledice sveobu- the quality of assets). Estimation of missing cap- hvatne procene i kakav će biti stav ECB po razli- ital should lead to securing a sufficient and high čitim pitanjima (premda se očekuje da stav bude quality capital base primarily through private intenzivan i rigorozan). sources (reliance on the state ultimately along- Grupacije koje su predmet sveobuhvatne procene i side rigorous criteria). koje će od novembra biti pod nadzorom ECB ima- ju značajno tržišno učešće u Srbiji sa preko 60% impact on the banking ukupne aktive. U pitanju su sledeće banke: Banca market in Serbia Intesa, UniCredit, Erste, Raiffeisen, Findomestic, These changes in the direction of centralisation Credit Agricole, Societe Generale, Alpha, Eurobank, are aimed at achieving greater long-term stabil- Vojvođanska, Piraeus i NLB. ity in the banking system. However, viewed in

56 Ko je ko u finansijskom sektoru the short term, there is uncertainty because it is Olakšavajuće okolnosti u Srbiji – Jednostav- still not certain what the consequences of a com- nije poslovanje sa mnogo kapitala i likvidnih prehensive assessment would be and what the sredstava attitude of the ECB will be on a variety of issues Većina banaka u Srbiji ima solidnu kapitalnu (although the attitude is expected is intense and osnovu i visok nivo likvidnosti, što donekle rigorous). stvari trenutno olakšava. Bankarsko poslovanje Groups that are subjected to a comprehensive gotovo potpuno predstavlja tradicionalni vid assessment, and which will be under the super- bankarstva bez sukjuritizacije, upotrebe deri- vision of the ECB as of November, have a sig- vata i slično. Takođe, interni modeli se zasad nificant market share in Serbia, with over 60% ne koriste u velikoj meri za obračun minimal- of total assets. The following banks are at issue: nih kapitalnih zahteva. Shodno tome, promene Banca Intesa, UniCredit, Erste, Raiffeisen, Find- koje se očekuju u domenu promene pondera omestic, Credit Agricole, Societe Generale, Al- rizika, ograničavanja sloboda koje banke imaju pha, Eurobank, Vojvodjanska, Piraeus and NLB. prilikom obračuna kroz postavljanje određenih It is difficult to assess the extent to which the -re limita ne bi trebalo da imaju izražene posledice sults of conducting a comprehensive assessment na poslovanje banaka u Srbiji. will impact on the parent companies of the afore mentioned banks and lead to changes in their Teško je proceniti u kojoj će meri rezultati izvrše- business models, culture and business risk, cause ne sveobuhvatne procene uticati na matične kom- their capitalisation and increase of reserves, re- panije pomenutih banaka i dovesti do promene organize and change the internal methodology. njihovih poslovnih modela, kulture poslovanja i Greater or less focus on internal problems that rizika, usloviti njihovu dokapitalizuju i povećanja the parent companies of local banks may face rezervisanja, reorganizaciju i promenu internih could largely change the interests of individual metodologija. Veći ili manji fokus na interne pro- markets and the withdrawal of the same, which bleme sa kojima će se matične kompanije lokalnih can certainly have an impact on the Serbian mar- banaka suočiti može u velikoj meri opredeliti i in- ket through further consolidation of the sector. teresovanja za pojedina tržišta i povlačenje sa istih, što svakako može imati uticaj i na srpsko tržišta necessity of changing the business kroz dalju konsolidaciju sektora. model Regulation by nature is inferior in comparison Neophodnost promene with the dynamic business environment. Also, poslovnog modela the fact that the changes occurring moment by Regulativa po prirodi stvari zaostaje za dinamičnim moment lead to the best regulation becoming poslovnim okruženjem. Takođe, činjenica da se pro- less efficient and good at the moment of the -be mene dešavaju iz minuta u minut dovodi do toga da ginning of the application merely because there i najbolja regulativa postaje manje efikasna i dobra is a change in participants’ behaviour to which trenutkom početka primene upravo iz razloga što it refers. Consequently, there is a reasonable di- dolazi do promene ponašanja učesnika na koje se lemma as to what extent an approach based on ista odnosi. Shodno navedenom, opravdana je dile- the rules can contribute to achieving the desired ma u kojoj meri pristup baziran na propisima može goals. At best one can say it is limited. Nowa- doprineti postizanju željenih ciljeva. U najbolju ruku days, much attention is paid to the development može se reći da je ona ograničena. Danas se velika of management, anticipation and risk culture as pažnja posvećuje razvoju upravljanja, anticipacije i a solution which should be supplemented based kulture rizika kao rešenja kojima bi trebalo dopuniti on the approach to regulation, in order to achieve pristup baziran na propisima, a u cilju ostvarivanja the desired goals. A large number of publications željenih ciljeva. Veliki broj publikacija u svetu bavi in the world deal with these matters. However, it se navedenim temama. Ipak, treba istaći da pažnja should be noted that the attention paid to these koja se posvećuje ovim temama nije isključivo ek- issues is not only externally induced, but rather sterno indukovana već ona dolazi i iznutra u velikoj also comes from within, largely as a necessary meri kao neophodan uslov za ostvarivanje uspeha i/ condition for the achievement of success and / ili opstanak banaka. or survival of banks.

WHO’S WHO IN the FINANCIAL SECTOR 57 Nada Suđić, partner, Deloitte Nada Suđić, Partner, Deloitte Jak privatni Economic sektor uslov growth ekonomskog requires a rasta strong private sector

ankarski sektor Srbije u 2013. godini karakteri- n 2013 the Serbian banking sector was charac- šu zadovoljavajuća likvidnost, zadovoljavajući terised by satisfactory liquidity and a satisfactory stepen kapitalizacije, uz pokazatelj adekvatno- level of capitalisation, coupled with an indicator Bsti kapitala bankarskog sektora od 20,9%, što pred- Iof capital adequacy ratio of the banking sector of stavlja rast u odnosu na prethodnu godinu (19,9%) i 20.9%, which represents an increase over the pre- indeks koncentracije koji je ostao na relativno ume- vious year (19.9%) and a concentration index that renom nivou. remained at a relatively moderate level. Međutim, nizak ekonomski rast, smanjenje kvalitet- However, low economic growth, reduced quality of ne domaće tražnje za kreditima, nelikvidnost realnog domestic demand for credit, illiquidity in the real sektora, kao i ograničena ponuda, usled pooštravanja sector, as well as a limited offer due to the tightening uslova kreditiranja, uticali su na stagnaciju kreditne of credit conditions, resulted in the stagnation of the aktivnosti bankarskog sektora. Na kraju 2013. godi- banking sector’s lending activity. ne problematični krediti (NPL) čine 21,4% ukupnih At the end of 2013, Non-Performing Loans (NPLs) (bruto) kredita, što je posmatrano u međunarodnom constituted 21.4% of total (gross) loans, which is kontekstu iznad proseka regiona, ali je istovremeno seen in the international context as being above the pokriće problematičnih kredita ukupnim rezervama regional average, but also the coverage of NPLs with za potencijalne gubitke među najvišim u regionu. total reserves for losses are among the highest in the Visok nivo nekvalitetne aktive i tendencija rasta kre- region. The high level of NPLs and the tendency of ditnih gubitaka, zajedno sa poskupljenjem domaćih growth of credit losses, coupled with a rise in the i inostranih izvora finansiranja, ukazuju na značajne costs of domestic and foreign sources of financing, probleme kada je u pitanju oporavak profitabilnosti indicate significant problems when it comes to re- bankarskog sektora Srbije u narednom periodu. storing the profitability of the banking sector in Ser- Jedan od preduslova ekonomskog rasta je i postoja- bia in the coming period.

58 Ko je ko u finansijskom sektoru nje jakog privatnog sektora i razvijenog preduzet- One of the prerequisites for economic growth is the ništva, koji su sposobni da identifikuju profitabilne existence of a strong private sector and developed mogućnosti za rast, finansiraju ih i kreiraju dodatnu entrepreneurship, which are free to identify profita- vrednost. U odsustvu prethodnog, dolazi do stagna- ble opportunities for growth, finance them and cre- cije i smanjenja kreditne aktivnosti bankarskog sek- ate additional value. In the absence of the aforemen- tora. Poslednja istraživanja EBRD-a (BEPS – Ban- tioned, stagnation and a reduction in the lending king Environment Performance Survey) ukazuju da activity of the banking sector follows. su za nivo kreditne aktivnosti u Srbiji ograničavajući The EBRD’s latest BEPS (Banking Environment Per- faktori uglavnom na strani tražnje, a ne na strani po- formance Survey) research indicates that limiting nude. U tom smislu u sektoru malih i srednjih pre- factors on the level of lending activities in Serbia are duzeća (SME) kao osnovni ograničavajući faktor je mainly on the demand side, not the supply side. In identifikovan nedostatak kvalitetnih, kreditno spo- this sense, the main limiting factor in the SME sector sobnih entiteta u ovom segmentu privrede. Usled li- is an identified absence of quality, creditworthy busi- mitiranih informacija na bazi kojih bi se utvrdila nji- nesses in this segment of the economy. hova kreditna sposobnost i relativno manjih iznosa Due to limited information used to form the basis kredita posmatrano u odnosu na troškove neophod- for determining creditworthiness and the relatively ne za njihovo administriranje, SME sektor je suočen small levels of loans in comparison to the costs nec- sa visokim kamatnim stopama i velikim zahtevima essary for their administration, the SME sector is u vezi sa sredstvima obezbeđenja kredita. Preduzeća confronted by high interest rates and high demand u ovom segmentu privrede i dalje imaju ograničen for loan collateral. Companies in this segment of the pristup sredstvima finansiranja, i malu mogućnost economy still have limited access to finance, as well značajnijeg doprinosa ekonomskom rastu celokup- as weak possibilities of contributing significantly to ne privrede. Rezultati BEPS-a za velika preduzeća, the economic growth of the economy as a whole. kao i u prethodnom slučaju, kao glavni ograničava- The results of the BEPS research for large enterpris- jući faktor kreditne aktivnosti identifikuju kvalitet es identify, as in the previous case, the low quality domaće tražnje. of domestic demand as the main limiting factor in Smanjenje kreditne aktivnosti bankarskog sektora sa lending activity. jedne strane, i nelikvidnost realnog sektora sa druge Reductions in banking sector lending activity, on the strane, uticali su na povećanje učešća problematičnih one hand, and the illiquidity of the real sector, on the kredita u ukupnim kreditima bankarskog sektora Sr- other, led to an increase in the share of NPLs in total bije. Tako ovaj procenat u periodu od 2009. do 2013. loans of the banking sector in Serbia. As such, in the godine ima tendenciju rasta i povećao se sa 15,7% 2009-2013 period this percentage had a growth ten- na 21,4%. Iako je pokriće problematičnih kredita dency and increased from 15.7% to 21.4%. Although ukupnim rezervama na značajnom nivou, i ukazuje the coverage of problematic loans by total reserves is na stabilnu sposobnost bankarskog sektora da apsor- at a significant level and indicates the banking sector’s buje potencijalne kreditne rizike, postavlja se pitanje stable ability to absorb potential credit risks, a ques- rešavanja rastućih problematičnih izloženosti u bu- tion arises as to how to solve the growing problem of dućem periodu, kao i uticaja značajnog nivoa NPL exposure in the future period, as well as the impact of na zadovoljavanje tražnje za sredstvima finansiranja, the significant level of NPLs on meeting the demand a naročito u slučaju rizičnijih segmenata privrede for finances, especially in the case of riskier segments (npr. mala i mikro preduzeća i preduzetnici). Skori- of the economy (e.g. small and micro enterprises and ja iskustva pokazuju da nelikvidnost i nesposobnost entrepreneurs). izmirenja kreditnih obaveza manjeg broja preduzeća More recent experience shows that insolvency, and sa velikim kreditnim izloženostima, mogu imati zna- the inability of a small number of companies with čajan uticaj na kreditni rizik bankarskog sektora. U large credit exposure to make debt repayment obli- tom smislu upravljanje kreditnim rizikom od strane gations, could have a significant impact on the credit banaka trebalo bi da uključi i preuzimanje aktivne risk of the banking sector. In that sense, managing uloge u kriznom menadžmentu ovakvim entitetima credit risk by banks should also include taking an ac- (npr. kroz predstavnike u upravnom odboru) i mo- tive crisis management role in such companies (e.g. nitoringu njihovog poslovanja, u cilju sagledavanja through representatives on boards of directors) and mogućnosti, i preduzimanja koraka neophodnih za monitoring operations in order to consider the possi- njihov oporavak. bilities and take the steps necessary for their recovery.

WHO’S WHO IN the FINANCIAL SECTOR 59 Osiguranje u Srbiji Insurance in Serbia in the last few u proteklih deceniju-dve decades “PRVIH “THE FIRST DESET TEN YEARS GODINA JE ARE THE NAJTEŽE” HARDEST” Autor: Nikola Uzelac By: Nikola Uzelac

eć letimičan pogled na prikazanu tabe- ust a quick glance at the table below, which lu, koja pokazuje samo osnovne podat- includes only the basic data and growth rates ke i stope rasta sektora osiguranja Srbije of the Serbian insurance sector in the last Vtokom desetogodišnjeg razdoblja, dovoljan je Jten years, is sufficient to note that very dynamic da se primeti da se vrlo dinamično poboljšanje growth ended in 2008. As such, this review will završava zaključno sa 2008. godinom. Stoga će i acknowledge that distinction in its contents. An sadržaj pregleda koji sledi da uvažava tu razdel- historical approach in the concise presentation of nicu. Istorijski pristup u sažetom predstavljanju past events implies a somewhat stronger emphasis onoga što se dešavalo podrazumeva i nešto veći on the last few years and on forecasting the future. naglasak na poslednje godine, kao i na ono što će verovatno da usledi. Basic tendency – (new) beginning Approaching EU membership and maintaining Osnovni tok – (novi) početak an open stance to almost all other countries is the Približavanje Evropskoj uniji, uz široku otvo- key determination of Serbia’s social and economic renost prema skoro svima ostalima, ključna je trends in the 21st century, at least to dae (and over odrednica društveno-ekonomskih kretanja u Sr- the course of the following few years). The first biji u 21. veku – barem u njegovom dosadašnjem sign that insurance was an integral part of these delu (i barem tokom narednih nekoliko godina). trends became apparent soon after the political Prvi znaci da je i osiguranje deo ovog osnov- changes of 2000, when life insurance salesmen ap- nog toka usledili su vrlo brzo nakon promena peared in major Serbian towns offering insurance u 2000. godini, kada su se u većim gradovima u packages directly on behalf of insurance compa- Srbiji pojavili prodavci životnog osiguranja koji nies registered in the EU. A few years later, the su taj posao obavljali direktno za račun društa- Serbian insurance sector experienced a U-turn in va za osiguranje registrovanih u zemljama EU. the form of institutional concretisation. In short, Nekoliko godina kasnije usledilo je i ono što je a new and more solid legal framework for insur-

60 Ko je ko u finansijskom sektoru prekretnica za osiguranje u Srbiji, a to je insti- ance activities was established in Serbia (modelled tucionalna konkretizacija. Ukratko, tada je us- on that of the previously mentioned developed postavljen novi i čvršći pravni okvir za delatnost countries), with the National Bank of Serbia as osiguranja u Srbiji (i to po ugledu na pomenuti the supervisory authority. Insurance companies razvijeni svet), a sa Narodnom bankom Srbije were sent an unequivocal message that this sec- kao nadzornim organom. Osiguravačima je po- tor would have clear-cut rules, which was felt in slata nedvosmislena poruka da će jasna pravila particular by those ‘insurance companies’ that igre da važe i u ovoj delatnosti - što su naročito saw their operating licences revoked soon after. osetila ona “osiguravajuća” društva koja su ubr- The insureds gained a strong ally in protection of zo izgubila dozvolu za rad - dok su osiguranici their interests. This was really the crucial event (or dobili jakog saveznika u zaštiti vlastitih intere- rather a sequence of activities) for boosting or re- sa. Ovo je zaista bio odlučujući događaj (ili, bo- storing trust in insurance. Furthermore, this was lje rečeno, niz aktivnosti) za jačanje - odnosno also very demanding work because we had to start vraćanje - poverenja u osiguranje. I ne samo to: virtually from scratch. radilo se o veoma zahtevnom poslu i zbog toga Tighter discipline was also exercised in re-in- što se kretalo gotovo “od nule”. surance activities, while the trust in voluntary Jačanje discipline bilo je primetno i u poslovima pension insurance became stronger following reosiguranja, a poverenje u dobrovoljno pen- its separation from other types of insurance and zijsko osiguranje osnaženo je njegovim izdva- transforming into a special segment based on janjem u posebnu celinu zasnovanu na strogo strictly controlled funds. Special attention was giv- kontrolisanim fondovima. Posebna pažnja po- en to developing sales channels. For the first time svećena je i razvoju kanala prodaje. Pojavile su se we had banks that were given licences to engage prve banke sa odobrenjem za obavljanje poslova in insurance brokerage and it became mandatory posredovanja u osiguranju, a uvedeno je i obave- for everyone intending to become an independent zno posedovanje odgovarajućeg nivoa znanja o insurance broker or agent to possess a certain level osiguranju kao uslov za sve one koji nameravaju of knowledge about the insurance business. samostalno da se bave posredovanjem ili zastu- Favourable economic trends additionally spurred panjem u osiguranju. the arrival of more renowned regional, European Povoljna ekonomska kretanja dodatno su pod- and global insurance companies, which further stakla dolazak više osiguravača poznatih u regio- enriched the insurance offer. Simultaneously, the

Tabela 1: OSNOVNI PODACI O SEKTORU OSIGURANJA SRBIJE (iznosi u milijardama dinara) TABLE 1: BASIC DATA ABOUT SERBIAN INSURANCE SECTOR (amounts expressed in billion Dinars) GODINA / YEAR STOPA RASTA / GROWTH RATE

KATEGORIJA / CATEGORY 2004. 2008. 2013. 2008/2004 2013/2008 2013/2004

Bruto obračunata premija osiguranja 22,6 52,2 64,0 130,5% 22,7% 182,9% Gross written premium

Ukupna aktiva osiguravača i reosiguravača 34,4 84,8 147,8 146,5% 74,2% 329,6% Total assets of insurers and reinsurers

Ukupan kapital osiguravača i reosiguravača 16,8 25,3 35,0 50,7% 38,1% 108,2% Total capital of insurers and reinsurers

RSD / EUR 78,885 88,601 114,6421 12,3% 29,4% 45,3%

Izvor podataka: Narodna banka Srbije i Agencija za privredne registre Republike Srbije (internet adrese) Source: National Bank of Serbia and the Serbian Business Registers Agency (websites)

WHO’S WHO IN the FINANCIAL SECTOR 61 nalnim, evropskim i svetskim razmerama – što je creditworthiness and awareness of benefits stem- znatno obogatilo ponudu. Istovremeno, platežna ming from insurance also grew, so that the people sposobnost i svest o koristi od osiguranja takođe who were at the centre of all of this – the insureds su napredovali, tako da su i oni koji su u svemu – were in a win-win situation. In the space of just ovome najvažniji - osiguranici - bili na dobitku. a few years, this all served to raise the total insur- Sve to je u vrlo kratkom razdoblju od nekoliko go- ance premium to almost €600 million in Dinar dina podiglo premiju osiguranja na dinarsku pro- countervalue (or €80 per capita), while the share tivvrednost od bezmalo 600 miliona evra (odno- of the insurance premium ad in the national GDP sno 80 evra po stanovniku), dok se učešće premije was close to 2%. osiguranja u bruto domaćem proizvodu približilo nivou od 2%. Basic tendency – the plot And just when it was expected that progress made Osnovni tok - zaplet by the insurance sector in Serbia would advance I kada se očekivalo da će osiguranje u Srbiji još even faster (taking into the account the good results brže da napreduje (a prema dostignućima sa po- from the early 1990s, when the number of life insur- četka devedesetih godina prošlog veka – kada ance policyholders was running into the millions), se npr. broj osiguranika u životnom osiguranju in 2008 the world was confronted by serious finan- merio milionima), 2008. godine došlo je do ve- cial challenges. These challenges had a very negative oma ozbiljnih globalnih finansijskih izazova. impact on the economy and the financial sector in Oni su dosta loše uticali na ekonomiju Srbije i Serbia, with their consequences being felt years later. njen finansijski sektor, sa posledicama koje će Speaking from the perspective of insurance, it was se osećati i u narednim godinama. Gledano iz very difficult to cope with the sudden and major -de ugla osiguranja, posebno je bilo teško nositi se cline in the value of investments in shares, followed sa naglim i velikim padom vrednosti ulaganja u by growing unease in terms of the security of invest- akcije, a zatim i sa porastom neizvesnosti u po- ments in bank deposits (lack of ratings). Moreover, gledu sigurnosti ulaganja u depozite kod banaka nominal incomes of businesses and citizens alike (nepostojanje rejtinga). Takođe, manji ili sporo- also reduced or grew slowly, meaning that the nomi- rastući nominalni prihodi firmi i građana značili nal incomes of insurers were exactly the same. There su i iste takve nominalne prihode osiguravača, were also increasing difficulties in collecting receiv- veće poteškoće pri naplati potraživanja za pre- ables in insurance claims, pressure grew to lower in- miju osiguranja, rast pritiska na sniženje cena surance prices and increase insurance broker/agent osiguranja i povećanje posredničkih provizija, commissions, as there was a risk of false insurance kao i veći rizik od prevara pri prijavi šteta. Pored claims. Additionally, an overall price hike in Serbia toga, na troškove sprovođenja osiguranja uticao impacted on the expesnes of insurance manage- je visok opšti rast cena u Srbiji, a i činjenica da je ment, as did the fact that the number of insurance broj ljudi zaposlenih u osiguravajućim društvi- employees engaged in other activities (not in sales, ma na poslovima izvan osnovnih funkcija (pro- underwriting and claims) was on par with the ex- daja, preuzimanja rizika i štete) bio usklađen sa pected growth. očekivanjima o ubrzanom rastu. Overcoming these rather serious difficulties entailed Prevazilaženje ovih nemalih poteškoća zahteva- a lot of skill, restraint and patience from everyone in- lo je puno umešnosti, odmerenosti i strpljenja volved. Still, all of that would not have been enough svih zainteresovanih strana. Ipak, ništa od toga if the operations of the Serbian insurance sector had ne bi bilo dovoljno da prethodno, jačanjem nad- not been raised, thanks to development of the super- zorne funkcije, poslovanje sektora osiguranja visory function, to the level that entailed solid shock Srbije nije dovedeno na nivo koji podrazumeva resistance. Despite everything, stability and trust in ugrađenu znatnu otpornost na velike udare. Sto- the insurance sector was maintained, albeit at a price ga je, uprkos svemu, ipak očuvana stabilnost de- –long-standing, very low nominal profitability. latnosti osiguranja, kao i poverenje u nju – mada The period from 2009 to date has also been marked po cenu već više godina veoma niske nominalne by working hard on overcoming hardship caused profitabilnosti. or aggravated by the global financial crisis. The -su No, razdoblje od 2009. godine naovamo nije bilo pervisory authority worked on shaping and imple- ispunjeno samo borbom za prevazilaženje ne- menting the Law on Obligatory Vehicle Insurance

62 Ko je ko u finansijskom sektoru volja prouzrokovanih ili podstaknutih svetskom (passed in 2009), as well as the overall protection of finansijskom krizom. Nadzorni organ radio je na the users of financial services (for instance, through oblikovanju i sprovođenju Zakona o obaveznom mediation in insurance claims and field control of osiguranju u saobraćaju (donetim u 2009. godi- the speed at which vehicle insurance claims were ni), kao i zaštiti korisnika finansijskih usluga šire dealt with). Topics that were current in the EU were gledano (npr. kroz medijaciju u vezi sa odštet- also raised, such as new solvency rules (Solvency II), nim zahtevima osiguranika i terenskom prove- risk management in insurance companies as a whole rom brzine rešavanja šteta obaveznog osiguranja and information risks. At the same time, new com- od auto-odgovornosti). Otvorene su i teme koje petition from abroad (including the leading global su u fokusu u EU, poput novih pravila u vezi sa insurance companies) appeared on the market – solventnošću („Solvency II“), upravljanjem ri- having obviously not been deterred by the afore- zikom na nivou društva za osiguranje kao celi- mentioned threats. ne, te sa informatičkim rizicima. Istovremeno, na tržištu su se pojavili novi konkurenti iz ino- Basic tendency – denouement, new stranstva (pa i iz grupe vodećih u svetu), na koje beginning or...? gore pomenute pretnje očigledno nisu delovale Although it is clear that the Serbian insurance sec- obespokojavajuće. tor has been functioning normally all this time and that the aforementioned serious challenges have Osnovni tok – rasplet, novi početak been kept under control for the most part, it is ob- ili...? vious that a lot still needs to done. Of course, not Iako je jasno da sektor osiguranja Srbije sve ovo everything depends on the people engaged in insur- vreme normalno obavlja svoju ulogu, te da su ance. We could be justified in saying that the over- pomenuti ozbiljni izazovi načelno pod kontro- all development of the Serbian insurance sector is lom, jasno je i to da još mnogo toga ostaje da se primarily conditioned by overall economic trends, uradi. Naravno, ne zavisi baš sve samo od ljudi which are not even close to a strongly needed hike. koji se bave osiguranjem. Može čak sa pravom da Still, if we focus on the insurance sector alone, we se kaže da je dalji sveukupni razvoj osiguranja u can note that there are several important areas that Srbiji prvenstveno uslovljen opštim ekonomskim are able to provide a solid basis for the future, con- kretanjima, a koja još uvek nisu blizu prelaska na sidering the latest events or previous happenings, es- preko potrebni skokoviti rast. Ipak, sužavajući pecially if the state supports them and doesn’t stand pogled samo na sektor osiguranja, primetno je in their way, or even jeopardise them with its meas- da postoji najmanje nekoliko važnih oblasti kod ures. kojih ono što se dešava u poslednje vreme ili ne- Life insurance has the potential to become the first što duže može da obezbedi čvrstu osnovu za bolju area in which positive historical tendencies could budućnost - a naročito ako bude potpomognuto become even more apparent. Over the last ten years ili neometano merama države – ili da je ugrozi. the growth of premiums was in double digits on av- Životno osiguranje možda je i prva oblast kod erage, while in the last two periods it was almost 20% koje će pozitivan istorijski tok verovatno još (with a 22% share in overall premium). At the same više da dođe do izražaja nego do sada. Tokom time, the number of insureds grew to over 500,000 poslednjih deset godina beležen je najčešće dvo- which is close to 30% in relation to the total work- cifren rast premije, a u poslednja dva razdoblja force. bezmalo 20% (uz učešće u ukupnoj premiji od Easier and better understanding, coupled with the 22%). Istovremeno, broj osiguranika prešao je greater benefits and availability of life insurance 500.000, što u odnosu na ukupan broj zaposlenih contracts, are solutions that could spur on or protect iznosi oko 30%. these trends even more. It is up to insurance com- Lakša i bolja razumljivost, a veća korisnost i do- panies to provide easier and better understanding stupnost ugovora o životnom osiguranju, rešenja when it comes to designing products (simplicity) su koja ovome trendu mogu da daju još veći za- and selling them (“translating” insurance terms into majac, ili da ga zaštite. Za lakšu i bolju razumlji- the language of the common man). In terms of life vost ponude odgovorna su osiguravajuća društva, insurance benefits, they are somewhat reduced by kako pri osmišljavanju proizvoda (jednostavnost) a drop in the yields on the investments of insurers, – tako i pri prodaji istih („prevođenjem“ pojmova as this also reduces the share distributed among

WHO’S WHO IN the FINANCIAL SECTOR 63 osiguranja na jezik svakodnevnog života). Vezano insurance policyholders. On the other hand, the za korisnost životnih osiguranja, nju u izvesnoj benefits could grow thanks to tax incentives, much meri smanjuje pad prinosa na ulaganja osigura- like those that exist in some EU countries, or they vača, jer je time manji i njihov deo koji se raspo- can reflect the format that has been used in volun- ređuje na imaoce polisa životnog osiguranja. Sa tary pension insurance in Serbia for quite some time druge strane, ona bi mogla da se uveća poreskim now. The availability of life insurance could be im- olakšicama po modelu preuzetom iz neke od ze- proved by more banks getting on board with selling malja EU, ili na primer na način koji već duže insurance, more developed technological solutions, vreme važi za dobrovoljno penzijsko osiguranje u relevant bylaws relating to online sales and especial- Srbiji. Dostupnost životnog osiguranja bi se una- ly through an increase in the number of insurance predila još većom uključenošću banaka u prodaju sales staff (which can be supported by relevant la- osiguranja, razvijenijim tehnološkim i pratećim bour regulation allowing people to engage in selling pravnim rešenjima vezanim za prodaju putem insurance in addition to their regular jobs). interneta, a naročito povećanjem broja prodava- Although the share of motor vehicle insurance in the ca (čemu može da doprinese i takvo radno pravo overall insurance premium in Serbia is around 30%, koje omogućuje bavljenje ovim poslom i uz neko European characteristics or best European practices drugo zanimanje). are not prevalent in this type of insurance. Despite Iako već dugo učestvuje sa oko 30% u ukupnoj this area being highly regulated, primarily thanks to premiji osiguranja Srbije, auto-odgovornost je the lex specialis passed in 2009, there are many court vrsta osiguranja u kojoj izgleda da ne preovlađuju cases associated with vehicle insurance claims; their „evropska“ svojstava, ili barem ne najbolja evrop- growth is absolute and relative and usually last for ska praksa. Naime, oblast je visoko regulisana, years. Significantly less than a half of each premium prvenstveno već pomenutim posebnim zakonom dinar goes towards claims, while the sales figures do iz 2009. godine - a sudski postupci su brojni, rastu not depend greatly on the quality of the service ren- apsolutno i relativno i uglavnom traju godinama. dered to insureds. In terms of sales channels, techni- Znatno manje od polovine svakog dinara premije cal check points (TPCs) for vehicles have been top- daje se za štete - a obim prodaje ne zavisi mnogo ping the sales list for quite some time (they account od kvaliteta usluge osiguranicima. Kada govori- for ¾ to 4/5 of total sales), while the real reason for mo o kanalima prodaje, servis za proveru tehnič- this predominance is of an administrative nature – ke ispravnosti vozila već duže vreme je ubedljivo specifically mandatory checks on vehicle roadwor- na vrhu liste (približno 3/4 -4/5 ukupne proda- thiness being a prerequisite for initially registering a je) - a stvarni izvor te prevage je administrativne vehicle. In addition to this, TPCs have a very special prirode: obavezna provera tehničke ispravnosti legal treatment, since their insurance activities are vozila kao uslov za godišnje produženje važno- not considered to be those of insurance agents and sti registracije vozila. Pored toga, tehnički servisi their real number far exceeds that which would be su posebni i po pravnom položaju, jer se poslovi sufficient for the technical inspection of close to 2.2 koje u vezi sa osiguranjem obavljaju ne smatra- million vehicles. ju zastupanjem u osiguranju – a njihov stvarni This problem should be solved through simplifica- broj višestruko prevazilazi onaj koji je dovoljan tion of the entire process – from selling insurance za tehničku proveru oko 2,2 miliona vozila. policies to settling claims. The reliability of the sys- I ovde bi rešenje trebalo da ide u pravcu pojedno- tem would be ensured through a more dedicated ap- stavljenja celog procesa, od prodaje polise – do proach to the things that are most imporant to both isplate štete. Pouzdanost sistema obezbeđivala bi the insureds and the society – the speed and suffi- se većom posvećenošću onome što je najvažni- ciency of payment claims and sufficient provision je za osiguranike i društvo: brzini i dovoljnosti for claims, as well as the liquidity and solvency of in- isplata po odštetnim zahtevima, dovoljnosti re- surance companies (preventing them from settling zervacija za štete, kao i likvidnosti i solventnosti their existing financial obligations from income gen- osiguravača (uz sprečavanje plaćanja postojećih erated by new accounts). Suspecting the existance of obaveza iz priliva po novim poslovima). Sumnje cartel agreements between brokers and/or insurers u kartelske sporazume posrednika i/ili osigura- should also be scrutinised more. Last but not least, vača bi takodje trebalo da budu predmet veće providing timely and comprehensive information pažnje. Konačno, blagovremeno i potpuno oba- to the general public regarding the aformentioned

64 Ko je ko u finansijskom sektoru veštavanje javnosti po svim ovim osnovama, po- aspects, especially in terms of executing accompany- sebno o izvršenju pratećih mera nadzornog orga- ing measures of the supervisory authority, would be na, isto je veoma dobrodošlo. more than welcome. Što se tiče ostalih vrsta osiguranja, izdvaja se As for other types of insurance, there are several nekoliko pitanja. Kod obaveznog osiguranja od issues that need to be addressed. In terms of man- posledica nesrećnog slučaja bilo bi dobro da se datory accident insurance, it would be advisable to prekine višegodišnja stagnacija ionako ne baš vi- eliminate the long-standing stagnation of rather sokih suma osiguranja (npr. za slučaj smrti zapo- modest insurance amounts (for instance, in the case slenog). Za dobrovoljno zdravstveno osiguranje, of the death of an employee). In regard to voluntary pravni okvir bi trebalo u praksi da pruža podjed- health insurance, in practice the legal framework nake šanse za osiguravače i za državni zdravstveni should offer the same chances for both insurers and fond. U osiguranju poljoprivrede, velike štete od the state health fund. In terms of agricultural insur- nevremena u 2013. godini najverovatnije će na- ance, the huge damage inflicted by bad weather in kon dužeg razdoblja da ustale visoke stope rasta 2013 will probably stabilise as substantial premium premije. Osiguravajuća društva bi tome takođe growth in the long term. Here insurance compa- trebalo da doprinesu, i to tako što bi se više usred- nies should also contribute by being focused more sredila na rizike koji ne spadaju u grupu osnov- on the risks that are not considered basic (i.e. fire, nih (požar, grad i udar groma). Posebno pitanje hail and thunderstrike). Another issue is insurance je osiguranje od katastrofalnih rizika, imajući against the risk of natural disasters, considering the u vidu nedavnu poplavu nezabeleženu u istoriji recent unprecedented floods in Serbia which caused Srbije - čije se štete u ovom trenutku iskazuju u damage worth billions of euros. Large-scale long- milijardama evra. One će verovatno da podstaknu term preventative measures are likely to be instigat- preduzimanje preventivnih mera širokih razmera ed, as well as making insurance a more commonly i na dugoročnoj osnovi – ali i da utiču na bolje accepted factor for mitigating the effects of such prihvatanje osiguranja kao činioca ublažavanja adverse events. posledica neželjenih događaja. In terms of relations between competitors, and the Za konkurentske odnose, a i za dinamiku opisa- dynamic of described changes, the state’s stance is nih promena, bitno je i određenje države u pogle- important regarding its ownership share in leading du njenog vlasništva nad vodećim osiguravajućim insurance companies. The succesful sale of a ma- društvom. Uspešna prodaja većinskog udela (što jority share (as announced), or at least a successful je najavljeno), ili barem uspešno organizaciono organizational adaptation of this insurer, would be prilagođavanje ovog osiguravača, bio bi veoma a very good sign for the overall insurance sector dobar znak za osiguranje u Srbiji, u celini gleda- in Serbia. The result of the aformentioned process no. Ishod navedenog procesa zavisi i od ambici- depends on the ambitions of existing competitors, ja postojećih konkurenata, kao i od onih koji bi as well as those that might become so. The end of možda mogli to da postanu. Do većih promena last year and this year have already seen a major vlasništva nad osiguravajućim društvima već je change in the ownership of insurance companies, došlo krajem prošle i tokom ove godine – kako u both in Serbia and in neighbouring countries. It Srbiji, tako i u susedstvu. Ne bi bilo iznenađujuće would come as no surprise if a similar thing hap- ako bi se nešto slično desilo u preostalom delu ove pened by year’s end or in the years to come. godine ili narednih godina. Conclucion – development as the key Zaključak – razvoj kao ključno benchmark merilo In short, many positive things have occurred in the U najkraćem: mnogo toga dobroga za osiguranike Serbian insurance sector for both insureds and the i društvo u celini urađeno je u sektoru osiguranja society as a whole. The most important aspect of Srbije. Ono što je najvažnije za bilo koju narednu any measure or activity is a clear, well-explained, meru ili aktivnost je jasan, obrazložen, javnosti publicly known, ex ante and ex post response to poznat, ex ante i ex post odgovor na pitanja: Šta the following questions: What does insurance de- ovo znači za razvoj osiguranja? Šta dobijaju osi- velopment entail? What do insureds and society guranici, a šta društvo – na kratki, srednji i dugi stand to gain in the short-, mid- and long-term? rok - veću sigurnost, nižu cenu, bolju uslugu...? More security, lower prices, better services etc.?

WHO’S WHO IN the FINANCIAL SECTOR 65 Draginja Đurić, predsednik Draginja Đurić, President of the Izvršnog odbora Banca Intesa Banca Intesa Executive Board Dolazak Arrival of stranih banaka, foreign banks, glavni pokretač main driver of rasta tržišta market growth

Na koji način se, prema vašem mišljenju, In which way, in your opinion, has the Serbian promenio bankarski sistem u Srbiji u banking system changed in the last 10 years? poslednjih deset godina? When it comes to the last ten years, we can con- Kada govorimo o poslednjih deset godina, sa clude with certainty that this is the period when the sigurnošću možemo zaključiti da je to peri- most significant changes occurred in the domestic od u kome su se desile najznačajnije promene banking system, as well as that the last decade has u domaćem bankarskom sistemu, kao i da su seen the achieving of the most dynamic growth and tokom protekle decenije ostvareni najdina- development. However, likewise, the end of the dec- mičniji rast i razvoj. Međutim, isto tako, sam ade was marked by the global financial crisis, which kraj ove dekade obeležila je svetska finansijska brought new challenges that we are now confront- kriza, koja je donela nove izazove sa kojima se ing and that we are currently striving to overcome. suočavamo i koje upravo nastojimo da preva- At the beginning of the last decade the domestic ziđemo. Domaći bankarski sistem na početku banking system began to „catch up“ with developed prethodne decenije počinje da „hvata korak” European markets: the restructuring of the banking sa razvijenijim evropskim tržištima: restruktu- sector, followed by the privatisation process, created riranje bankarskog sektora praćeno procesom the key preconditions for building a stable, compet- privatizacije stvorilo je ključne pretpostavke za itive and orderly system. izgradnju stabilnog, konkurentnog i uređenog It was actually the arrival of foreign banks that sistema. Upravo je dolazak stranih banaka bio proved to be the main driver of market growth, glavni pokretač rasta tržišta kroz poboljšanu through improved offers that encouraged lending ponudu koja je podstakla kreditnu aktivnost, i and, more importantly, the re-establishment of citi- što je još važnije, kroz ponovno uspostavljeno zens’ confidence manifested in a significant increase poverenje građana ispoljeno kroz značajan rast in domestic savings. Alongside that, with the arrival domaće štednje. Uz to, dolaskom inostranih of foreign investors, domestic banking practices were investitora u domaću bankarsku praksu, inte- integrated into the highest international standards of grisani su najviši međunarodni standardi kor- corporate governance, which ensured a higher level porativnog upravljanja, koji su obezbedili veći of competitiveness and operational efficiency. stepen konkurentnosti i efikasnosti poslovanja. This kind of dynamic growth dictated the need Ovako dinamičan razvoj nalagao je potrebu to build stronger regulatory frameworks in order izgradnje čvršćeg regulatornog okvira kako bi to systemically regulate the market and create the se sistemski uredilo tržište i kreirale osnove za basis for competition and client confidence and jačanje konkurencije i poverenja klijenata, bo- better consumer protection, ensuring the trans-

66 Ko je ko u finansijskom sektoru lju zaštitu potrošača i obezbeđenje transparent- parency of operations and greater system stability. nosti poslovanja, te veću stabilnost sistema. U In that sense, great progress has been made in the tom smislu, ostvaren je veliki napredak u delu area of improving legal solutions and harmonis- poboljšanja zakonskih rešenja i usklađivanja sa ing with the European Union, while the control propisima Evropske unije, ojačana je kontrolna function of the National Bank of Serbia has been funkcija Narodne banke Srbije. Sve ovo je di- strengthened. All this has directly contributed, re- rektno doprinelo da, bez obzira na negativne gardless of the negative consequences of the crisis, posledice krize, mi danas imamo daleko stabil- to us now having a far more stable and healthier niji i zdraviji sistem koji deluje u korist građana system that works for the benefit of citizens and i privrede, odnosno, celokupnog društva. businesses, i.e., society as a whole.

Kako je svetska ekonomska kriza promenila How has the global economic crisis changed bankarstvo uopšte, pa i kod nas? banking in general, including in our country? U globalnom kontekstu, svetska finansijska i In the global context, the world financial and eco- ekonomska kriza otkrila je sistemske slabosti i nomic crisis has revealed systemic weaknesses and nedostatke regulatornog okvira i supervizije, shortcomings in regulatory frameworks and super-

WHO’S WHO IN the FINANCIAL SECTOR 67 koji su uz odsustvo odgovornosti vodećih ban- vision that led, coupled with the lack of accounta- karskih grupacija, doveli do kolapsa finansijskih bility of the leading banking groups, to the collapse tržišta širom sveta. Kao posledica, sedam godina of financial markets worldwide. As a result, seven nakon izbijanja krize, reforme i dalje traju, kako years after the outbreak of the crisis, reforms are still bi se unapređenjem regulative i nadzora pove- continuing with the aim of increasing stability and ćala stabilnost institucija i povratilo poverenje restoring confidence in the international financial na međunarodnom finansijskom tržištu. Sada se market by improving regulations and the supervi- suočavamo sa strožim zahtevima u pogledu ka- sion of institutions. Now we are facing more strin- pitala i likvidnosti, pojačana je kontrola rizika i gent requirements in terms of capital and liquidity, zahteva se veća transparentnost poslovanja. Ako increased risk control and demands for the greater fokus preusmerimo na naš bankarski sektor, ja- transparency of operations. sno je da na samom početku on nije delio ovaj If we focus on our banking sector, it is clear that it problem budući da sa jedne strane nije posedo- did not initially share this problem, because it did vao toksičnu aktivu, a da je, sa druge, poslovao u not possess toxic assets, on the one hand, while on uređenom regulatornom okviru i uz restriktivne the other it operated within an orderly regulatory mere prudencijalne politike NBS-a. Zahvaljuju- framework and under the restrictive measures of ći tome, bankarski sektor je posedovao visoku the prudential policies of the National Bank of Ser- adekvatnost kapitala i snažne rezerve likvidno- bia. Thanks to that, the banking sector possessed sti kojima je i očuvana stabilnost sistema nakon high capital adequacy and strong reserve liquidity, prvog udara krize. Ipak, u svom drugom ciklu- with which system stability was maintained after the su, kriza je imala veći uticaj na banke, pre svega initial impact of the crisis. However, in its second kroz narušenu likvidnost privrede usled recesije cycle the crisis had a greater impact on banks, pri- na izvoznim tržištima i pada domaće tražnje, marily through disturbing the liquidity of the econ- zbog čega se poslednjih godina suočavamo sa omy as a result of the recession in export markets problemom rastućeg nivoa nenaplativih kredita and a decline in domestic demand, due to which we i vidljivim nedostatkom kvalitetne tražnje, pa je have been confronted in recent years by the prob- upravljanje rizicima postalo prioritet poslovanja lem of increasing levels of non-performing loans svih banaka. and a visible lack of high quality demand and, thus, risk management has become a priority in the oper- Kako je izgledalo upravljanje rizikom pre ations of all banks. krize, a kako to izgleda danas, nakon finansijske krize? What did risk management look like prior to Jasno je da su negativni efekti globalne krize the crisis and how does it looks today, in the primorali banke da u potpunosti preispitaju wake of the financial crisis? pristup upravljanju rizicima. Ovaj proces doveo Clearly the negative effects of the global crisis forced je do suštinskih promena reflektovanih pre sve- banks to completely re-examine their approach to ga u novom odnosu prema funkciji upravljanja risk management. This process led to substantial rizicima, u efikasnijem rešavanju problema ne- changes, reflected primarily in new relations to- naplativih kredita, kao i u povećanom oprezu wards the function of risk management, in the more u pogledu novih plasmana. Funkcija upravlja- efficient resolving of non-performing loan problems nja rizicima sada je u potpunosti integrisana u and increased caution in the sense of issuing new sve ključne poslovne procese u bankama. Isto loans. The risk management function is now fully tako, otežana ekonomska situacija uzrokovala integrated into all key business processes in banks. je znatno smanjenje kvalitetne tražnje i rast ni- Likewise, the tougher economic situation caused a voa nenaplativih kredita, što je dovelo do toga significant reduction in the quality of demand and da je trenutni prioritet svih domaćih banaka the level of growth of non-performing loans, which upravljanje problematičnim plasmanima. Ovo led to the managing of problematic loans becoming su ujedno i razlozi zašto su banke postale znat- the current priority of all domestic banks. These are no selektivnije u pogledu kreditiranja i opre- also the reasons why banks have become markedly znije u procenjivanju nivoa rizika koji mogu da more selective in terms of lending and more cautious preuzmu. Osim što su konzervativniji nego u in assessing the level of risk they are able to take on. periodu pre krize, limiti su sada i dobro opera- Apart from being more conservative than before the

68 Ko je ko u finansijskom sektoru cionalizovani, odnosno uključeni u svakodnev- crisis, limits are now well operationalised and in- no upravljanje i odlučivanje. Ukupno gledano, cluded in daily management and decision-making. banke su danas u potpunosti svesne da je upra- Viewed as a whole, banks today are fully aware that vljanje rizicima briga celokupne organizacije i risk management is a concern of the entire organi- da ovaj aspekt poslovanja ima strateške, ako ne zation and that this aspect of the business has strate- i presudne implikacije na njihove finansijske i gic, if not crucial, implications for their financial and tržišne rezultate. market results.

WHO’S WHO IN the FINANCIAL SECTOR 69 Klaudio Ćezario, predsednik Claudio Cesario, CEO of Izvršnog odbora UniCredit banke UniCredit Bank Serbia Srbija Ključna uloga Key role in u oporavku recovery

Na koji način su se, prema vašem mišljenju, In your opinion, how have the Serbian banking promenili bankarski sistem u Srbiji i odnos system and relations between banks and banke i klijenta u poslednjih deset godina? clients changed in the last 10 years? Nijedan bankarski sistem u okruženju nije pretr- There is no banking system in the region that has peo tolike promene kao ovaj u Srbiji. sustained as many changes as the one in Serbia. Nakon 2000, kada je došlo do ponovnog uspo- After 2000, when the banking system in the coun- stavljanja bankarskog sistema u zemlji, najvažniji try was reestablished, the most important task for zadatak svih igrača na tržištu je bio vraćanje po- all players on the market was to regain trust in it. verenja u njega. Bile su potrebne godine da se ono It took years to rebuid the confidence and restore ponovo izgradi i uspostavi partnerski odnos kli- partnership relations between the client and the jenta i banke. Krediti su ponovo počeli da se odo- bank. Then the approval of loans restarted, while bravaju, a štednja da se vraća u banke. savings started to return to banks. Promene koje su se dogodile u Srbiji u prethod- It is important to point out that the changes which noj deceniji, omogućile su bankarskom sistemu da occured in Serbia in the past decade have allowed postane jedan od najznačajnijih oslonaca lokalne the banking system to become one of the most im- ekonomije. Kada je postavljen na zdrave temelje, a portant pillars of the local economy. Once it was u skladu sa promenama u društvu, banke su poče- set on a sound basis, and in line with changes in le da menjaju svoj odnos prema klijentima. the society, banks began changing their attitude towards clients. Koji su glavni izazovi za upravljanje bankom i koliko su se oni promenili u godinama krize? What are the main challenges to managing Akvizicija novih i zadržavanje starih klijenata, i banking operations and how much have they danas su najveći izazovi sa kojima se banke suo- changed during the crisis years? čavaju, dok su inovacije u poslovanju, alternativni The acquisition of new and retaining of existing cli- kanali prodaje i novi proizvodi postali imperativ ents still represent the major challenges which banks za održavanje uspešnog poslovanja. are facing today, while business innovation, alterna- Međutim, finansijska kriza je značajno prome- tive sales channels and new products have become nila prioritete bankarskog sektora, koji sada više imperative for maintaining successful business. pažnje posvećuje adekvatnom upravljanju likvid- However, the financial crisis has significantly nošću i boljem obezbeđivanju plasmana kroz pa- changed the priorities of the banking sector, which žljivo upravljanje rizicima. Kao što je to bio slučaj i is now paying much more attention to the adequate u drugim industrijama, kriza je i u bankarstvu na- management of liquidity and better loan place- metnula pitanje snažne kontrole troškova i načina ments, through more careful risk management. The njihove optimizacije uz zadržavanje investicija u crisis also imposed the issue of strong cost control

70 Ko je ko u finansijskom sektoru nove tehnologije na istom nivou. Sve ovo, u kom- in line with other industries and cost optimisation binaciji sa stručnim kadrovima, omogućava ban- without reducing the level of investments, especially kama da kontinuirano unapređuju kvalitet usluga in the new technologies which, together with more i na taj način „drže korak“ sa tržištem. trained people, allow banks to improve service qual- U novoj bankarskoj realnosti, pri svakoj transak- ity and „keep pace“ with the demands of the market. ciji je neophodno imati svest i kontrolu nad svim In the new banking reality it is necessary to have relevantnim pokazateljima i njihovom uticaju na awareness and control of all relevant parameters budućnost. and their future impact for each transaction.

Kako će bankarski posao izgledati u What will the banking business look like in the budućnosti? future? Modernizacija i ubrzani tehnološki razvoj su Modernisation and accelerated technological de- zapravo trasirali put bankarstva budućnosti. velopments have actually paved the way for the fu- Zahvaljujući tome, klijenti već danas, putem ture of banking. As a result, customers even today, različitih kanala elektronskog bankarstva, ima- through various electronic banking channels, have ju privilegiju da za kratko vreme, bez odlaska u the privilege to effect all banking transactions in ekspozituru, obave sve bankarske transakcije. Sa a short time, without going to the branch. On the druge strane, dosta se radi na prilagođavanju en- other hand, huge attention is paid to adapting the

WHO’S WHO IN the FINANCIAL SECTOR 71 terijera ekspozitura potrebama klijenata, kako u interior of branches to clients’ needs, both in terms smislu dizajna, tako i servisnog modela sa ciljem of the design and service model, in order to allow da se klijentu omogući da sve transakcije obavi the client to perform all transactions in one place. na jednom mestu. What is the role of banks in the economic Kakva je uloga banaka u privrednom recovery of Serbia? oporavku Srbije? The importance of the stability of the banking sec- Nesporan je značaj koji stabilnost bankarskog tor on the economy of a country is indisputable. It is sektora ima za privredu jedne zemlje. On ne not only an indispensable part when it comes to the samo da je neizostavna karika u funkcionisanju functioning of the economy, but it also plays one of privrede, već ima i jednu od ključnih uloga u nje- the key roles in its recovery. nom oporavku. In a situation when the State and banks join together Još kada se država i banke udruže kako bi zajednič- to encourage the recovery of the economy, whether kim snagama podstakle oporavak privrede, bilo da we are talking about government Subsidized Loan se radi o Vladinom Programu subvencija ili prego- Programmes or joint initiatives aimed at funding vorima sa institucijama u vezi sa mogućnostima fi- opportunities and increasing economic activity, nansiranja i povećanja privredne aktivnosti, njihov their importance is even more evident. It is a mere značaj još više dolazi do izražaja. Činjenica je da su fact that in the past years banks have already proved se banke prethodnih godina, finansirajući strateški themselves to be strong and committed partners of važne državne projekte, već dokazale kao snažan i the economy through the financing of strategically posvećen partner lokalne privrede. important state projects. Pored standardnih načina finansiranja, ono što In addition to regular financing, in order to im- banke, u cilju unapređenja stanja privrede, tako- prove the situation in the economy - and here

72 Ko je ko u finansijskom sektoru đe mogu da ponude, a radi se o segmentu koji je we are talking about an unexploited segment in u Srbiji prilično neiskorišćen, jesu konsultantske Serbia - banks can also offer consulting servic- usluge prilikom zaključivanja složenih transakci- es with regard to complex transactions or the ja ili kreiranje novih finansijskih proizvoda koji creation of new financial products which actual umanjuju rizik poslovanja. reduce business risk.

Šta donosi implementacija Bazel III What does the implementation of the Basel III standarda u naš bankarski sistem? standards bring to our banking system? Generalno gledano, Bazelski standardi podižu Generally speaking, Basel standards elevate risk upravljanje rizicima na jedan viši nivo predvi- management to a higher level by anticipating a đajući sveobuhvatno i integrisano upravljanje comprehensive and integrated management of all svim rizicima. Dodatno, Bazel III stavlja poseban risks. In addition, Basel III puts special emphasis naglasak na rizik likvidnosti. Pored toga što pod- on liquidity risk. Besides the fact that this involves razumeva upotrebu velikog broja kompleksnih the use of a large number of complex quantitative kvantitativnih metoda i modela, ujedno nas pod- methods and models, it also reminds us of some seća i na neka vrlo jednostavna pravila kao što je, very simple rules, such as the leverage ratio. na primer, koeficijent zaduženosti. What will the establishment of a Banking Šta će za naš bankarski sistem značiti Union in the eurozone mean for our banking formiranje bankarske unije u evrozoni? system? Stvaranje bankarske unije je ključni korak ka Founding of a banking union is a key step towards kreiranju ravnopravnih uslova za sve učesni- creating equal conditions for all market players ke na tržištu i pronalaženje rešenja za krizu u and finding a solution to the crisis in the Euro- evrozoni. Brzo i pravovremeno stvaranje jedin- zone. Quick and timely creation of a unique sys- stvenog sistema za upravljanje potresima u ban- tem for managing turmoil in the banking sector karskom sektoru i negovanje odnosa zemalja and fostering relations between EU member states članica Evropske unije i zemalja nečlanica sa ko- and non-member countries with which they have jima su one finansijski povezane, od izuzetnog financial relations, is vital. However, it is necessary je značaja. Međutim, potrebno je da bankarska for the banking union to be regulated in all as- unija bude uređena u svim svojim segmentima, pects, which means that there is a single supervi- što znači da je neophodno da postoji jedinstven sory, single resolution and single set of rules. The nadzor, jedinstvena rezolucija, jedinstven set knowledge and implementation of best practices pravila. Znanje i primeri najbolje prakse iz dru- from different international experiences can be gačijih međunarodnih iskustava mogu se vrlo easily replicated in other countries if the “rules of lako primeniti u različitim zemljama ukoliko the game” are the same, with real benefits for cus- su „pravila igre” ista, uz očigledne prednosti za tomers who can gain faster access to the products klijente kojima se na ovaj način obezbeđuje brži and services necessary for their business. pristup proizvodima i uslugama koji su im ne- ophodni za poslovanje. What needs to be done in order to squeeze the euro from our financial system? Šta je potrebno uraditi da dinar istisne evro From a macroeconomic point of view, strong iz našeg finansijskog sistema? and stable economic growth in the coming Sa makroekonomskog stanovišta, snažan i stabilan years, coupled with stable inflation and a sig- privredni rast u narednim godinama, praćen sta- nificant reduction of the unemployment rate, bilnom stopom inflacije i značajnim smanjenjem would lead to a reduction in interest rates and nezaposlenosti, mogli bi da dovedu do smanjenja contribute in a more sustainable way to the sta- kamatnih stopa i da na održiv način doprinesu bilisation of the currency and increasing the lev- stabilizaciji domaće valute i rastu poverenja u nju. el of confidence in it. Jasno je da srednjoročni ciljevi mogu da budu This is a clear mid-term target that can also be ostvareni kroz posebne inicijative usmerene na achieved through specific initiatives that can speed ubrzanje ovog procesa, naročito kada je u pitanju up this process, especially in terms of utilisation of korišcenje dinara u odnosu na evro. the dinar versus the euro.

WHO’S WHO IN the FINANCIAL SECTOR 73 Goran Pitić, predsednik Upravnog Goran Pitić, Chairman of the odbora Societe Generale Srbija Management Board of Societe Generale Serbia Nema više No more easy lakog profita profit

Na koji način se, prema vašem mišljenju, In your opinion, in which way has the Serbian promenio bankarski sistem u Srbiji u poslednjih banking system changed in the last 10 years? deset godina? The banking system has not changed signifi- Bankarski sistem se nije promenio u značajnoj meri, cantly, but conditions for doing business have ali su se promenili uslovi poslovanja. Ubrzo po po- changed. Quickly after our country’s return to vratku naše zemlje u međunarodne finansijske orga- international financial institutions, following the nizacije, nakon demokratskih promena 2001, strane democratic changes of 2001, foreign banks saw banke su uvidele potencijal na srpskom tržištu, koje the potential of the Serbian market, which, after je, posle dugih sankcija, bilo željno kredita. U to vre- long sanctions, was hungry for credit. At that me, i bankarizacija srpskog tržišta je bila na izuzetno time, the orientation of the Serbian market to- niskom nivou, pogotovo posle zatvaranja četiri naj- wards banking was also extremely low, particu- veće državne banke. Bankarski sektor je pre deset i larly following the closure of the country’s four više godina bio najuređeniji sektor, sa jasnom i trans- largest state-owned banks. parentnom regulativom i kontrolnim organom - Na- More than ten years ago the Serbian banking sec- rodnom bankom Srbije, koja je radila svoj posao u tor was the country’s most regulated sector, with skladu sa zakonskom regulativom, prateći tendencije clear and transparent regulatory and supervisory modernog bankarstva. Pre ulaska u krizu, bankarski bodies of the National Bank of Serbia, which did its sektor su karakterisale visoke stope svih ključnih bi- job in accordance with the law, following modern lansnih kategorija, visok devizni priliv kroz dokapi- banking tendencies. Prior to entering the crisis, talizacije u devizama i priliv deviznih kredita, kao i the banking sector was characterised by high rates visoka kamatna stopa na REPO kao osnovni meha- of all key balance sheet categories, high foreign nizam neutralisanja rasta u fiskalnom sektoru. Banke exchange inflows through recapitalization in for- su u to vreme imale i veliki motiv da zauzmu što veći eign currencies and the inflow of foreign curren- deo tržišta, a bili smo svedoci i rasta zaduženosti kroz cy loans, as well as high interest rates on REPO as cross-border kredite. the primary mechanism for neutralising growth in Od 2001. godine donedavno, bankarski sektor je i po- the fiscal sector. At that time banks also had great red teškoća imao najstabilniji rast, ali je, zbog krize, motivation to take a greater share of the market više od polovine banaka na kraju 2013. poslovalo ne- and we also witnessed the growth of indebtedness gativno. Bilo je to prvi put da bankarski sektor u celini through cross-border loans. gledano, od 2004. godine, završi godinu sa minusom. From 2001 until recently the banking sector Iako su banke u Srbiji prošlu godinu završile sa gu- also had unstable growth alongside difficulties, bitkom od blizu dve milijarde dinara ili oko 18 mili- but because of the crisis more than half of the ona evra, bankarski sistem je i dalje stabilan i visoko banks were operating negatively at the end of likvidan, pouzdan i siguran, ali je u isto vreme opte- 2013. That was the first time since 2004 that the rećen dugovanjima privrede. Bankari su svesni da, za banking sector as a whole finished a year with razliku od tržišta pre deset godina, kada su i građani i a minus. Although banks in Serbia finished last privreda bili željni kredita, više nema lakog profita na year with losses of nearly two billion dinars, or srpskom tržištu, a i kvalitetnih klijenata je sve manje. about €18 million, the banking system remains Pre nekoliko godina, u Srbiji je poslovalo gotovo 40 stable and highly liquid, reliable and safe, but at poslovnih banaka, a danas ih ima 29. Suočavamo se sa the same time it is burdened with the debts of

74 Ko je ko u finansijskom sektoru WHO’S WHO IN the FINANCIAL SECTOR 75 početkom konsolidacije bankarskog sektora, a prva je the economy. Bankers are well aware that, in con- „nogu povukla“ upravo Sosijete ženeral banka, akvizi- trast to the market a decade ago, when citizens cijom portfelja klijenata KBC banke. To je samo poče- and businesses were eager for loans, there are no tak, jer je srpsko tržište najfragmentisanije u regionu more easy profits on the Serbian market and the i sa pravom treba očekivati da se neke banke povuku quality of clients is increasingly lower. sa ovog tržišta, a neke će prosto preuzeti druge ban- A few years ago almost 40 commercial banks were ke. Dugoročno, nerealno je očekivati i da banke same operating in Serbia, while today there are 29. We „leče“ posledice krize, već je neophodno da Vlada do- are facing the beginning of the consolidation of nese neke energičnije mere. the banking sector and the first example was pre- cisely Societe Generale Bank’s acquisition of the Koji su glavni izazovi za upravljanje bankama portfolio of clients of KBC Bank. This is just the i koliko su se oni promenili u godinama krize? start, because the Serbian market is the most frag- Kako je svetska ekonomska kriza promenila mented in the region and it is right to expect that bankarstvo uopšte, pa i kod nas? some banks to withdraw from the market, while Osnovni problem sa kojim se banke danas suočavaju some will simply take over other banks. In the je nepostojanje kvalitetnih klijenata, kao i nelikvidno long term it is unrealistic to expect banks to “cure” tržište koje ne omogućava brzu utrživost (pretvaranje themselves of the consequences of the crisis, but imovine u likvidna sredstva) finansijskih instrume- rather it is necessary for the government to adopt nata, prodaju nekretnina i sredstava uzetih u zalogu. some more energetic measures. Oscilacija kurseva, kao i repernih kamatnih stopa (LIBOR, EURIBOR) dodatno utiče na nivo kredit- What are the main challenges to managing nog rizika kome je izložena banka. Smanjenje kamat- banks and how much have they changed in nih stopa na depozite, smanjuje iznos devizne štednje the years of the crisis? How has the global nerezidenata. Takođe, nepostojanje značajnih izvora economic crisis changed banking generally, likvidnih sredstava na tržištima na kojima posluju including here in our country? matice stranih banaka, uticalo je na nemogućnost The main problem that banks face today is the ab- pribavljanja značajnih izvora finansijskih sredstava sence of high quality clients, as well as an illiquid od matične kompanije, koji su u periodima pre krize market that does not enable quick marketability bili jedan od osnovnih generatora rasta. (converting property into liquid assets) of finan- Veliki broj banaka na tržištu kao što je srpsko, otežava cial instruments, real estate sales and assets taken poslovanje i jedan je od osnovnih izazova sa kojim se as collateral. Exchange rate fluctuations, as well suočava svaka banka koja želi da raste, ali i da potisne as the benchmark interest rate (LIBOR, EURI- konkurenciju. Neuobičajeno visok udeo NPL kre- BOR) additionally influence the level of credit risk dita u ukupnim kreditima, što ostavlja posledice na banks are exposed to. Interest rates on deposits kapital banaka, kvalitet kreditnog portfelja i naruše- are lowered and the amount of foreign currency no tržišno učešće banaka, gorući su problemi srpske savings of non-residents is reducing. Likewise, the privrede. Pitanja u vezi sa NPL kreditima i njihovo absence of significant sources of liquid funds on rešavanje, esencijalno su važna, imajući u vidu da markets where the parent banks of foreign players NPL krediti imaju negativne efekte na performanse operate has contributed to an inability to obtain banaka u smislu likvidnosti i profitabilnosti. Jasno je significant source of funding from parent com- da banke treba da se fokusiraju na sektore koji imaju panies, which was one of the main generators of dobre performanse, kao i na kvalitetne klijente. growth prior to the crisis. A large number of banks on a market like Serbia’s Kakva je uloga banaka u privrednom oporavku hampers operations and is one of the main chal- Srbije? lenges faced by every bank that wants to grow, but Imajući u vidu da je bankarski sistem najveći i naj- also to overcome the competition. An unusually značajniji u finansijskom sistemu Srbije i da ima naj- high proportion of NPLs in total loans, which veći uticaj na finansijsku stabilnost, njegov uticaj na has ramifications for a bank’s capital, the quality oporavak privrede je izuzetno važan. Značajni izvori of the loan portfolio and a distorted market share novčanih sredstava su na raspolaganju banaka, koje of the banks, are the burning problems facing bi višak likvidnih sredstava koje trenutno ulažu u tre- the Serbian economy. Issues related to NPLs and zorske zapise, mogle da iskoriste za povećanje kredit- their resolving is of essential importance, bearing

76 Ko je ko u finansijskom sektoru in mind that NPLs have a negative impact on the performance of banks in terms of liquidity and profitability. It is clear that banks need to focus on sectors that have good performances, as well as on high-quality clients.

What kind of role do banks have in the economic recovery of Serbia? Considering that the banking system is the largest and most important part of the financial system of Serbia, and that it has the greatest impact on finan- cial stability, its influence on economic recovery is exceptionally important. Significant sources of funding are available to banks, which could use the excess liquidity currently invested in treasury bills to increase lending activity, which could ultimately lead to an increase in production, exports and the country’s GDP. In order to encourage banks to turn increasingly to lending to the economy, the state plans to grant €60 million in subsidised loans, which should cover the ne aktivnosti, koja u krajnjoj instanci može da dovede increased exposure of banks to credit risk. Moreo- do povećanja proizvodnje, izvoza i BDP-a zemlje. Da ver, competition among banks could also lead to a bi podstakla banke da se pojačano okrenu krediti- reduction in prices of sources of financing for com- ranju privrede, država planira da odobri 60 miliona panies and lessen their financial debt, thereby lead- evra subvencionisanih kredita, koji bi trebalo da po- ing to a reduction in the volume of overdue loans. kriju povećanu izloženost banaka kreditnom riziku. Takođe, konkurencija među bankama može da dove- To what extent and in what way have de i do smanjenja cene izvora finansiranja privrednih relations between banks and clients changed društava, njihove manje finansijske zaduženosti, a in the last 10 years? samim tim i do smanjenja obima kredita u kašnjenju. Societe Generale Serbia positioned itself as a bank orientated towards clients long ago. We carefully Koliko i na koji način se promenio odnos banke build relations with them, wanting those relations i klijenta u poslednjih deset godina? to last years to mutual satisfaction, while our em- Sosijete ženeral Srbija odavno se pozicionirala kao ployees invest knowledge, effort and energy in banka orijentisana ka klijentima. Pažljivo gradimo order to go out of the way to meet all the specif- odnose sa njima, želimo da te veze traju godinama, ic needs of our clients at any time. We form our na obostrano zadovoljstvo, a naši zaposleni ulažu offer in accordance with this. Our tradition of znanje, trud i energiju kako bi u svakom trenutku quality partnership relations dates back a century izašli u susret svim specifičnim potrebama naših kli- and a half. Societe Generale Serbia is part of the jenata. U skladu sa tim, mi i krojimo ponudu. Tradi- Societe Generale Group, which this year marks the cija kvalitetnog partnerskog odnosa duga je vek i po. major milestone of 150 years of doing business on Sosijete ženeral Srbija deo je Societe Generale grupe, the international financial market. As a remind- koja ove godine obeležava veliki jubilej – 150 godina er, Societe Generale was founded with the aim of poslovanja na međunarodnom finansijskom tržištu. supporting the development of trade and industry Da podsetim, Societe Generale osnovana je sa ciljem in France, serving the development of the econo- da podrži razvoj trgovine i industrije u Francuskoj, da my and helping social progress. Its founders had a služi razvoju ekonomije i pomogne društveni napre- clear vision for the development of the economy of dak. Njeni osnivači imali su jasnu viziju razvoja ta- the time and were deeply aware of the importance dašnje ekonomije i bili su duboko svesni značaja koji of supporting entrepreneurship, which was just ima podrška preduzetništvu, koje je u to vreme bilo u coming to the fore at that time. We are also guided zamajcu. Tom filozofijom se i mi rukovodimo danas. by this philosophy today.

WHO’S WHO IN the FINANCIAL SECTOR 77 Zoran Vojnović, predsednik Zoran Vojnović, Chairman of the Izvršnog odbora Hypo Alpe-Adria- Executive Board of Hypo Alpe- Bank a. d. Beograd Adria-Bank a.d. Belgrade Aktivan Active partner partner in oporavka economic privrede recovery

Na koji način se, prema vašem mišljenju, In your opinion, how has the Serbian banking promenio bankarski sistem u Srbiji u poslednjih system changed in the last 10 years? deset godina? In view of the economic and political developments in U skladu sa ekonomskim i političkim kretanjima u the country and worldwide, as well as the needs of the zemlji i svetu i potrebama domaćeg tržišta, tokom domestic market, significant changes in the banking protekle decenije došlo je do bitnih promena u ban- sector have occurred in the last decade. The entry of karskom sektoru. Veliku ulogu u tim promenama foreign banks into the Serbian market has contributed imao je dolazak stranih banaka na tržište Srbije, koji largely to those changes, as a major generator of eco- je predstavljao značajan generator privrednog rasta. nomic growth. Thanks to the entry of foreign banks Zahvaljujući dolasku stranih banaka i značajnim and substantial funding from their parent banks, Ser- finansijskim sredstvima koje su dobijale od svojih bia has received around eight billion euros through matičnih banaka, u Srbiju je ušlo oko osam milijardi capital and credit lines. evra kroz kapital i kreditne linije. Important reforms have been implemented and the Tokom proteklih deset godina izvršene su značaj- banking sector has stabilised in the last ten years. The ne reforme i stabilizacija bankarskog sektora. Broj number of banks active on the market has declined banaka koje su aktivne na tržištu se smanjio sa više from more than 80 in the early 2000s to the current 29. od 80, početkom dvehiljaditih, na 29, koliko ih ima New technologies have been introduced and notice- danas. Uvedene su nove tehnologije i došlo je do able improvements achieved, particularly in respect znatnih poboljšanja, posebno u oblasti upravljanja of risk management. Thanks to the strict regulations rizikom. Zbog striktnih pravila Narodne banke Srbi- of the National Bank of Serbia, banks in Serbia were je, banke u Srbiji su svetsku ekonomsku krizu 2008. well-capitalised and able to endure the downturn in godine dočekale visoko kapitalizovane i spremne da economic activity and their clients’ deteriorating fi- podnesu teret pada privredne aktivnosti i pogoršanja nancial performance in the face of the global econom- finansijskih performansi svojih klijenata. ic crisis in 2008.

78 Ko je ko u finansijskom sektoru Koji su glavni izazovi za bankarski sistem u What are the major challenges for the Serbian Srbiji? banking system? Usled stagnacije privredne aktivnosti u zemlji, ban- Due to the stagnation of economic activity in the karski sistem u Srbiji se poslednjih godina suočava sa country, in the last couple of years the banking system padom kreditne aktivnosti i povećanjem nivoa nena- in Serbia has been confronted with decreasing credit plativih kredita. U cilju prevazilaženja ovakvog sta- activity and increasing NPL levels. In order to be able nja i podsticanja kreditnog rasta, neophodno je spro- to change this trend and boost credit growth, it is nec- vođenje sistematskih reformi za oporavak privrede, essary to conduct systemic reforms for economic re- što će pozitivno uticati i na likvidnost preduzeća. covery, which will have a positive impact on corporate Pad kreditne aktivnosti je uzrokovao i pad prihoda sector liquidity. banaka, što je, zajedno sa izuzetno velikim poveća- Credit activity decreases have caused bank revenues njem rezervacija za loše plasmane, dovelo do toga da to decline and that, coupled with extremely high pro- su pojedine banke iskazale gubitke u 2013. godini. visioning levels for bad placements, resulted in rec- S obzirom na to da se u neposrednoj budućnosti ne ognised bank losses in 2013. Since increases in bank može očekivati da će prihodi banaka ponovo rasti, revenues cannot be expected in the near future, banks neophodno je da banke optimizuju troškove, mrežu need to optimise their costs, business network and i broj zaposlenih. number of employees. Restriktivni pristup matičnih banaka iz evrozo- A restrictive approach of parent banks in the euro- ne u pogledu daljeg odobravanja kreditnih linija zone regarding further lending possibilities to their bankama ćerkama u Srbiji, prinudio je banke da se subsidiaries in Serbia compelled banks to turn to

WHO’S WHO IN the FINANCIAL SECTOR 79 Hypo Alpe-Adria-Bank ad Beograd Hypo Alpe-Adria-Bank a. d. Beograd uspešno posluje u Srbiji od 2002. godine, gde kao jedna od vodećih banaka dobrim poslovnim rezultatima značajno doprinosi stabilnosti bankarskog sektora. Zahvaljujući strategiji proširenja poslovne mreže, otvorene su nove ekspoziture i filijale i povećan je broj bankomata, čime su usluge banke postale još dostupnije građanima širom zemlje. Poslovnu mre- žu Hypo Alpe-Adria-Bank a. d. Beograd čini 50 poslovnica u 29 gradova Srbije. Dodatni pokazatelj profesionalnog odnosa prema klijentima predstavlja i projekat „Standardizacija kvaliteta pružanja usluga“, čija je realizacija, na nivou cele Hypo grupacije, započeta 2012. i nastavlje- na tokom 2013. godine. Takođe, tokom 2013. godine, implementiran je i novi informacioni sistem, čime su poboljšani brzina i kvalitet usluga prema klijentima. Realizacija društveno odgovornih projekata je jedan od važnih elemenata poslovanja Hypo Alpe- Adria banke u Srbiji, što je značajno doprinelo razvoju zajednice u kojoj banka posluje – obrazovanju mladih i talenata, kulture, pomoći obolelim osobama i sličnim oblastima.

80 Ko je ko u finansijskom sektoru okrenu domaćim depozitima kao značajnom izvo- domestic deposits as a substantial source of funding ru finansijskih sredstava, u periodu posle krize. Pad in the period following the crisis. A drop in credit kreditne aktivnosti od 2013. doveo je do smanjenja activity since 2013 has reduced banks’ needs for de- potrebe banaka da prikupljaju depozite. Međutim, posit collection. However, banks will need to inten- svaki novi rast kreditne aktivnosti dovešće do oži- sify collection of domestic deposits with each credit vljavanja potrebe banaka da intenziviraju prikuplja- activity growth. nje domaćih depozita. What is the role of banks in the economic Kakva je uloga banaka u privrednom recovery of Serbia? oporavku Srbije? Banks must play an active role in the process of eco- U procesu oporavka privrede u Srbiji, banke moraju nomic recovery in Serbia. On the one hand, it is im- biti aktivan partner. Sa jedne strane, važno je da se portant to recognise and support sound companies prepoznaju zdrava preduzeća koja trenutno imaju that are facing current liquidity problems due to the probleme sa likvidnošću zbog opšte stagnacije pri- overall stagnation of economic activity. On the other vredne aktivnosti i da im se pomogne u oporavku. hand, in the case of clients that are currently unable to Sa druge strane, kod klijenata koji trajno nisu u sta- meet their liabilities, a more effective bankruptcy pro- nju da plaćaju svoje obaveze, kroz efikasniji proces cedure should ensure the release of blocked property stečaja, treba uticati na to da se i blokirana imovina and its more rational utilisation. oslobodi i upotrebi racionalnije. It is vital that banks support the sector of micro Posebno je važno da banke podrže sektor mikro, companies and SMEs, which so far have not re- malih i srednjih preduzeća, koja do sada nisu imala ceived adequate bank assistance. This profitable adekvatnu podršku banaka. Ovaj profitabilni i malo sector with low levels of indebtedness has often had zadužen sektor često nije imao pristupa bankarskim no access to bank loans and it could be just the sec- kreditima, a mogao bi da bude zametak i nosilac tor to create and lead a new generation of successful nove generacije uspešnih srpskih preduzeća. Serbian enterprises.

Hypo Alpe-Adria-Bank ad Beograd Hypo Alpe-Adria-Bank a.d. Beograd has been successfully doing business in Serbia since 2002. Being one of the leading banks with good business results, it is a significant factor in the stability of the bank- ing sector in Serbia. In line with its business network expansion strategy, new branches and sub-branches have been opened and the number of ATMs increased, making thus the bank’s services more accessible for citizens throughout the country. The business network of Hypo Alpe-Adria-Bank a.d. Beograd comprises 50 branches and sub-branches in 29 towns in Serbia. Another indicator of the bank’s professional relations with its clients was the project “Service Quality Program“, which was introduced in 2012 at the Hypo Group level, and continued in 2013. Likewise, a new information system was implemented in 2013 with a view to improve the speed and quality of the services rendered to clients. Corporate social responsibility projects are an essential element of the business operations of Hypo Alpe-Adria-Bank in Serbia that significantly contribute to the development of the community in which the bank operates, especially in relation to education of youth and talented individuals, culture, support for the sick, and similar projects.

WHO’S WHO IN the FINANCIAL SECTOR 81 Marinos Vathis, Predsednik Marinos Vathis, CEO of Izvršnog odbora Vojvođanske banke Vojvođanska Bank Značajna Major role uloga u in financing finansijskom growth rastu

Po vašem mišljenju, koliko se bankarski In your opinion, how did the Serbian banking sistem u Srbiji promenio u poslednjih deset system change during the last 10 years? godina? Since 2004, the controlling stakes in 17 banks in Od 2004. godine većinsko vlasništvo u 17 ba- Serbia were sold to multinational players. Foreign naka u Srbiji je prodato multinacionalnim gru- banks entered the Serbian market and brought pacijama. Strane banke su ušle na srpsko tržište with them from different markets know-how, i donele sa sobom znanje sa različitih tržišta, rules and procedures. They worked on how to uključujući i njihova pravila i procedure. Radi- replicate on this market their lessons learnt and li su na tome da primene na ovom tržištu na- the hands-on experience they have. Therefore, I učene lekcije i direktna iskustva koja su stekli. would say that this led to a more professional and Rekao bih da je to dovelo do profesionalnijeg i sophisticated banking sector, since local banks sofisticiranijeg bankarskog sektora budući da su had to adjust and work on fine tuning. In the last lokalne banke morale da se prilagode i podese few years the Serbian banking system changed svoje poslovanje. U poslednjih nekoliko godina, towards becoming contemporary with all oth- bankarski sistem u Srbiji se promenio u toj meri er banking systems in Europe. In comparison to da sada ide u korak sa ostalim bankarskim si- the region, the Serbian banking sector is less con- stemima u Evropi. U odnosu na region, srpski centrated, with still too many banks operating on bankarski sektor je manje koncentrisan, i dalje such a small market. Consolidation needs to hap- postoji previše banaka koje posluju na tako ma- pen; some banks will merge, while perhaps some lom tržištu. Konsolidacija je neminovna. Neke will leave the market or will be acquired. Still, as banke će se spojiti, neke će možda napustiti trži- was the case 10 years ago, all banks are offering šte, a neke će biti prodate. Ipak, baš kao i pre 10 standard banking services, with no major change godina, sve banke nude standardne bankarske or innovation having happened. The opportunity usluge i nije došlo do većih promena ili inova- for the market in the future is to offer innovative cija. Tržišna prilika leži u ponudi inovativnih banking products and services. bankarskih proizvoda i usluga u budućnosti. What are the biggest challenges to bank Koji su najveći izazovi u vođenju banke i management and how have they changed koliko su se ovi izazovi promenili tokom during the crisis? krize? The biggest challenge is to manage growth cau- Najveći izazov leži u opreznom i konzervativ- tiously and conservatively in a downward market nom rukovođenju rastom na tržištu koje ide and a strained economy. Another significant chal-

82 Ko je ko u finansijskom sektoru nizbrdo i u privredi koja je pod opterećenjem. lenge is to motivate employees in times of major Još jedan značajan izazov predstavlja motivi- restructuring, which has a direct negative impact sanje zaposlenih u periodu kada prolazite kroz on the number of employees. In an economy značajno restruktuiranje koje ima direktan i ne- and on a market that is not growing, or is grow- gativan uticaj na broj zaposlenih. U privredi i ing very slowly, one of the most prudent things na tržištu, koje se ne razvija ili se razvija veoma to do is lower costs wherever possible. It is very sporo, jedna od naopreznijih stvari koje može- important to manage cost control with a prudent te da uradite jeste da smanjite troškove kada je policy and clear long-term strategy for growth to god moguće. Veoma je važno da kontrolišete and further development. Another challenge is troškove, da vodite opreznu politiku i da imate to control costs without having a negative impact jasnu i dugoročnu strategiju za rast i dalji ra- on the footprint and quality of service provided to

WHO’S WHO IN the FINANCIAL SECTOR 83 zvoj. Izazov predstavlja kontrolisanje rashoda clients. After years of restructuring, Vojvođanska bez negativnog efekta na osnovno poslovanje i Bank gained a positive trend of business opera- kvalitet usluga koje pružate klijentima. Nakon tions which has also continued in 2014 and posi- višegodišnjeg restrukturiranja, Vojvođanska tioned us among the top five most profitable banks banka je dostigla pozitivan trend u poslovanju in Serbia in 2013. koji se nastavlja i u 2014, a što je svrstalo u pet naprofitabilnijih banaka u Srbiji u 2013. What is the role of banks in the economic recovery of Serbia? Koja je uloga banaka u ekonomskom Banks have a major role to play in the economic oporavku Srbije? recovery of Serbia, as a primary source of financ- Banke igraju veliku ulogu u ekonomskom opo- ing and refuelling for small and medium-sized ravku Srbije budući da su primarni izvor finan- enterprises and large companies in the corpo- siranja i finansijske podrške malim i srednjim rate sector. The most important role is to provide preduzećima, kao i velikim kompanijama u kor- much needed capital to the Serbian economy, pri- porativnom sektoru. Najvažnija uloga banaka marily to the private sector, in order to support jeste da obezbede preko potrebna sredstva za their business growth, development and expan- srpsku privredu, pre svega u privatnom sektoru, sion, as well as to reduce the negative effects of the

84 Ko je ko u finansijskom sektoru da podrže rast poslovanja, razvoj i širenje, kao i crisis. Access to finance is a chronic problem for da smanje negativan uticaj krize. Pristup finan- Serbia’s private sector, especially for start-ups and siranju je hronični problem srpskog privatnog SMEs, thus banks are still the dominant provid- sektora, posebno u slučaju novoosnovanih, ma- er of financing here. The Serbian banking sector lih i srednjih preduzeća, tako da su banke i dalje relies on continued support from the government dominantan pružalac izvora finansiranja. Ban- and regulators through a continuous open dialog karski sektor Srbije računa na nastavak podrške about key issues facing the financial sector and Vlade i regulatora kroz stalni i otvoreni dijalog constraining banks when it comes to playing their o ključnim pitanjima sa kojima se suočava fi- key role and further credit activity. nansijski sektor i ograničavajućim faktorima koji sprečavaju banke da odigraju ključnu ulogu What does the formation of a banking i povećaju svoju kreditnu aktivnost. union in the eurozone mean for our banking system? Kakav značaj bankarska unija u evrozoni The creation of a banking union is one of the big- ima za naš bankarski sistem? gest steps towards European financial integration Stvaranje bankarske unije je jedan od najvećih since the introduction of the euro. It means there koraka ka evropskoj finansijskoj integraciji od will be more centralised supervision, regulation uvođenja evra. To podrazumeva centralizo- and control, though this does not imply any ma- vaniji nadzor, regulisanje i kontrolu koji neće jor differences to the banking sector in Serbia. Our imati značajnog uticaja na bankarski sektor u banking sector is highly regulated and controlled, Srbiji. Naš bankarski sektor je veoma regulisan with the aim of preserving financial security for i kontrolisan, a sve u cilju brige o sigurnosti Serbian clients. In general, Serbian banks have klijenata u Srbiji. U prinicipu, srpske banke su coped reasonably well with the crisis, having been se prilično dobro izborile sa krizom, ostale su both well capitalised and highly liquid, and with to- visoko kapitalizovane i likvidne, sa ukupnom tal capital adequacy of over 21%, which is 2.5 times adekvatnosti kapitala od preko 21% što je 2,5 higher than the EU minimum, in accordance with puta više od minimuma u EU po Bazelu III. Basel III. This centralised control actually brings Ovako centralizovana kontrola, u stvari vraća the banking sector back to where it was many years bankarski sektor na ono mesto na kojem je bio ago, when control was in the hands of governments. pre mnogo godina, kada je kontrola bila u ru- kama vlade. What could be done in order for the Serbian dinar to push the euro out of our financial Šta treba da se uradi da bi dinar “izbacio” system? evro iz našeg finansijskog sistema? The Serbian dinar can get the euro out of our fi- Srpski dinar može da “izbaci” evro iz našeg fi- nancial system if it satisfies the following two is- nansijskog sistema ukoliko su ispunjena dva sues: the exchange rate and interest rates. We have uslova – kurs i kamate. Svedoci smo stabilizacije seen stabilisation of the exchange rate and we are kursa i tendencije ka smanjenju kamata i to će witnessing tendencies of falling interest rates – morati da se nastavi i ubuduće. Veća upotreba and this will have to continue in the future. Great- dinara u srpskom finansijskom sistemu će, sa er use of the dinar in the Serbian financial system jedne strane, definitivno doprineti smanjenju would certainly contribute to reducing the risk of rizika od fluktuacije kursa, a sa druge strane do- exchange rate fluctuation, on the one hand, while vesti do efikasnije monetarne politike. Gledišta leading to a more efficient monetary policy on the sam da postoji nekoliko preduslova za uspešnu other. In my view, there are few prerequisites for dinarizaciju - makroekonomska stabilnost, successful dinarisation: macroeconomic stability, niska inflacija, stabilan finansijski sistem, da- low inflation, a stable financial system, further de- lje razvijanje instrumenata kao što su državne velopment of the treasury bonds market issued in obveznice izdate u dinarima i bolja zaštita od dinars and better protection of potential foreign potencijalnog kursnog rizika. Štaviše, očekujem exchange risks. Furthermore, I expect the increase porast odobrenih dinarskih kredita uzevši u ob- of loans in dinars, bearing in mind the new pro- zir nedavno pokrenuti novi program subvenci- gramme of subsidised loans in dinars that was re- onisanog kreditiranja u dinarima. cently launched.

WHO’S WHO IN the FINANCIAL SECTOR 85 Valerij Ovsjanikov, predsednik Valeriy Ovsyannikov, Izvršnog odbora Sberbanke Srbija President of Sberbank Serbia Pažljivo Closely pratimo monitoring situaciju na market tržištu situations

Na koji način se, prema vašem mišljenju, In your opinion, how has the Serbian banking promenio bankarski sistem u Srbiji u system changed in the last 10 years? poslednjih deset godina? The last decade has marked by significant changes Poslednju deceniju su obeležile značajne prome- in Serbia, with the necessary preconditions creat- ne u Srbiji, stvoreni su preduslovi neophodni za ed for the development of modern banking, while razvoj savremenog bankarstva i tokom proteklih over the past ten years the banking sector in Ser- deset godina bankarski sektor u Srbiji je, pored bia has also managed, in addition to the process of procesa konsolidacije i restrukturiranja kroz koji consolidation and restructuring it went through, je prošao, uspeo da se odupre negativnim efektima to resist the negative effects of the global economic svetske ekonomske krize i doživi potpunu prome- crisis and experience a total transformation in the nu u načinu poslovanja sa klijentima. Promenila way of doing business with clients. There has been se strateška opredeljenost banaka od liberalnog a change in the strategic orientation of banks from pristupa kreditiranju prema kvalitetnim plasma- liberal access to credit towards higher quality nima. Banke su prethodnih deset godina izgradi- placements. In the last ten years banks have built le dobre kriterijume koji štite i njih i klijente od up a good criteria to protect both them and cus- nekontrolisanog zaduživanja. Klijenti danas imaju tomers from uncontrolled borrowing. Today cli- veću zaštitu, transparentne kriterijume po kojima ents have more protection, more transparent cri- se zadužuju, usklađenu tarifnu politiku. teria for borrowing and a coordinated tariff policy. U narednim godinama u Srbiji se može očekivati In the coming years in Serbia we can expect con- ukrupnjavanje bankarskog sistema. Za bankarski solidation of the banking system. A poor macro- sektor problem predstavlja loše makroekonomsko economic environment poses a problem for the okruženje, odnosno loše stanje privrede koja je i banking sector, the poor state of the economy, dalje u procesu tranzicije, trgovinski deficit i de- which is still in the process of transition, the trade ficit platnog bilansa, budžetski deficit i inflacija. and current account deficit, the budget deficit and Privreda je i dalje u dosta lošoj situaciji, a građani inflation. The economy is still in a very bad sit- nemaju mnogo prostora za zaduživanje, ali srpsko uation and citizens do not have a lot of space to

86 Ko je ko u finansijskom sektoru tržište ima veliki potencijal za razvoj bankarskog borrow, but the Serbian market has great potential poslovanja, pogotovu u poslovanju sa stanovni- for the development of the banking business, par- štvom, mikro i malim preduzećima. ticularly in terms of personal and SME banking.

Kako će bankarski posao izgledati u How will the banking business look in the budućnosti? future? Adaptacija banaka i klijenata na moderne tehno- The use and adaptation of banks and clients to logije i njihova upotreba biće krucijalne u bližoj modern technology will be crucial in the near fu- budućnosti. Primera radi, broj internet-korisnika ture. For example, the number of internet users se rapidno povećava i proizvodi kao što su elek- is increasing rapidly and products like e-banking tronsko bankarstvo, mobilno bankarstvo donose and mobile banking bring many benefits to clients. mnoge pogodnosti klijentima. Technological advancement has opened up many Tehnološki napredak je otvorio mnoge nove ka- new channels of communication, but also the nale komunikacije, ali i mogućnost da klijenti possibility for clients to manage their own fi- sami upravljaju svojim sredstvima, bez odlaska nances, without going to the bank. The use of u banku. Upotreba e-bankinga i SMS servisa je u e-banking and SMS services is constantly on the konstantnom porastu, a banke već aktivno rade rise and banks are already actively working on na uspostavljanju kvalitetnih i sigurnih mobile establishing high quality and highly secure mo- banking aplikacija. bile banking applications. Enormni razvoj društvenih mreža će suštinski The enormous growth of social networks will fun- promeniti uslove i pravila igre po kojima da- damentally change the conditions and rules of the našnje banke posluju. Nastavak ovakve prak- game which banks operate in today. The contin- se i povećanje broja korisnika interneta, kao i uation of this practice and increase the number razvoj društvenih mreža, omogućiće bankama of internet users, coupled with the development da pristupe pojedinačnom klijentu sa paketom of social networks, will enable banks to access a proizvoda posebno prilagođenim njegovim po- single customer with a package of products specif-

WHO’S WHO IN the FINANCIAL SECTOR 87 trebama i bankarske usluge će postati potpuno ically tailored to their needs and banking servic- prilagođene profilu individualnog korisnika. Ra- es will become fully adapted to the profile of the zvija se dvosmerna komunikacija koja omoguća- individual user. Two-way communication is de- va bankama da dobiju brzu povratnu informaciju veloping that enables banks to get quick feedback od klijenata i odmah reaguju. from customers and respond immediately. Dalje usavršavanje aplikacija omogućiće banka- The further improvement of applications will ena- ma da u bezbednom okruženju klijentu obez- ble banks to provide the client with a range of ba- bede čitav niz osnovnih usluga i dovesti do toga sic services in a secure environment and thereby da će se filijale baviti kompleksnijim transakci- lead to branches engaging in more complex trans- jama, kao što su davanje stambenih kredita i sl. actions, such as providing housing loans and the Vremenom će i ove usluge migrirati na internet, like. Over time, these kinds of services will also jer će dalji razvoj servisa omogućiti bankarskim migrate to the internet, as the further develop- službenicima da sa klijentima budu u kontaktu ment of services allows bank employees to main- na primer preko aplikacija za video-pozive. Veli- tain contact with clients, for example through ki broj operativnih procesa unutar banaka će se video call applications. A large number of oper- odvijati automatizovano. Na kraju, ovaj proces će ational processes within banks will be automated. bankama omogućiti da znatno smanje troškove In the end, this process will enable banks to signif- održavanja mreže filijala i tim novcem dodatno icantly reduce the cost of maintaining a network podignu kvalitet svojih usluga. of branches and that money will serve to raise the quality of their services further. Koji su glavni izazovi za bankarski sistem u Srbiji? What are the main challenges for the Serbian Poslovanje banaka zavisi i od makroekonomskog banking system? okruženja u kome rade i koje direktno ili indirekt- Banking operations also depend on the macroe- no utiče na sve klijente, privredu i stanovništvo. conomic environment in which they operate and Sada problem bankarskog sektora nije u likvidno- which, directly or indirectly, impacts all custom-

88 Ko je ko u finansijskom sektoru sti, kao što je to bio slučaj ranije. Sredstava ima ers, the economy and the population. At present dovoljno i to nije ograničavajući faktor za krediti- liquidity is not the problem of the banking sector, ranje. Ograničavajući faktor je nedostatak kredit- as was the case previously. There are sufficient no sposobnih klijenata. funds and that is not a limiting factor for lending. Ekonomski oporavak regiona i dalje je slab i The limiting factor is a lack of creditworthy clients. prete mu brojni rizici, pa će rast bruto domaćeg The region’s economic recovery remains weak and proizvoda umnogome zavisiti od rasta investi- is threatened by numerous risks, so GDP growth cija, ubrzanja reformi, stabilnog rasta izvoza i will depend greatly on the growth of investments, jačanja konkurentnosti. Neophodno je obez- accelerating reforms, stable growth in exports and bediti makroekonomsku stabilnost, pogotovo strengthened competitiveness. It is essential to kad je u pitanju fiskalna disciplina, odnosno ensure macroeconomic stability, especially when smanjenje budžetskog deficita i javnog duga, a it comes to fiscal discipline, reducing the budget tu su i druge mere kao što je približavanje EU, deficit and public debt, and there are also other privlačenje stranih investicija, povećanje izvo- measures, such as EU accession, attracting for- za. Finansijski sektor nastaviće da se suočava eign investment, increasing exports. The financial sa brojnim pritiscima. Skroman privredni opo- sector will continue to face a number of pressures. ravak do sada nije uspeo da pomogne bankar- The modest economic recovery to date has not skom sektoru da smanji visok nivo nenaplativih managed to help the banking sector reduce the kredita, koji su u porastu. high level of NPLs, which are on the rise.

Finansijski sektor nastaviće The financial sector will da se suočava sa brojnim continue to face a number pritiscima. Skroman of pressures. The modest privredni oporavak do economic recovery to date sada nije uspeo da pomogne has not managed to help bankarskom sektoru da the banking sector reduce smanji visok nivo nenaplativih the high level of NPLs, kredita, koji su u porastu which are on the rise

Bez obzira na to što se negativan trend, kada je Regardless of the continuation of the negative nivo problematičnih kredita u pitanju, nastavlja, trend when it comes to the level of problematic većina banaka u Srbiji je, zahvaljujući visokom loans, most banks in Serbia are able to deal with nivou kapitalizacije, u stanju da se izbori s tim the problem, due to their high level of capitali- problemom. Međutim, nivo rizičnih plasmana sation. However, the level of risky loans repre- predstavlja jedan od glavnih izazova sa kojima će sents one of the major challenges banks will face se banke i u narednom periodu suočavati. Prona- in the future. Finding a solution to this problem laženje rešenja za ovaj problem predstavlja dug is a long process. Thanks to a comprehensive set proces. Zahvaljujući sveobuhvatnom setu mera of measures and good risk management, we have i dobrom upravljanju rizicima, mi smo uspeli succeeded in keeping control of the level of prob- da zadržimo nivo problematičnih kredita pod lematic loans and maintaining a high quality loan kontrolom i da održimo visok kvalitet kreditnog portfolio. The process itself will not reduce the portfolija. Proces sam po sebi neće smanjiti nivo level of competition among the major participants konkurencije među većim učesnicima tržišne in the market competition, on the contrary, they utakmice, naprotiv, oni će, kako bi povećali svoje will continue to develop innovative products and tržišno učešće, nastaviti da razvijaju inovativne services in order to increase their market share. proizvode i usluge. U skladu sa tim, klijenti će, Accordingly, clients, personal clients, entrepre- kako fizička lica, tako i preduzetnici i privreda, neurs and corporate clients, will all receive ben- imati korist izraženu kroz niže cene. Sberbanka efits in the form of lower prices. Sberbank Serbia Srbije pažljivo prati situaciju na tržištu i fleksibil- closely monitors the situation on the market and no reaguje na sve promene. responds flexibly to any changes.

WHO’S WHO IN the FINANCIAL SECTOR 89 Slavko Carić, predsednik Slavko Carić, Chairman of the Izvršnog odbora Erste banke Srbija Executive Board of Erste Bank Serbia Moramo da We must pokrenemo launch a new novi investment investicioni cycle

ciklus In your opinion, in which way has the Serbian banking system changed in the last 10 years? Many European and international standards have been introduced to the business, because banks Na koji način se, prema vašem mišljenju, with parent companies abroad did not only bring promenio bankarski sistem u Srbiji u capital, but also know-how. poslednjih deset godina? Uvedeni su mnogi evropski i svetski stand- What are the main challenges to managing ardi u poslovanju, jer banke sa maticama u banks and how much have they changed inostranstvu nisu donele samo kapital, već i during the years of the crisis? know-how. Aligning the interests of clients, employees and sha- reholders is certainly a challenge on a daily basis. Koji su glavni izazovi za upravljanje In the years of crisis it became tougher and more bankom i koliko su se oni promenili u important to find an optimal relationship between godinama krize? sales and risk management. The banks that proved Usaglašavanje interesa klijenata, zaposlenih i to be successful are those whose business model ap- akcionara je svakako izazov na dnevnom niv- proaches this thoroughly. ou. U godinama krize je postalo teže i bitni- je pronaći optimalan odnos između prodaje How will the banking business look in the i upravljanja rizicima. Pokazalo se da je us- future? pešna ona banka čiji poslovni model ovome Mobile banking will certainly continue to develop pristupa temeljno. and we will also reach the integration of services. In this respect, banks will fight with other companies Kako će bankarski posao izgledati u for the banking services market. budućnosti? Mobilno bankarstvo će se sigurno i dalje raz- What are the biggest challenges confronting vijati, a dolaziće i do integracije usluga. Banke the banking system in Serbia? će se, u tom pogledu, boriti sa drugim kom- Currently those are the high level of NPLs and panijama za tržište bankarskih usluga. an economy of unsure standing. As a country, we must launch a new investment cycle. Sources Koji su glavni izazovi za bankarski sistem of funding exist. These are primarily domestic u Srbiji? banks, but also international financial instituti- Trenutno su to visok stepen NPL-a i ekonom- ons and mandatory reserves. ija na labavim nogama. Mi kao država mora- It is necessary, however, to secure several precon- mo da pokrenemo novi investicioni ciklus. ditions, such as a stable price policy, a stable or Izvori finansiranja postoje. To su pre svega predictable exchange rate and investments in in-

90 Ko je ko u finansijskom sektoru domaće banke, ali i međunarodne finansijske frastructure. It is also very important to systemi- institucije i obavezne rezerve. cally resolve the NPL issue, with a consensus be- Potrebno je, međutim, da obezbedimo ne- tween the Serbian Government, the National Bank koliko preduslova, poput stabilne politike of Serbia and the Association of Serbian Banks on cena, stabilnog ili predvidljivog kursa i in- the establishment of banks for bad loans. With this vesticija u infrastrukturu. Veoma je važno commercial banks would be released from the bal- i da sistemski bude rešeno pitanje NPL-a, last and thereby an additional advantage of liquidi- konsenzusom između Vlade, Narodne ty to finance investment would be created. banke Srbije i Udruženja banaka Srbije, Furthermore, it is essential to partially or fully priva- formiranjem banke za loše plasmane. Time tise and corporatize all key public enterprises, sim- bi se poslovne banke oslobodile balasta i plify bureaucratic procedures and introduce e-go- time bi stvorenu dodatnu likvidnost iskoris- vernment. Such a programme would initiate positive tile za finansiranje investicija. trends at multiple levels of the Serbian economy.

WHO’S WHO IN the FINANCIAL SECTOR 91 Dodatno, neophodno je delimično ili potpu- The most important thing is for us to enable the no privatizovati i korporatizovati sva ključna SME sector to develop. In EU countries and the javna preduzeća, pojednostaviti birokratske U.S. it is precisely the SME sector that is the main procedure, uvesti e-upravu. Ovakav program employer. That’s why it is very important to reform bi pokrenuo pozitivne trendove na više nivoa public enterprises, because they are a motor for the ekonomije Srbije. development of SMEs, through the purchase of the Najvažnije je da omogućimo sektoru malih i goods and services provided by SMEs. Under the srednjih preduzeća da se razvije. U zemljama auspices of a new investment cycle, financing SMEs EU i SAD upravo je sektor malih i srednjih would certainly be one of the focuses of banks. preduzeća glavni poslodavac. Zato je veoma važno reformisati javna preduzeća, jer su ona What was risk management like prior to the zamajac razvoja MSP, kroz kupovinu dobara i crisis and how does it looks today, after the usluga koje MSP obezbeđuju. U okviru novog financial crisis? investicionog ciklusa, finansiranje MSP bi sig- Prior to the crisis, banks determined their operations urno bio jedan od fokusa banaka. in relation to the expectations for economic growth

92 Ko je ko u finansijskom sektoru Kako je izgledalo upravljanje rizikom pre at the time. When they broke the market, the certa- krize, a kako to izgleda danas, nakon inty of loan placements came to the fore. Now we are finansijske krize? actually witnessing the repairing of the damage. Pre krize banke su svoje poslovanje određivale u odnosu na tadašnja očekivanja vezana za What role do banks have in the economic ekonomski rast. Kada su se tržišta slomila, u recovery of Serbia? prvi plan je izašla sigurnost plasmana. Sada, A big one, but it needs to be bigger. Through the zapravo, svedočimo saniranju štete. launch of an investment cycle, the role of banks will come fully to the fore. Kakva je uloga banaka u privrednom opora- vku Srbije? What needs to be done for the Dinar to Velika je, ali treba da bude i veća. Kroz pokretan- squeeze the Euro out of our financial system? je investicionog ciklusa uloga banaka će doći do Although we are celebrating the 140 anniversary punog izražaja. of the existence of the Serbian dinar, we still need Šta je potrebno uraditi da dinar istisne evro iz to ask ourselves whether we really want the dinar našeg finansijskog sistema? to squeeze the euro, given the perspective of Serbia Iako obeležavamo 140 godina postojanja di- as a member of the European Union, initially, and nara, treba ipak i da se zapitamo da li zaista then the eurozone. Squeezing out the euro could želimo da dinar istisne evro, imajući u vidu deplete us. We need to have either a stable currency perspektivu Srbije kao članice najpre Evropske or use a shared currency. unije, a zatim i evrozone. Istiskivanje evra bi nas moglo iscrpeti. Treba da imamo ili stabilnu To what extent and in which ways have valutu, ili da koristimo zajedničku. relations between banks and clients changed in the last 10 years? Koliko i na koji način se promenio odnos There is no doubt that the client is now much banke i klijenta u poslednjih deset godina? more in focus, but there is still a lot of work ahead Nema sumnje da je klijent sada mnogo više u of us in this direction. Likewise, there is no doubt fokusu, ali i dalje nam predstoji mnogo pos- the quality of services is at a much higher level la u tom pravcu. Takođe, nesumnjivo je kval- and that the offer of products is more diverse and itet usluge na znatno višem nivou, da je pon- more competitive than before. However, with re- uda proizvoda raznovrsnija i konkurentnija gard to this question I would draw your attention nego ranije. Međutim, u vezi sa ovim pitanjem to some aspects that the bank I head considers as skrenuo bih pažnju na neke aspekte koje ban- being particularly important, and which we also ka na čijem sam čelu smatra posebno važnim, a published in this year’s annual report on corpora- koje objavljujemo i u ovogodišnjem Izveštaju o te social responsibility. društveno odgovornom poslovanju. In terms of accountability towards clients, the con- U pogledu odgovornosti prema klijentima, kon- cepts of financial inclusion and financial literacy cepti finansijske inkluzije i finansijskog opis- are some of the most current issues in the banking menjavanja su neka od najaktuelnijih pitanja sector, especially in developing countries. Further- u bankarskom sektoru, posebno u zemljama u more, entrepreneurship and self-employment have razvoju. Dalje, preduzetništvo i samozapošlja- been identified as being crucial for innovation and vanje prepoznati su kao ključ za inovacije i rast growth in a thriving economy. u uspešnim ekonomijama. For example, contributing to the development of Na primer, doprinos razvoju preduzetništ- entrepreneurship is reflected primarily in the stra- va ogleda se pre svega u strategiji za start up tegy for start-up companies and the Superstep line preduzeća i Superstep liniji kredita za mlade of credit for young entrepreneurs, which is asso- preduzetnike, koja je povezana sa mentorskim ciated with mentoring programmes designed for programom namenjenim početnicima u bizn- newcomers to business. Support for the develop- isu. Podrška razvoju socijalnog preduzetništva ment of social entrepreneurship and microcredits i mikrokreditiranja su takođe značajni iskoraci. are also important steps forward. This approach Ovakav pristup odnosima s klijentima se znat- to customer relations differs markedly from some no razlikuje od nekih starih praksi. old practices.

WHO’S WHO IN the FINANCIAL SECTOR 93 Georgios Papanastasiou, Georgios Papanastasiou, predsednik Izvršnog odbora Chairman of the Executive Board Alpha banke of Alpha Bank Očuvali smo We've poverenje preserved client klijenata confidence

Kako je svetska ekonomska kriza How did the global economic crisis change promenila bankarstvo uopšte, pa i kod banking generally, including in our country? nas? The global economic crisis has revealed two major Svetska ekonomska kriza razotkrila je dve najve- weaknesses in the banking sector: the lack of systemic će slabosti bankarskog sektora - manjak sistemske control and the tendency of the largest banks to ne- kontrole i sklonost najvećih banaka da u cilju ostva- glect risks for the sake of profit. These weaknesses renja većeg profita zanemare izloženost rizicima, were major contributors to the “financial earthquake” što je dovelo do „finansijskog zemljotresa“ širom that occurred across the world. This is why the chang- sveta. Zbog toga su i promene, nastale kao posledi- es, which occurred as a result of the crisis, are most ca izbijanja krize, najvidljivije u tim oblastima. visible in these areas. Države nastoje da unapređenjem regulative pojača- States are now seeking to strengthen control of the ju kontrolu bankarskog sektora, kako bi mogućnost banking sector by improving regulatory rules in or- ponavljanja problema svele na minimum. der to minimise the possibility of a reoccurrence of Istovremeno, banke se vraćaju konzervativnijem the problem. načinu poslovanja. Trend rasta pokazatelja nena- At the same time, banks are returning to a more plativih kredita, koji sada vidimo u Srbiji, uticao conservative way of doing business. The growing je da banke postanu znatno opreznije. To se, pre trend in the ratio of non-performing loans, which svega, odnosi na uslove za odobravanje plasmana, we now see in Serbia, prompted banks to become procene kreditne sposobnosti klijenata, kao i na za- much more cautious. This is primarily related to htevane kolaterale i garancije, koji služe kao obez- lending conditions, clients’ creditworthiness, as well beđenje za otplatu kredita. as required collaterals and guarantees that should Opreznost je, za razliku od vremena pre krize, sve ensure the repayment of loans. prisutnija karakteristika korisnika bankarskih uslu- Caution, as a sign of change, has become a visible ga. Suočeni sa promenljivošću poslovnog okruže- behavioural characteristic of banking service users. nja, i građani i privredni subjekti u Srbiji, čak i kad Faced with volatility in the business environment, su kreditno sposobni, mnogo se teže odlučuju da se deciding whether to pursue a loan is much more zaduže nego pre krize. difficult now than it was before the crisis; both for individuals and businesses in Serbia, and even if they Koji su glavni izazovi za bankarski sistem u are creditworthy. Srbiji? Većina banaka u Srbiji je uspela da prebrodi izazo- What are the main challenges confronting the ve koji su nastali neposredno posle krize – prvi i banking system in Serbia? najvažniji korak bilo je očuvanje poverenja klijena- Most banks in Serbia have managed to overcome the ta. Osim toga, domaći bankarski sektor je do sada challenges that arose immediately after the crisis. The uspeo da održi i više nego zadovoljavajući stepen first and most important step was maintaining clients’ likvidnosti i stabilnosti. trust. In addition, the domestic banking sector has so Ipak, izazovi koji su pred nama, nisu ništa manji od far managed to maintain more than a satisfactory lev- prethodno navedenih. el of liquidity and stability.

94 Ko je ko u finansijskom sektoru Georgios Papanastasiou, Georgios Papanastasiou, predsednik Izvršnog odbora Alpha President of the Executive Bank Srbija a.d. Board of Alpha Bank Srbija a.d. Gospodin Georgios Papanastasiou se početkom 2009. godine Mr. Georgios Papanastasiou joined Alpha Bank team priključio timu Alpha Bank, sa pozicije generalnog direktora u at the beginning of 2009, from the position of General Stopanskoj banci, članici NBG grupacije u BJR Makedoniji. Tokom Manager in Stopanska Banka, member of NBG group aprila 2009. godine postaje član Izvršnog odbora Alpha Bank in FYROM. In April, 2009, he became the Member of Srbija, a u maju iste godine preuzima dužnost predsednika Izvr- the Executive Board of Alpha Bank Srbija, and in May šnog odbora Alpha Bank Srbija. Gospodin Papanastasiou je svoju he has taken over the duties of the President of the bankarsku karijeru započeo 1987. godine kao kreditni savetnik u Executive Board of Alpha Bank Srbija. Mr. Papanasta- okviru The Bank of Nova Scotia u Solunu, da bi se zatim, od 1991. siou has started his career in the banking sector in godine, priključio timu ABN AMRO Bank, u kojoj je prvobitno bio 1987 at The Bank of Nova Scotia as a credit assis- odgovoran kao službenik za saradnju sa klijentima, da bi zatim tant; after that, in 1991, he joined ABN AMRO Bank prešao na funkciju direktora Solunske filijale. Od 2000. godine, where he served as Relationship Manager and Area gospodin Papanastasiou je svoju karijeru nastavio u Stopanskoj Commercial Manager. Since 2000, Mr. Papanasta- banci, u kojoj je bio nosilac nekoliko rukovodećih funkcija, a od siou continued his career in Stopanska Banka, where 2005. godine bio je na poziciji generalnog direktora ove banke. he held several managing functions before he was Diplomirao je ekonomiju na Aristotel univerzitetu u Solunu i magi- appointed General Manager in 2005.He holds A B.Sc strirao je poslovno upravljanje (MBA) na Bentley koledžu u Sjedi- in Economics from Aristotle University of Thessaloniki njenim Američkim Državama. and an MBA from Bentley College, USA.

WHO’S WHO IN the FINANCIAL SECTOR 95 Trenutno je za bankarski sistem u Srbiji, kao i u re- However, the challenges that now confront us are no gionu, najznačajnije rešenje problema nenaplativih less important than those that are now behind us. potraživanja. I pravna i fizička lica, koja nisu dobro Currently for the banking sectors in Serbia and the procenila svoje kapacitete za zaduživanje u periodi- region the most important issue is finding a solution ma ekonomske ekspanzije, suočavaju se sada, kada to non-performing loans. Both companies and in- je došlo do smene faza u ekonomskom ciklusu, sa dividuals who did not properly assess their capacity teškocama i smanjenim kapacitetom da otplate for borrowing in periods of economic expansion are svoje kreditne obaveze. Činjenica da svako četvrto now, during a shift in the phase of the economic cycle, pravno lice u Srbiji (28,07 odsto, prema podacima faced with a reduced capacity, or even an inability, to Udruženja banaka Srbije) ima teškoće u otplati kre- meet their loan repayment obligations. The fact that dita, predstavlja ozbiljno upozorenje. every fourth company in the country (28.07 per cent Drugo značajno pitanje sa kojim se suočavaju ban- according to the Association of Serbian Banks) has ke u Srbiji je pad kreditne aktivnosti. debt repayment difficulties is a serious warning. Finansijska kriza dovela je do pada kupovne moći Another important issue that banks in Serbia are now građana, ujedno i do pada tražnje, što je mnogim facing is decline in lending activity. The financial crisis kompanijama donelo probleme u poslovanju, koji led to a decline in the purchasing power of individ- posledično dovode do problema u otplati posto- uals and also market demand. This has led to many jećih i uzimanju novih kredita. Takođe, gubitak business problems in companies battling the crisis, velikog broja radnih mesta u poslednjih nekoliko which has in turn led to problems in the repayment of godina, nesigurnost postojećih, kao i pad prosečne existing loans and approval of new loans. Moreover, zarade, imali su za posledicu i smanjenje kreditnih significant employment losses, continuing market un- zahteva građana, pre svega za dugoročne i sred- certainty and a drop in average earnings have resulted njoročne pozajmice, kao što su stambeni krediti in a reduction of loan applications, especially for long i kupovina automobila na kredit. Podaci kažu da and medium-term loans, such as mortgages and car opada čak i interesovanje za kreditne kartice – što loans. Even interest in credit cards is reported to have sve zajedno ukazuje na to da se građani sve češće declined. All of these facts suggest that individuals are odlučuju na pozajmice samo u krajnjoj nuždi i za more likely to opt for a loan as a last resort or in order namirivanje osnovnih potreba. to fulfil their basic needs.

96 Ko je ko u finansijskom sektoru Konačno, kao treći, a ujedno i najkompleksniji, Finally, the third and most complex challenge is the izazov javlja se potreba da se uravnoteži odnos need to find a balance between state requirements and između zahteva države i propisa koje ona donosi, regulations, the needs of businesses and individuals, potreba privrede i građana i realnih mogućnosti and the actual operating capacities of banks. Partner- banaka. Za uspešno suočavanje s ovim izazovima, ship and cooperation between the government and biće neophodna partnerska saradnja, pre svega, the banks, as well as other factors of society, will be države i banaka, ali i drugih faktora u društvu. required in order to successfully face this challenge.

Kako je izgledalo upravljanje rizicima What was risk management like prior to the pre krize, a kako to izgleda danas, nakon crisis and how does it look today, after the finansijske krize? financial crisis? Ogromne finansijske teškoće, u kojima su se našle The huge financial difficulties that have troubled neke od najvećih svetskih bankarskih grupacija, some of the world’s largest banking groups, as well as ali i pojedini primeri iz Srbije, pokazali su da se some banks from Serbia, have shown that prior to the pre krize proceni rizika očigledno nije poklanjalo crisis risk assessment was not given enough attention. dovoljno pažnje. Nowadays, it is one of the priorities in the banking busi- Sada je upravo to jedan od prioriteta u poslovanju ness and, in order to simply describe the very complex banaka, a kompleksnu oblast upravljanja finan- area of financial​​ risk management, it is now character- sijskim rizicima sada karakterišu konzervativniji ized by more conservative and stricter evaluation criteria. pristup i pooštravanje kriterijuma procene. What is the role of banks in the economic Kakva je uloga banaka u privrednom recovery of Serbia? oporavku Srbije? The Serbian banking sector, with its accomplishments Svojim dosadašnjim radom i podrškom koju je da- in the recent past and the support it has given to firms vao privredi, ali i ekonomskim inicijativama Vlade, and also the economic initiatives of the Serbian Gov- bankarski sektor Srbije je pokazao da je ozbiljan part- ernment, has shown that it is a serious partner of the ner srpske ekonomije. U budućnosti, uloga banaka u Serbian economy. In the future, the role of banks in privrednom oporavku Srbije zavisiće u velikoj meri the economic recovery of Serbia will depend largely od ekonomskih mera koje kreira država, tačnije od on the economic policies the state will create – most prostora koji će bankama biti dat da bi pomogle. Za precisely in the areas that banks will be allowed to povratak srpske privrede na pravac rasta i razvoja, provide with help. Serious reforms that tackle the neophodne su ozbiljne reforme koje će se uhvatiti causes of the economic crisis in Serbia are needed in ukoštac sa uzrocima ekonomske krize u Srbiji. order for the Serbian economy to return to growth Postepeni rast kreditnih aktivnosti banaka može and development. se očekivati uz najavljeno popravljanje budžetskog Gradual bank lending activity increases can be ex- bilansa, povećanje investicija i privatne domaće pected after the announced budget balance, as well tražnje kao glavnih pokretača ekonomskog rasta. as an increase in investments and private domes- Naravno, primarni preduslov jeste obezbeđivanje tic demand. These will be the main drivers of eco- pravne sigurnosti, promene i modernizacija po- nomic growth. Of course, the primary prerequisites stojećeg zakonodavstva, kao i intenziviranje rada will be to provide legal certainty and modernise na efikasnijoj primeni propisa. To bi dodatno mo- existing legislation, as well as intensifying work on glo da podstakne privlačenje stranih direktnih in- efficiently implementing regulations. All of these vesticija i ulazak svežeg kapitala u Srbiju. could further boost the attracting of foreign direct Verujem da će bankarska podrška biti najznačaj- investment and the supply of fresh capital to Serbia. nija u segmentu mikro, malih i srednjih predu- I believe that banking support will be most important zeća, a koja su ujedno i najzdraviji deo privre- in the area of micro​​ businesses and SMEs, which are de. U narednom periodu ona bi mogla da budu also the healthiest part of the economy. In the future nosioci privrednog razvoja. U ostvarivanju tog they could become the leaders of economic develop- cilja, značajnu ulogu mogu da odigraju banke, ment. An important role in achieving this goal will obezbeđivanjem odgovarajuće kreditne podrške be played by the banks by providing adequate credit za realizaciju novih investicija i proširenje proi- support for new investments and the expansion of zvodnih kapaciteta. production capacities.

WHO’S WHO IN the FINANCIAL SECTOR 97 Neoklis Neokleus, generalni Neoclis Neocleous, General direktor i predsednik Izvršnog Manager and Chairman of the odbora Piraeus banke Executive Board of Piraeus Bank Kvalitet ostaje Quality primarni cilj remains Piraeus banke Piraeus Bank

Koji su glavni izazovi za upravljanje primary goal bankom i koliko su se oni promenili u What are the main challenges to managing a godinama krize? bank and how have they changed during the Tokom pet godina finansijske krize Piraeus crisis? banka ne samo da je zadržala obim poslovanja During the five years of crisis Piraeus Bank has već je zabeležila i prikladan rast, uvećanje baze maintained its core business, recorded suitable klijenata i njihovog poverenja. Danas, Banka growth, clients base and their trust. Today in ima poslovnu mrežu koju čine 42 filijale, 600 Serbia the bank has a business network of 42 zaposlenih, razvijen sektor Piraeus Leasinga i branches, 600 employees, developed Piraeus Renta, desetine hiljada klijenata, kreditni port- Leasing and Piraeus Rent sectors, tens of tho- folio od preko 600 miliona evra, uključujući usands of clients, around €600 million in loan prekogranične kredite londonske filijale Pirae- placements, including cross-border loans bo- us banke i depozite u vrednosti od preko 300 oked with Piraeus Bank London, and deposits miliona evra. worth about €300 million. Nakon pet godina krize, mi i dalje razvijamo Now, after five years of crisis, we are developing Banku, imamo petogodišnji plan rasta sa kojim the bank further and have a five-year growth plan, smo započeli tekuću godinu. Iako je kriza uti- which we started implementing this year. Altho- cala na naše poslovanje, mi uspešno poslujemo ugh the crisis impacted on our business, we are i zadovoljni smo postignutim rezultatima. Da still operating with success and are pleased with nije bilo krize, naši rezultati bi bili još bolji. our achievements. If there had not been a crisis, our results would have been even better. Kako je svetska ekonomska kriza promenila bankarstvo uopšte, pa i kod How has the world economic crisis changed nas? banking generally, in local market as well? Srpska ekonomija se suočava sa posledicama The Serbian Economy is facing the consequences globalne ekonomske krize, te su neophodne of the global economy crisis and needs to take ur- hitne ekonomske mere kako bi se ubrzao rast. gent economic measures in order to accelerate gro- Po mnogim pokazateljima, 2014. će biti nešto wth. The outlook for this year is slightly better than bolja nego prethodna godina, ali su izgledi i 2013, but still modest. dalje skromni. The Serbian banking sector is competitive, with a Srpski bankarski sektor je konkurentan, sa ve- large number of banks operating on the market, likim brojem banaka, te je realno očekivati nje- hence it is realistic to expect consolidation in the govu konsolidaciju u budućnosti. future. Proces konsolidacije je već započeo i primetno The consolidation process has already begun and is je da banke predano rade na unutrašnjoj re- currently reflected in internal reorganization, which organizaciji koja treba da doprinese poboljša- should improve business effectiveness, reduce costs nju operativnosti, smanjenju troškova i, što je and, most importantly, provide better service.

98 Ko je ko u finansijskom sektoru WHO’S WHO IN the FINANCIAL SECTOR 99 najvažnije, još boljoj usluzi. Cilj je kompaktna The objective of all competitors operating on the usluga koja će ubuduće praviti razliku između local market is to provide a compact service that banaka, umesto cenovne politike što je bio slu- will make the difference between institutions in the čaj do sada. future,as opposed to pricing policy, which has been the case so far. Koji su glavni izazovi za bankarski sistem u Srbiji? What are the main challenges facing the Serbi- Najveći izazov domaćem bankarskom sektoru an banking sector? jeste visok nivo nenaplativih kredita. Uprkos The main challenge for the Serbian banking sector činjenici da je skoro svaki treći kredit privre- is the high level of non-performing loans. Almost di problematičan, ne znači da bankama preti every third corporate loan is currently non-perfor- opasnost budući da imaju dovoljno kapitala ming. This doesn’t mean that we are in jeopardy, as za pokrivanje eventualnih gubitaka. Rezultat banks have enough capital to cover potential losses. ovakvog stanja je stagnacija u kreditnom za- The result of such a situation is stagnation in borro- duživanju i suviše potencijalnog novca za inve- wing and too much potential money for investment sticije zarobljenog u bilansima banaka. ending up trapped in banks’ balance sheets. Obazrivost po pitanju novih plasmana prisut- All partners exercise caution when it comes to new na je kod svih partnera. Dok bankarski sektor placements. While the banking sector is trying to nastoji da smanji broj nenaplativih kredita, reduce the number of NPLs, we are witnessing in- primetna je pojačana obazrivost građana u creased caution among citizens when it comes to zaduživanju, kao i oprez preduzeća u pogledu borrowing, as well as caution among companies novih ulaganja. when it comes to new investments. Prioritet Piraeus banke jeste rešavanje pro- The priority of Piraeus Bank is to solve the issue of blema prezaduženih klijenata, s obzirom na over indebted clients, as provisions for risky place-

100 Ko je ko u finansijskom sektoru to da rezervacije za rizične plasmane limiti- ments limit the possibility of investing in projects raju mogućnost investiranja u projekte koji that have potential. We exert maximum effort to imaju potencijal. Ulažemo maksimalne na- find the most acceptable solution through part- pore da kroz partnerstvo pronađemo najpri- nership, either through the restructuring or resc- hvatljivije rešenje, ili kroz restrukturiranje ili heduling of obligations. reprogram obaveza. What is the role of banks in Serbia’s econom- Kakva je uloga banaka u privrednom ic recovery? oporavku Srbije? To recognise and support good business projects. Uloga je prepoznavanje i puna podrška do- At Piraeus Bank we are interested in investments brim poslovnim projektima. Piraeus banka je in infrastructure, agriculture, energy and SMEs. zainteresovana za investicije u oblastima in- We have great ambitions to participate in the de- frastrukture, poljoprivrede, energetike i mala velopment of the SME sector and our plan is to i srednja preduzeća. Imamo velike ambicije za increase crediting with favourable conditions and učešće u razvoju sektora male privrede. Naš offer new banking services. plan je da u ovom domenu povećamo kredi- In this regard, our SME platform was upgraded re- tiranje sa povoljnim uslovima i nastavimo sa cently. We made a wide range of products available stalnim usavršavanjem ponude. to our clients, covering their business needs, fle- U tom smislu Banka je nedavno unapredila xibility and competitive rates concerning loan in- platformu za MSP. Klijentima smo stavili na terest rates, fees and commissions, other products raspolaganje široku lepezu proizvoda koji po- and, of course, deposits. krivaju njihove poslovne potrebe, fleksibilnost It is important to underline that we were the first i konkurentne tarife u pogledu kamatnih stopa bank on the market to provide e-banking services i provizija za kredite, ostalih proizvoda i, na- to corporate clients for the payment of electronic ravno, za depozite. invoices. However, we have not exhausted our ef- Važno je istaći da smo pravnim licima prvi forts for further improvement. omogućili e-banking za plaćanje elektronskih faktura. Ovim naši napori za daljim usavršava- To what extent and in which ways have njem nisu završeni. relations between banks and clients changed in the last 10 years? Koliko i na koji način se promenio odnos The new digital era, and the continuously chan- banke i klijenta u poslednjih deset ging behaviour of customers, requires that banks godina? adjust the way they operate. Transactions can be Nova digitalna era i stalno promenljive po- performed through alternative channels, mostly trebe klijenata zahtevaju od banke da prilago- internet and mobile. Customers in our country get di način poslovanja svojih filijala. Transakcije more and more familiar with online and mobile se mogu jednostavno obavljati putem alterna- technology every day. It is just a matter of time tivnih kanala, interneta i mobilnih telefona. until the majority of simple transactions, such as Klijenti svakodnevno napreduju u savladavan- utility payments or money transfers, will be rea- ju online i mobilnih tehnologija. Pitanje je vre- lised through a computer screen and/or a mobile mena kada će se većina jednostavnih transak- phone, simply because it is much more convenient cija realizovati elektronskim putem, pre svega that way. zbog komfora korisnika. The emphasis has shifted from a bank branch Akcenat je pomeren sa filijale kao transak- being a transactional point to it becoming an cione tačke na njenu savetodavnu funkciju. advisory point. At Piraeus Bank we are aiming Piraeus banka teži postepenoj transformaciji to gradually transform our branches into advi- filijala ka savetodavnom centru koji je ospos- sory points where our customers can receive obljen da pruži ekspertsko mišljenje i person- proper advice, expert opinions and personal alizovanu uslugu, da se posao završi jednim attention, as well as having a one-stop-shop dolaskom u filijalu i da pritom klijent prepoz- possibility and, ultimately, the feeling that their na svoj značaj za Banku. importance is recognised.

WHO’S WHO IN the FINANCIAL SECTOR 101 AIK banka a.d. Niš AIK banka a.d. Niš Cilj - kreiranje Aim - to najjače create the domaće strongest privatne domestic banke private bank

IK banka A.D. Niš je domaća banka prisutna IK Banka AD Niš is a domestic bank that na finansijskom tržištu više od dve decenije. has been present on the financial market for Osnovana je 1976. godine kao interna banka more than two decades. Founded in 1976 as AAgroindustrijskog kombinata Niš, a na otvoreno tr- Aan internal bank of Agroindustrijski Combine Niš, it žište je izašla 1993. godine. Prekretnica u poslovanju joined the open market in 1993. The bank achieved Banke bila je 1995. godine, usled promene vlasničke a milestone in operations in 1995, following changes strukture u akcionarsko društvo. Te godine akcije in the ownership structure to a joint-stock company. Banke su postale vlasništvo pojedinačnih i institu- That year the shares of the bank became the property cionalnih domaćih i stranih akcionara, a danas su of individual and institutional domestic and foreign među najlikvidnijim hartijama od vrednosti kojima shareholders, while today its shares are among the se trguje na Beogradskoj berzi. most liquid traded on the Belgrade Stock Exchange. AIK banka je u samom vrhu domaćeg bankarskog AIK Bank is at the very top of the domestic banking tržišta po svim ključnim finansijskim parametrima. market according to all major financial parameters. In U 2013. godini, Banka je ostvarila ukupnu dobit od 2013 the Bank realised total profits of 1.23 billion di- 1,23 milijarde dinara, što je vodilo jačanju kapitalne nars, which led to the strengthening of capital adequa- adekvatnosti i vrednosti za akcionare. Značajno uče- cy and shareholder value. A significant share of liquid šće likvidnih sredstava u ukupnoj aktivi je obezbe- assets in total assets has ensured a high level of secu- dilo visoki stepen sigurnosti, što su klijenti nagradili rity, which customers rewarded with confidence and poverenjem i zadržavanjem štednih uloga u Banci. the continued holding of savings deposits with AIK. Osnovna komparativna prednost AIK banke su AIK Bank’s basic comparative advantages are precise- upravo odlični bazični finansijski pokazatelji poslo- ly its excellent basic financial performance indicators vanja, koji pored toga što pružaju sigurnost svim kli- which, in addition to providing security to all custom- jentima Banke, ostavljaju dovoljno prostora za razvoj ers of the bank, leave plenty of room for development i dalju ekspanziju dodatnih diversifikovanih izvora and the further expansion of additionally diversified finansiranja. sources of funding. Zadržavanje fleksibilnosti u poslovanju, upravljanje Retaining flexibility in operations, sales management prodajom i uspostavljanje visokih standarda upra- and establishing high standards of risk management vljanja rizicima ostaju glavni principi na kojima se remain the main principles upon which the business

102 Ko je ko u finansijskom sektoru gradi sistem poslovanja. Sve to sa ciljem kreiranja system is built. All this is done with the aim of creat- najjače domaće privatne banke superiornog kvaliteta ing the strongest domestic private bank, with superior usluga, sa fleksibilnim pristupom tržištu i klijentima quality services, flexible access to markets and clients, i pozitivnom percepcijom za sve interne i eksterne as well as the positive perception of all internal and ex- stejkholdere. ternal stakeholders. Predsednik Upravnog odbora AIK banke je Chairman of the Management Board of AIK Bank is Miodrag Kostić, a na čelu Izvršnog odbora je Miodrag Kostić, while the Executive Board is headed Vladimir Čupić. by Vladimir Čupić.

WHO’S WHO IN the FINANCIAL SECTOR 103 Eurobank a.d. Beograd Eurobank a.d. Belgrade Odgovoran Responsible partner partner

Eurobank a.d. Beograd sa uspehom u Srbiji Eurobank has been doing business in Serbia suc- posluje od marta 2003. godine, među vodećim cessfully since March 2003 and is one of the leading je stranim investitorima u zemlji i predstavlja foreign investors in the country and systemic banks sistemsku banku na tržištu, koja je pouzdan on the market, as well as being a reliable partner to partner svojim klijentima, regulatorima, lokal- its clients, regulators, the local community and soci- noj zajednici i društvu uopšte. Tokom više od ety in general. decenije poslovanja u Srbiji, Eurobank, zajedno For more than a decade of doing business in Serbia, sa svojim povezanim kompanijama, nudi širok Eurobank, together with its related companies, of- spektar standardnih i inovativnih bankarskih fers a wide range of standard and innovative bank- proizvoda i usluga preko poslovne mreže od ing products and services via its business network 100 ekspozitura i centara za rad sa privredom, of 100 branches and corporate business centres u kojima više od 1.500 zaposlenih servisira with more than 1,500 employees servicing 500,000 500.000 računa fizičkih i pravnih lica. Svoje accounts of businesses and individuals. Eurobank strateško opredeljenje ka tržištu Srbije, Euro- has proven its strategic determination to do busi- bank je pokazala i vlasništvom nad modernom ness on the Serbian market with its ownership of poslovnom zgradom u srcu Beograda „Euro- a modern office building in central Belgrade, the bank centrom“, kao i 16.000 kvadratnih metara Eurobank Centre, as well as 16,000 square metres poslovnog prostora širom zemlje, na najatrak- of office space across the country, in the most at- tivnijim lokacijama. tractive locations. Imajući na umu nepovoljno ekonomsko okruže- Considering the unfavourable economic environ- nje i brojne izazove u proteklim godinama, Euro- ment and numerous challenges in the previous bank je ostvarila izuzetne rezultate u poslovanju, years, Eurobank has achieved excellent business re- uspevajući da zadrži profitabilnost tokom čitave sults and managed to maintain profitability during krize i dodatno ojača poziciju u pogledu kapitala the crisis, while additionally strengthening its posi- i likvidnosti. Takođe, depoziti klijenata Banke su tion in terms of capital and liquidity. Moreover, the u konstantnom porastu. Banka od svog osniva- bank’s client deposits are constantly on the rise. nja u Srbiji održava uspešnu saradnju sa među- Since its establishment in Serbia, the bank has main- narodnim finansijskim institucijama i deo svojih tained successful cooperation with international fi- plasmana finansira iz ovih izvora. Upravo zahva- nancial institutions and finances part of its lending ljujući snažnoj poziciji i saradnji sa međunarod- from these sources. It is precisely thanks to its strong nim finansijskim institucijama, Banka je osvojila position and cooperation with international finan- nagradu za najbolje partnerstvo u zemljama u cial institutions that Eurobank won the award for the razvoju za 2013. godinu, dodeljenu od Interna- best partnership in the emerging countries for 2013, cionalne finansijske korporacije, članice Svetske awarded by the International Finance Corporation, banke. Kao najaktivnija banka na ovom polju, which is a member of the World Bank Group. As the Eurobank je aktivnostima usmerenim ka podr- most active bank in this field, Eurobank has earned žavanju uvozno-izvoznih aktivnosti preduzeća iz this prestigious award as a result of activities to sup- Srbije zaslužila ovu prestižnu nagradu. Takođe, port the import/export activities of Serbian compa- Eurobank je nagrađena od strane Commerzbank nies. Additionally, Eurobank has been rewarded by za izvanredne rezultate na polju unapređenja Commerzbank for its exceptional results in the area

104 Ko je ko u finansijskom sektoru segmenta usluga platnog prometa i finansijskih of improving service segments related to payment transfera, kao i Data Integrity Award, dodeljen transactions and financial transfers, as well as Mas- od MasterCard. terCard’s Data Integrity Award. Ostvareni finansijski rezultati i jedna od vodećih The achieving of financial results and gaining of one pozicija u bankarskom sektoru razvijali su se pa- of the leading positions in the banking sector have ralelno sa brigom o zaposlenima i kontinuiranim developed simultaneously with care for employees unapređenjem odnosa prema svim stejkholde- and continuous improvement of relations with all rima - klijentima, akcionarima i ukupnoj dru- stakeholders – clients, shareholders and the social štvenoj zajednici. Uvek težeći da korporativnu community as a whole. društvenu odgovornost postavi za integralni deo Always guided by a desire to include CSR activities identiteta, Eurobank je u 2013. godini nagrađena as an integral part of its identity, in 2013 Eurobank najznačajnijom nagradom VIRTUS za doprinos won the prestigious VIRTUS Award for its contribu- lokalnoj zajednici, za projekt „Veliko srce“. Pro- tion to the local community, in the form of the “Big jekat „Veliko srce“ zabeležio je značajne rezultate Heart” project. This project achieved significant re- tokom 2013. godine i u okviru njega je do sada sults in 2013, with 21 playgrounds in kindergartens obnovljeno 21 igralište u vrtićima širom Srbije, across Serbia having so far been renovated within zahvaljujući više od 22.000 klijenata koji koriste the framework of this project, thanks to the more Veliko srce MasterCard. Eurobank, Srpska aka- than 22,000 beneficiaries of the “Big Heart” Master- demija nauka i umetnosti (SANU) i Centar za Card affinity card. Eurobank, the Serbian Academy razvoj inkluzivnog društva (CRID) realizovali su of Science and Arts (SANU) and the Inclusive Soci- projekat „Umetnost za SVE“, sa ciljem prilagođa- ety Development Centre Society (CRID) have joint- vanja galerijskog prostora Akademije osobama ly implemented the “Art for All” project with an aim sa invaliditetom, što predstavlja prvi projekat ove of adapting SANU’s gallery space to meet the needs vrste u ovom delu Evrope. of persons with disabilities, which is the first project Eurobank nastavlja sa dugoročnim naporima of its kind in this part of Europe. kako bi realizovala različite inicijative i progra- Eurobank is continuing its long-standing efforts to me u ključnim oblastima kao što su: socijalna implement different initiatives and programmes in

WHO’S WHO IN the FINANCIAL SECTOR 105 inkluzija, obrazovanje, zaštita životne sredine, key areas, such as social inclusion, education, envi- kultura i zdravstvo. Kroz sveobuhvatni program ronmental protection, culture and healthcare. The korporativne društvene odgovornosti, pod nazi- bank invested more than €4 million in the previous vom „Investiramo u evropske vrednosti“, Banka period via its comprehensive CSR programme “We je uložila više od četiri miliona evra u prethod- invest in European values”. nom periodu. Eurobank is the first financial institution in Serbia to Eurobank je prva finansijska institucija u Srbi- win the “CSR Champion” certificate for responsible ji koja je oktobra 2012. godine dobila sertifikat business, which was awarded by the National Alli- „Šampion društvene odgovornosti“ za odgovor- ance for Local Economic Development (NALED) in no poslovanje, od Nacionalne alijanse za lokal- October 2012. The aim of this programme is to set ni ekonomski razvoj. Cilj ovog programa je da standards for corporate social responsibility in Ser- postavi standarde korporativne odgovornosti bia, recognise and promote best practice examples u Srbiji, prepozna i promoviše primere najbolje and thus encourage others to embrace responsible prakse i na taj način podstakne druge da usvoje business practices. odgovorno poslovanje. Furthermore, Eurobank is also the winner of the Pored toga, Eurobank je i nosilac najprestižnijih most prestigious acknowledgments in the CSR priznanja u oblasti društveno odgovornog poslo- segment, such as the national VIRTUS Award and vanja, poput nacionalne nagrade „Virtus“, Najbo- the Best of Serbia Award of the Serbian Chamber lje iz Srbije“, Privredne komore Srbije i Udruže- of Commerce and the Association of Economic nja ekonomskih novinara. Banka je nagrađena i Journalists. The Bank has also won the My Choice nagradom „Moj izbor“ u kategoriji socijalne in- Award in the category of social inclusion and envi- kluzije i zaštite životne sredine. ronmental protection.

106 Ko je ko u finansijskom sektoru JUBMES banka a. d. Beograd JUBMES Bank a.d. Belgrade Pristupačnost Accessibility i inovativnost and u poslovanju innovation in business

JUBMES banka a. d. Beograd ima tradiciju ban- JUBMES Bank a.d. Belgrade has a tradition of karskog poslovanja i pružanja bankarskih usluga banking operations and providing banking servic- više od 30 godina. Osnovana je 1979. godine, kao es that dates back more than 30 years. Founded in specijalizovana finansijska institucija za refinansi- 1979 as a specialised financial institution for refi- ranje srednjoročnih i dugoročnih izvoznih poslo- nancing medium- and long-term export transac- va i osiguranja izvoza od nekomercijalnih rizika i tions and insuring export against non-commercial pravni je sledbenik Fonda za osiguranje i krediti- risks, it is the legal successor of the Fund for the In- ranje izvoznih poslova, osnovanog 1967. godine. surance and Finance of Export Transactions, which Kao nacionalna izvozno-kreditna agencija, Banka was founded in 1967. je bila ovlašćena da organizuje i podstiče učešće As a national export credit agency, the bank was au- jugoslovenskih preduzeća u realizaciji projekata u thorised to organize and encourage the participation inostranstvu, u čijem su finansiranju učestvovale of Yugoslavian enterprises in the implementation of međunarodne i regionalne razvojne finansijske projects abroad which included the financing of in- institucije (Svetska banka, Interamerička banka za ternational and regional development finance insti- razvoj, Afrička banka za razvoj, Evropska banka tutions (World Bank, Inter-American Development za obnovu i razvoj, Međunarodna finansijska kor- Bank, African Development Bank, European Bank poracija i druge). for reconstruction and Development, International Tokom 1997. godine Banka je transformisana u Finance Corporation and others). komercijalnu banku i u skladu sa zakonom, ima During 1997 the bank was transformed into a dozvolu za obavljanje svih bankarskih i finansij- commercial bank and, in accordance with the law, skih usluga, te obavlja sve vrste depozitnih i kre- received a permit to perform all banking and fi- ditnih poslova za pravna i fizička lica u domaćoj nancial services, according to which is performs all i stranoj valuti, poslove platnog prometa u zemlji types of deposit and credit services for registered i inostranstvu, izdavanje garancija, avala i drugih companies and individuals in local and foreign cur- oblika jemstava, kupoprodaje vrednosnih papira i rencies, payment system operations in the country drugih bankarskih poslova. and abroad, issuing guarantees, sureties and other Danas Banka posluje kao moderna tržišno pozici- forms of guarantees, the purchase and sale of secu- onirana i konkurentski profilisana finansijska in- rities and other banking operations. stitucija univerzalnog karaktera, koja je svojom po- Today the bank operates as a modern market ori- slovnom strategijom usmerena na savremene oblike entated and competitively profiled financial institu- bankarskog poslovanja uz visok stepen adaptilnosti tion of a universal character, which has a business i efikasnosti u odnosu na zahteve tržišta i klijenata. strategy focused on contemporary forms of bank- Širok spektar celovitih finansijskih usluga, odno- ing operations with a high degree of adaptability sno visokokvalitetnih standardizovanih proizvo- and efficiency in relation to the demands of the da, Banka nudi na celoj teritoriji države, putem market and clients. tradicionalnih, mobilnih i direktnih distributiv- The bank offers a wide range of comprehensive nih kanala. financial services and high-quality standardised

WHO’S WHO IN the FINANCIAL SECTOR 107 Jedan od glavnih oslonaca poslovne strategije products throughout the country, through tradi- Banke je njena pristupačnost i inovativnost u po- tional, mobile and direct distribution channels. slovanju, sa zaposlenima orijentisanim prema kli- One of the main pillars of the bank’s business strat- jentima, te jedinstvenim i efikasnim procesima i egy is its accessibility and innovation in business, tehnologijama. with employees orientated towards customers and Odgovarajući na izazove dinamičnog i sve kon- unique and efficient processes and technologies. kurentnijeg finansijskog tržišta, Banka kontinu- Responding to the challenges of a dynamic and in- irano unapređuje svoju ponudu u oblasti elek- creasingly competitive financial market, JUBMES tronskog bankarstva, kao i savremenih proizvoda continuously improves its offer in the field of i usluga investicionog bankarstva, pri čemu se e-banking, as well as updating its modern prod- posebna pažnja posvećuje razvoju proizvoda ucts and investment banking services, paying spe- i usluga prilagođenih potrebama ciljne grupe cial attention to the development of products and korporativnih klijenata, a naročito proizvoda services tailored to the needs of the target group finansijske podrške izvoznim poslovima. Nai- of corporate clients and, in particular, products of me, zahvaljujući svojoj istoriji, Banka je naročito financial support for export operations. Namely, specijalizovana za poslove podrške izvozu i ima thanks to its history, this bank is particularly spe- visok poslovni rejting u inostranstvu, čemu u cialised in the business of supporting exports and prilog govore i uspostavljeni korespondentski enjoys a high business rating abroad, which is sup- odnosi sa vodećim svetskim bankama. Pored ported by established correspondent relations with toga, Banka je specijalizovana i za pružanje ek- leading international banks. Additionally, JUBMES spertsko-tehničke pomoći u domenu naplate ko- also specialises in providing expert technical assis- mercijalnih potraživanja domaćih poverilaca od tance in the area of collecting commercial claims of inostranih dužnika. domestic creditors from foreign debtors. Ovakva orijentacija podrazumeva, istovremeno, Such an orientation simultaneously implies a high visok stepen razvoja i implementacije savremenih level of development and the implementation of sistema i procedura kontrole i upravljanja rizici- modern systems of control of procedures and ma, profilisane kadrove, kao i primenu savreme- risk management, profiled personnel, as well as

108 Ko je ko u finansijskom sektoru nog informaciono-telekomunikacionog sistema the application of contemporary information and podrške poslovnim operacijama. telecommunication systems to support business Banka kontinuirano beleži rast obima poslovne operations. aktivnosti, meren iznosom bilansne sume, pri The bank continuously records growth in the vol- čemu su svi pokazatelji poslovanja Banke usklađe- ume of activity, measured by the amount of total ni sa Zakonom o bankama i drugim finansijskim assets, with which all indicators of the bank’s opera- organizacijama. tions are in compliance with the Law on Banks and Cilj poslovanja Banke u narednom periodu je da Other Financial Institutions. bude snažna i pouzdana srpska banka, podjedna- The bank’s aim in the coming period is to be a ko privlačna akcionarima, klijentima i zaposleni- strong and reliable Serbian bank, equally attrac- ma. Svoju budućnost Banka temelji na realnim tive to shareholders, customers and employees. mogućnostima, vlastitim snagama i stručnom JUBMES bases its future on real possibilities, its znanju zaposlenih. own strengths and the expert knowledge of em- Svesna da se uspeh u poslovanju meri jednako i ployees. aktivnostima u segmentu društvene odgovorno- With awareness that business success is measured sti, s ciljem promovisanja koncepta korporativne equally with activities in the area of corporate ​​so- odgovornosti prema društvu, Banka je, marta cial responsibility, in March 2008 the bank joined meseca 2008. godine, pristupila Globalnom do- the UN Global Compact with the aim of promoting govoru UN. the CSR concept. Banka iskazuje društvenu odgovornost kroz ne- JUBMES Bank demonstrates social responsibility koliko segmenata delovanja - brigom za zaposle- through several segments of activity - care for em- ne i ulaganjem u njihovo osposobljavanje i razvoj, ployees and investing in their training and devel- transparentnim poslovanjem i dostupnošću kli- opment, transparent operations and availability to jentima, kao i aktivnim angažovanjem na unapre- clients, as well as active involvement in improving đenju kvaliteta života društvene zajednice u kojoj the quality of life of the social community in which posluje, podržavajući različite projekte humani- it operates, supporting various projects of humani- tarnih, kulturnih i sportskih institucija. tarian, cultural and sporting institutions.

WHO’S WHO IN the FINANCIAL SECTOR 109 Vladimir Zečar, predsednik Vladimir Zečar, Chairman Izvršnog odbora VTB banke a.d. of the Executive Board of Beograd VTB Bank a. d. Belgrade Bankarstvo Banking will će biti znatno be much more konzervativnije conservative

Na koji način se, prema vašem mišljenju, In your opinion, in which way has the promenio bankarski sistem u Srbiji u Serbian banking system changed in the last poslednjih deset godina? ten years? Najveću promenu bankarski sistem Republi- The biggest change was experienced by the Ser- ke Srbije doživeo je u prvoj polovini 2000. go- bian banking system in the first half of the year dine, ulaskom stranog kapitala. To je dovelo do 2000, with the entry of foreign capital. That led to mnogobrojnih promena i unapređenja sistema numerous changes and the improvement of risk upravljanja rizicima, kao i uvećanja kapitala management systems, as well as increasing the ca- bankarskog sistema, što je vodilo ka značajnom pital of the banking system, which led to a signifi- povećanju kreditne aktivnosti u periodu do cant increase in lending activity in the period up 2008/2009. godine. until 2008/2009.

VTB BANKA AD BEOGRAD, VTB BANK AD BELGRADE, ČLANICA VTB GRUPE, SA A MEMBER OF VTB GROUP, ZVANIČNIM POSLOVANJEM OFFICIALLY STARTED ITS U SRBIJI ZAPOČELA JE U OPERATIONS IN SERBIA IN SEPTEMBRU 2013. GODINE, SEPTEMBER 2013, AFTER THE NAKON PREUZIMANJA TAKEOVER OF MOSKOVSKA MOSKOVSKE BANKE AD BEOGRAD BANK AD BELGRADE

Od 2009. godine na bankarski sektor Republike From 2009 the Serbian banking sector was influ- Srbije uticale su posledice globalne ekonomske enced by the consequences of the global econo- krize, što je dovelo do situacije da se poslednjih mic crisis, which has led to a situation in recent godina banke suočavaju sa značajnim rastom years where banks are facing significant growth loših plasmana. Dobra stvar je što domaće ban- in non-performing loans. The good thing is

110 Ko je ko u finansijskom sektoru ke uživaju u podršci matičnih banaka, koje vide that domestic banks enjoy the support of parent tržište Republike Srbije kao bitno za njihovo po- banks, which see the Serbian market as being im- slovanje u budućnosti i samim tim omogućavaju portant for their business in the future and, as lakši prolazak kroz krizni period. Ono što bi još such, allow an easier passage through the crisis trebalo istaći jeste da je u prethodnom periodu u period. Another factor that should be pointed bankarskom sistemu došlo i do veće koncentracije out is that in the previous period the Serbian aktive na banke sa stranim kapitalom, u poređenju banking system also reached greater concentra- sa prethodnim periodom. tion of assets in banks with foreign capital, com- pared with the previous period. Kako će bankarski posao izgledati u budućnosti? How will the banking business look in the Na osnovu iskustva iz prethodnih godina, a u future? kontekstu aktuelne krize, mislim da će ban- Based on experience from previous years, and in karstvo biti znatno konzervativnije. Kada to the context of the current crisis, I think banking kažem, očekujem da će se banke mnogo više will be much more conservative. Having said fokusirati na praćenje, odnosno kreditiranje that, I expect many banks to focus much more on transakcija, za razliku od prethodnog perioda following and financing transactions, as opposed u kome je akcenat bio na odobravanju sredsta- to the previous period when the emphasis was on va za obrtni kapital. the allocation of funding for working capital.

WHO’S WHO IN the FINANCIAL SECTOR 111 Koji su glavni izazovi za bankarski sistem What are the main challenges for the u Srbiji? banking system in Serbia? U narednih nekoliko godina fokus će biti na In the next few years the focus will be on mo- praćenju i restrukturiranju loših plasmana, nitoring and restructuring NPLs, with a view to a sve u cilju oporavka poslovanja preduzeća i the recovery of the operations of businesses and vraćanja na normalne uslove poslovanja, od- returning operating conditions to normal, thro- nosno smanjenje tzv. cene rizika. Banke će se ugh the reduction of so-called price risks. Banks okrenuti i optimalizaciji sopstvenih troškova will also turn towards the optimisation of their u cilju poboljšanja profitabilnosti u srednjem own costs in order to improve profitability for the roku samog sektora (npr. zatvaranje neprofita- sector itself in the medium term (for example, by bilnih filijala itd). closing unprofitable branches etc.).

Kakva je uloga banaka u privrednom What is the role of banks in the economic oporavku Srbije? recovery of Serbia? Uloga banaka u privrednom oporavku Srbije je The role of banks in Serbia’s economic recovery veoma značajna. Nesporno je da se bez kredit- is very important. There is no doubt that wit- ne aktivnosti smanjuje monetarna masa, a to hout credit activity the monetary mass reduces, direktno pritiska nadole privredni rast. and that directly pressures economic growth Potražnja za kreditnim sredstvima je aktuelna downwards. i ona nikako nije sporna. Problem se nalazi na There is a current demand for funds from credit strani cene i drugih uslova koje bankarski si- and that is not in dispute. The problem is on the stem može da ponudi s obzirom na dramatičan side of price and other conditions that the ban- rast loših plasmana tokom proteklih nekoli- king system can offer considering the dramatic Kombinacijom evropskih With a combination of standarda, iskusnih European standards, domaćih stručnjaka i experienced local experts ruskog kapitala, VTB banka and Russian capital, VTB ad Beograd predstavlja se Bank a.d. Belgrade presents domaćem tržištu savremenim the domestic market with a pristupom bankarskom modern approach to banking poslovanju operations.

Vladimir Zečar se od septembra 2013. godine nalazi na poziciji predsednika Izvršnog odbora VTB banke a. d. Beograd. Prethodno iskustvo obuhvata period od pet godina na istoj poziciji u Moskovskoj banci a. d. Beograd, prvoj ruskoj banci u Srbiji, kao i prvoj grinfild investiciji u poslednjih sedam godina u bankarskom sistemu Srbije, u čijem osnivanju uzima aktivno učešće. Na poziciji direktora Sektora poslovanja sa privredom u Piraeus banci nalazio se pet godina (2003-2008), a u to vreme je bio i član Višeg kreditnog odbora banke. Prva radna iskustva stiče u Jugoimportu gde je radio na poziciji zamenika finansijskog direktora u periodu od 1997. do 2003. Pored toga što je bio predsednik Upravnog odbora PMC Inženjering d.o.o. u periodu 2002- 2003. bio je i član Upravnog odbora Kopaonik osiguranja a.d, a u periodu 2004-2005. član Upravnog odbora Ekonomija a. d. Diplomirao je biznis i finansije na fakultetu Queen Mary and Westfield College londonskog univerziteta. Deo studija provodi na milanskom Bokoniju, usavršavajući se na Fakultetu za internacionalnu ekonomiju i menadžment, smer - novac, bankarstvo i finansije.

112 Ko je ko u finansijskom sektoru ko godina. Ono što je neophodno, to je da se increase in NPLs over the past few years. What omogući bankarskom sektoru da restrukturira is essential is to enable the banking sector to re- loše plasmane kod preduzeća koja mogu da se structure NPLs with companies that can recover oporave sa što manjim teretom po kapital ban- with a minimum burden on the capital of the karskog sektora, što bi omogućilo da banke za- banking sector, which would enable banks to la- počnu novi ciklus kreditiranja. unch a new lending cycle.

Vladimir Zečar has held the position of Chairman of the Executive Board of VTB Bank a.d. Belgrade since September 2013. His previous experience includes a five-year period in the same position at the Bank of Moscow a.d. Belgrade, the first Russian bank in Serbia, as well as the first greenfield- in vestment in the Serbian banking system in the last seven years, the establishment of which it takes an active part in. He spent five years (2003-2008) as head of the corporate banking sector at Piraeus Bank and during that time was a member of the bank’s Higher Loan Board. He gained his first working experience at Yugoimport, where he held the position of deputy financial director in the period from 1997 to 2003. In addition to being chairman of the management board of PMC Inženjering (Engineering) d.o.o., in the 2002-2003 period he was also a member of the management board of Kopaonik osiguranje (insurance) a.d. and in the 2004-2005 period he was a member of the management board of company Ekonomija a.d. He graduated in business and finance at the Queen Mary University of London and Westfield College University of London. He spent part of his studies at Milan’s Bocconi, perfecting his training at the Faculty for International Economics and Management, department of money, banking and finance.

WHO’S WHO IN the FINANCIAL SECTOR 113 Andrea Simončeli, predsednik Andrea Simoncelli, President and i generalni direktor Generali CEO of Generali Insurance osiguranja Takmičari Competitors moraju must respect poštovati ista the same pravila rules

Koliko se u Srbiji menja svest građana da im je To what extent has the awareness of Serbian osiguranje potrebno, ili se još uvek toga setimo citizens changed so that they recognise u kriznim situacijama? the need for insurance, or do we still only Premija osiguranja na srpskom tržištu učestvuje sa remember it during crises? manje od dva odsto u BDP-u i među najnižim je Insurance premium in Serbian market is less u regionu. Svaki klijent u Srbiji potrošio je u 2013. than 2% of GDP among the lowest in the Re- godini u proseku 110 evra na polise osiguranja. To gion. Each Serbian customer spent for insurance je posledica nedostatka kulture osiguranja. Pre tri policies an average of 110 euro in 2013. This is godine sam rekao da se po ceni jedne espreso kafe because of lack of insurance culture. Three years dnevno može kupiti polisa osiguranja kojom bi se ago I said that with one ” espresso” per day you zaštitila vrednost sopstvene kuće. Niko nije obratio could buy an insurance policy to protect value pažnju na to, a sada, nakon nedavnih katastrofalnih of your house. Nobody paid attention and now poplava, ljudi su očajni. Samo tri odsto kuća u Srbiji , after recent catastrophic flood, people is des- je osigurano od prirodnih katastrofa. Šteta je što na perate. Only 3% of Serbian houses are protected značaj osiguranja podsećamo tek kada se neki tužni against natural catastrophes. It is a pity we re- događaji već dogode. mind importance of insurance only after some sad event occurs. Koliko je kriza poslednjih godina uticala na rad osiguravajućih kuća? What are the effects of the recent economic Auto-odgovornost je jedino obavezno osiguranje, crisis on the activities of insurance pa sve što nije obavezno može biti izbrisano iz po- companies? rodičnog budžeta. Tržište neživotnog osiguranja Only motor vehicle liability insurance is a compulsory je poraslo za 0,7% u 2013. godini, što dovoljno insurance, so whatever is not compulsory can be re- govori samo za sebe. Velike kompanije, pojedinci, moved from the family budget. The Non-Life market svi pokušavaju da uštede novac tako što smanjuju had 0.7% growth in 2013 and that speaks for itself. pokrića ili broj polisa osiguranja. Čini se da je tr- Large companies, individuals, everybody tries to save žište životnog osiguranja manje pogođeno, zahva- money by reducing coverage or cutting policies. The ljujući agresivnim proizvodima koje su lansirale life insurance market seems to be less affected, due to vodeće kompanije. the aggressive products launched by major companies.

114 Ko je ko u finansijskom sektoru Da li je Generali osiguranje zadovoljno svojim Is Generali Osiguranje Srbija satisfied with poslovanjem u Srbiji? operations in Serbia? Da, iako smo očekivali veću stopu rasta. Nedavnim Yes, even though we were expecting a higher preuzimanjem potpune kontrole u Delta Generali- growth rate. Generali Group’s recent acquisition of ju od strane Generali grupe, započeo je rebrending full control of Delta – Generali, with the rebrand- proces kompanije u Generali osiguranje Srbija, što ing process to Generali Osiguranie Serbia having potvrđuje spremnost akcionara Generali grupe da just started, confirms willingness of Generali’s investiraju u Srbiju i da doprinesu njenom budu- shareholdersto invest in Serbia and contribute to ćem razvoju. its future development.

Koje je novine donela izmena zakona o What novelties will the new insurance law osiguranju i kako će liberalizacija na tržištu introduce and how will the liberalisation of reosiguranja uticati na poslovanje domaćih reinusance market affect the performance of kompanija? local companies? Nacrt zakona o osiguranju uvodi značajne prome- The Draft Insurance law will introduce important ne u naš biznis, približavajući još više srpsko tržište changes to our business, bringing the Serbian in- osiguranja evropskom. Nove regulative potvrđuju surance market even closer to the European one. slobodu tržišta, ali zahtevaju i strože metode za us- The new regulations confirm market freedom, but postavljanje rezervacije šteta, što će napraviti razli- require stricter methods to establish claim reserves ku među kompanijama. Veličina srpskog tržišta ne and this will make the difference among compa- može priuštiti da ima 25 kompanija od kojih većina nies. A market the size of Serbia’s cannot afford to nije dovoljno kapitalizovana, ili nema pravilnu re- have 25 companies, most of them undercapitalised zervaciju. Nisam protiv konkurencije, ali takmičari or without proper reserved. I am not opposed to moraju poštovati ista pravila. Hajde da sprovedemo competition, but competitors must respect the temeljnu reviziju kompanijskih rezervi i pokazatelja same rules. Let’s have an extensive audit of com- likvidnosti, kako bismo procenili koja je osiguravaju- pany reserves and liquidity ratio in order to assess ća kompanija pouzdana, a koja nije. who is a reliable insurer and who is not.

WHO’S WHO IN the FINANCIAL SECTOR 115 Ukupno tržište osiguranja u 2013. godini je The overall insurance market in 2013 zabeležilo pad, ali je ipak najduže odolevalo registered a fall, but the insurance market krizi. Generali još uspeva da održi dobar resisted the crisis for the longest. Generali rezultat. Na koji način? Srbija still manages to maintain a good Usluga koja se pruža klijentima je ključni faktor result. In what way? uspeha. Generali postiže najbržu isplatu odštet- Customer service is the key success factor. Gener- nih zahteva na srpskom tržištu. To dokazuje da ali has achieved the highest speed in paying claims su naše rezerve likvidne i spremne u svrhu isplate on the Serbian market. This proves our reserves odštetnih zahteva. Klijenti počinju da prepozna- are liquid and fit for purpose to pay claims. Cus- ju važnost naših novčanih sredstava i sposobnost tomers have started recognising the importance of kompanije da bude solventna, i pored toga što ni- our assets and company solvability, even though smo najjeftiniji na tržištu. we are not the cheapest on the market.

116 Ko je ko u finansijskom sektoru Kako kriza i smanjeni standard građana utiču How has the crisis and citizens’ na sektor životnog osiguranja? reduced standard of living impacted Svaki put kada postoji smanjenje raspoloživog pri- on the life insurance sector? hoda, trpe svi proizvodi koji nisu u vezi sa ishra- Every time there is a contraction of disposable in- nom. Kriza utiče na našu industriju, ali troškovi come, all products not linked to food suffer. The osiguranja su toliko niski u Srbiji da je naš sektor crisis impacts on our industry, but spending on verovatno manje pogođen od drugih. insurance is so low in Serbia that we are probably less affected than other businesses. Koliko se danas u Srbiji izdvaja na privatno zdravstveno i privatno penzijsko osiguranje What amounts do people in Serbia assign i da li postoji potencijal rasta ovih sektora for private health and pension insurance osiguranja? and is there a potential for growth for these Privatnim zdravstvenim osiguranjem je zaštićeno sectors? 30.000 ljudi ili 0,4% populacije u Srbiji, sa godi- Private health is underwritten by 30,000 people, or šnjom premijom od 470 miliona dinara, što čini 0.4% of the Serbian population, with an annual pre- 0,9% tržišta osiguranja. Dobrovoljni penzijski mium of 470 million dinars, or 0.9% of the insur- fondovi imaju 185.000 članova ili 8% zaposlenih ance market. There are 185,000 Voluntary Pension u Srbiji. Ove brojke pokazuju koliko je velik po- Fund members, or 8% of Serbian employees. These tencijal za rast u ove dve oblasti poslovanja. Ne numbers show how big the potential for growth is možemo očekivati drastične promene ukoliko se in these two lines of business. We cannot expect ne primene adekvatni fiskalni podsticaji. Ne tra- drastic changes unless an appropriate fiscal incen- žim poreske olakšice, već samo da se premija koju tive is implemented. I am not seeking tax relief, but plaća poslodavac ili pojedinac posmatra kao tro- just for a premium paid by an employer or individ- šak a ne kao benefit. ual to be considered as a cost and not as a benefit.

Da li se može očekivati konsolidacija na Can we expect consolidation in the tržištu osiguranja? insurance market? Nadam se. Kao što sam rekao, srpsko tržište se I hope so. As I said, the Serbian market is moving kreće ka Evropi, a u evropskim zemljama smo se towards Europe and in European Countries we suočili sa konsolidacijom tržišta, gde najsnažnije i faced market consolidation where the strongest najzdravije osiguravajuće kompanije preživljavaju u and healthiest insurance companies survive in interesu klijenata. Pogledajte šta se dogodilo tokom the interest of customers. Look what happened nedavnih poplava. Šteta od nekoliko stotina milio- during the recent floods: hundreds of millions in na. Koja kompanija u Srbiji može sebi da priušti da damages. Which company in Serbia can afford isplati toliki broj zahteva, verovatno ne više od dve to pay such an amount in claims? Probably no ili tri od ukupno 25 koliko ih je prisutno na tržištu. more than two or three out of the 25 present on Jednom sam rekao da konkurencija raste sa manje the market. I once said that competition increas- učesnika na tržištu, ali onih koji su finansijski sna- es with fewer competitors that are financially žniji. Ovo nije kontradiktornost. stronger. That is not contradictory.

Šta očekujete na tržištu osiguranja u 2014. What are your expectations on the insurance godini? market in 2014? Nisam optimista kada je u pitanju druga polovina I am not optimistic about the second half of 2014. godine. Tržište životnih osiguranja će nasta- 2014. The Life market will continue to grow in vit da beleži dvocifreni rast, ali rašće i broj klije- double digits, but surrenders (customers who nata koji će prestati da plaćaju premiju. S druge stop paying their annual premium) are also in- strane, tržište neživotnog osiguranja će stagnira- creasing, while the Non-Life market continues to ti. Sledeće godine očekujem veći rast jer se svest be flat. Next year I am expecting better growth, o osiguranju konačno povećava i ljudi počinju da since insurance awareness is finally increasing shvataju da polise osiguranja ne predstavljaju tro- and people are starting to recognise that insur- šak već investiciju. ance policies are not a cost but an investment.

WHO’S WHO IN the FINANCIAL SECTOR 117 Kristof Cetl, generalni direktor Christoph Czettl, GRAWE osiguranja u Srbiji CEO of Grawe Insurance, Serbia Nastavljamo We’re trend dobrih continuing rezultata the trend of good results

Koliko se u Srbiji menja svest građana da im How is awareness of the need for insurance je osiguranje potrebno? changing among the citizens of Serbia? Rezultati istraživanja, koje sprovodimo sa Insti- The results of the research we conduct in De- tutom Ipsos Strategic Marketing u decembru sva- cember each year with the Institute Ipsos Stra- ke godine na reprezentativnom uzorku koji čini tegic Marketing on a representative sample of populacijа između 30 i 65 godina života, odno- the population aged between 30 and 65, rep- sno koji se odnosi na skoro 3,6 miliona građana, resenting a sample relating to nearly 3.6 mil- pokazuju da se situacija po pitanju zastuplјenosti lion people, shows that the situation in terms vrsta osiguranja ne menja značajno poslednjih of the presence of types of insurance has not nekoliko godina, ali da najveći potencijal ima changed significantly in the last few years, but osiguranje života, zatim osiguranje od nezgode i that life insurance has the greatest potential, osiguranje imovine. followed by insurance against accidents and Podatak koji jasno pokazuje da je svest građana property insurance. ipak orijentisana na vraćanje kulture osiguranja The data clearly shows that the awareness of cit- u naše društvo i prihvatanje inovacija i napred- izens is still orientated towards restoring the nih programa osiguranja jeste rast procenta po- culture of insurance in our society and the ac- pularnosti koje beleži osiguranje života u 2013. ceptance of innovations and advanced insurance godini, a koji iznosi 38 odsto, dok je u 2012. taj programmes, as the percentage growth in popu- procenat iznosio 29 odsto i oko 30 odsto u pret- larity of life insurance totalled 38% in 2013, while hodnim godinama. Takođe, poslednji rezultati in 2012 it was 29% and around 30% in recent ovog istraživanja pokazali su da je za osiguranje years. Moreover, the latest results of this study života zainteresovano 21 odsto pripadnika po- showed that 21% of the population aged between pulacije između 30 i 65 godina života, dok se isti 30 and 65 is interested in life insurance, while the procenat građana izjasnio da im je potrebno više same percentage of the population stated their informacija o ovom proizvodu. Za osiguranje od need for more information about this product. posledica nesrećnog slučaja i osiguranje imovine Fewer citizens are interested in insurance against zainteresovano je manje građana, dok još manji accident and property insurance, while an even procenat beleži zаintеrеsоvаnоst zа dobrovolјno smaller percentage recorded interest in voluntary zdravstveno osiguranje. health insurance. Pored toga, GRAWE je u odgovorima ispitanika Beside this, Grawe was positioned by respondents istaknuto kao društvo koje beleži rast procenta as a company that records growth in the percentage građana koji bi poklonili poverenje nekom osi- of citizens that would place their trust in an insur- guravajućem društvu na tržištu, što takođe uka- ance company on the market, which also highlights zuje na činjenicu da sve više građana razmišlja o the fact that more and more people are considering

118 Ko je ko u finansijskom sektoru potrebi za osiguranjem i zaštitom svojih najbližih the need for insurance and protection of their loved i svoje imovine. ones and their property.

Koliko je GRAWE osiguranje zadovoljno How satisfied is Grawe with its insurance svojim poslovanjem u Srbiji? operations in Serbia? GRAWE je prvo osiguravajuće društvo sa stranim Grawe was the first insurance company with for- kapitalom na tržištu Republike Srbije i posle 17 eign capital on the market of the Republic of Ser- godina poslovanja ima zavidne rezultate i više od bia and after 17 years of operations it has enviable 45.000 aktivnih ugovora o osiguranju života. To results and more than 45,000 active life insurance je pokazatelj broja zadovoljnih klijenta, odnosno contracts. This is an indicator of the number of porodica koje su poklonile poverenje GRAWE satisfied clients and families who have placed their osiguranju, pa smo stoga i mi koji činimo tim trust in Grawe insurance, which is extremely sat- GRAWE osiguranja i pružamo usluge u osigura- isfying for those of us who make up the Grawe in- nju našim klijentima - izuzetno zadovoljni. Briga surance team and provide insurance services to our

WHO’S WHO IN the FINANCIAL SECTOR 119 o klijentima i o njihovim najboljim interesima je clients. Taking care of clients and their best interests jedan od osnovnih zadataka GRAWE osiguranja. is one of the main tasks of Grawe insurance. U 2013. godini održana je finansijska snaga bez In 2013 financial strength was retained regardless obzira na okruženje i ponašanje tržišta, a nagla- of the environment and behaviour of the market, sio bih i da smo postigli izuzetan uspeh progra- and I would also emphasise that we have achieved mima osiguranja života, posebno programom remarkable success in life insurance programmes, GRAWE Invest, koji je više nego konkurentan particularly the Grawe Invest programme, which is na finansijskom tržištu, budući da zbog štedne more than competitive on the financial market, giv- komponente nudi građanima, koji ulažu svo- en that the savings component means it offers high- ja slobodna sredstva, veći prinos nego bilo koji er yields for citizens who are investing their free bankarski proizvod. Istakao bih i prednost koju funds rather than any banking product. I would klijenti već prepoznaju, a to je sistem dobiti kod also note the advantage that customers already rec- svih programa osiguranja života GRAWE osigu- ognise, and that is a system gain for all Grawe life ranja i rezervisanje sredstava za dobit u visini od insurance programmes and reserves of funds for šest odsto godinu dana unapred. profit of 6% a year in advance.

120 Ko je ko u finansijskom sektoru Trend dobrih poslovnih rezultata GRAWE osi- We will also continue the trend of good business re- guranja nastavićemo i u 2014. godini, a u planu sults of Grawe insurance in 2014 and the plan is also je i širenje ponude proizvoda i zapošljavanje no- to expand our offer of products and recruit new staff. vih kadrova. How has the crisis and the lowered standards Kako kriza i smanjeni standard građana of citizens impacted on the life insurance utiču na sektor životnog osiguranja? sector? Postoji visok stepen korelacije između nivoa do- There is a high degree of correlation between income hotka stanovništva i stepena razvoja osiguranja levels and the level of development of life insurance života, svuda u svetu, pa tako i u Srbiji. Sigurno all over the world, including Serbia. It is certain that je da će razvojem privrede u našoj zemlji i pove- the development of the economy in our country and ćanjem dohotka stanovništva doći do značajnijeg increasing incomes among citizens will bring a sig- razvoja i u oblasti osiguranja života. nificant development in the field of life insurance.

Šta očekujete na tržištu osiguranja u 2014. What do you expect from the insurance market godini? in 2014? U prethodnom periodu, interesovanje državnih In the previous period there was great interest institucija za predloge mera osiguravača koji se among national institutions in the measured pro- bave osiguranjem života i primenu instrumenata posed by insurers who deal in life insurance and the koji bi stimulisali razvoj sektora osiguranja, od- applying of instruments that would stimulate the de- nosno finansijskog tržišta, bilo je veliko jer osi- velopment of the insurance sector, and the financial guranje života, pre svega, može da bude motor market, because life insurance can, primarily, be the razvoja ekonomije zemlje. engine for the economic development of the country. Zadovoljni smo dosadašnjim rezultatom jer smo We are satisfied with results to date, because we re- dobili podršku i očekujemo prve korake u cilju ceived support and we expect the first steps aimed at podsticaja ulaganja u dugoročnu štednju. Ta- stimulating investment in long-term savings. More- kođe, društva za osiguranje koja se bave život- over, insurance companies that are engaged in life nim osiguranjem predstavljaju institucionalne insurance represent institutional investors with ma- investitore sa velikim kapacitetima investiranja, jor investment capacities that the state should use in koje država treba da iskoristi na najbolji način the best way as the highest quality long-term sources kao najkvalitetnije dugoročne izvore domaćih of domestic funding. This would allow the financing sredstava. Time bi bilo omogućeno finansiranje of development, primarily in infrastructure projects, razvoja, pre svega, infrastrukturnih projekata, a and then the creation of new jobs. zatim i otvaranje novih radnih mesta. One of the factors that would significantly impact Jedan od faktora koji bi značajno uticali na rast on the sector’s growth and development is that of tax i razvoj sektora jesu poreske olakšice (građa- incentives (for citizens who pay life insurance premi- nima koji uplaćuju premiju osiguranja života) ums), which insurance companies have been advocat- za koje se društva za osiguranje zalažu već ne- ing for several years, and more flexible legal provisions koliko godina i fleksibilnije zakonske odredbe when it comes to certain types of work engagements kada su u pitanju određeni oblici radnog anga- that are present in developed European countries, so I žovanja koji su prisutni u razvijenim zemljama believe the first steps will be taken in 2014. Evrope, pa verujem da će se prvi koraci napra- Of course, we have high expectations of institu- viti u 2014. godini. tions that are not direct proponents of the law, Naravno, velika očekivanja imamo i od institu- such as the National Bank of Serbia, which has cija koje nisu direktni predlagači zakona, poput an extremely important role in the realisation of Narodne banke Srbije, koja kao organ nadzora these ideas, as the supervising body. We expect ima izuzetno važnu ulogu u realizaciji ovih ideja. that in 2014 the defining and implementing of Očekujem da će u 2014. godini definisanje i pre- measures that will stimulate the development duzimanje mera koje će stimulisati razvoj život- of life insurance will bear fruit, because the de- nog osiguranja uroditi plodom jer razvoj sektora velopment of the insurance sector implies the osiguranja podrazumeva i razvoj finansijskog tr- development of financial markets, and thus the žišta, pa samim tim i celokupne ekonomije. entire economy.

WHO’S WHO IN the FINANCIAL SECTOR 121 Obrad Sikimić, predsednik Diners Obrad Sikimić, president of Diners Club International Beograd Club International Belgrade Rast Cashless bezgotovinskog payments plaćanja growing

Kako ocenjujete efekte razvoja How do you assess the effects of development kartičarstva u makroekonomskom of the credit card sector in the macroeconomic okruženju u kojem živimo i radimo? environment in which we live and work? Upotreba platnih kartica znatno jača funkciju Use of credit cards is a significantly stronger func- elektronskog novca koji se nalazi na računi- tion than debit card payments, banks and other au- ma nosilaca platnog prometa, banaka i drugih thorized financial institutions, which contributes to ovlašćenih finansijskih institucija, što dopri- more efficient use or allocation of available funds to nosi efikasnijem korišćenju, odnosno alokaci- those making transactions who are provided with ji slobodnih novčanih sredstava prema trans- the funds necessary to maintain an essential level of aktorima kojima su data sredstva potrebna liquidity. We can only imagine how much would be radi održavanja neophodnog stepena likvid- added to the liquidity potential of the financial sector nosti. Možemo samo pretpostaviti koliko bi if all the cash kept by citizens in their drawers were se uvećao likvidnosni potencijal finansijskog transformed into electronic money and thereby en- sektora kada bi se sav keš koji se kod građana tered legal financial channels. nalazi po fiokama transformisao u elektronski The development and strengthening of the function novac i kao takav se našao u legalnim finansij- of credit cards contributes significantly to combatting skim kanalima. the grey economy, crime and improving collection of Razvoj i jačanje funkcije platinih kartica značaj- public revenues, because credit card payments auto- no doprinose suzbijanju sive ekonomije, krimi- matically implies the issuance of fiscal receipts. nala i boljoj naplati javnih prihoda, jer plaćanje platnim karticama automatski podrazumeva i In which direction will the credit card sector izdavanje fiskalnog računa. further develop globally in the future? Using innovative technology and the expansion of U kome pravcu ide dalji razvoj kartičarstva global providers enables the application of a wide u svetu u budućnosti? range of electronic channels for initiating payment Korišćenje inovativnih tehnologija i ekspanzija transactions, as well as the use of innovative payment globalnih provajdera, omogućavaju primenu ši- instruments. The boundary between credit cards rokog spektra elektronskih kanala za iniciranje and other payment systems are easy to lose and the platne transakcije, kao i korišćenje inovativnih emergence of new technologies opens up an entirely platnih instrumenata. Granica između kartičar- new field of business and credit cards are gradually stva i drugih sistema plaćanja se lagano gubi, moving from plastic cards to mobile phone or cloud a pojavom novih tehnologija, otvara se potpu- server storage. no nova sfera poslovanja i platna kartica se sa As a result of this, in recent times the card market has plastike postepeno seli u mobilni telefon ili na attracted, alongside credit card issuers, more often cloud server. new entrants like mobile communications operators Otuda su na tržištu kartica u poslednje vreme, and internet companies such as Google. And even pored izdavalaca platnih kartica, prisutni sve retailers themselves participate more actively in the češće i novi učesnici, kao što su mobilni opera- creation of new products. Like many other compa- teri, internet-kompanije poput Googla. I sami nies dealing in payment solutions, Diners Club also

122 Ko je ko u finansijskom sektoru trgovci sve više aktivno učestvuju u kreiranju adapts to the market and consumer habits, thus we novih proizvoda. Kao i mnoge druge kompani- also offer services via PayPal and are working on the je koje se bave platnim rešenjima, i Diners Club development of contactless cards and contactless se prilagođava tržištu i navikama potrošača, payment solutions, which has been very present late- te svoje usluge nudimo i preko PayPala, a ra- ly and is present on the European market. dimo i na razvoju beskontaktne kartice, odno- sno beskontaktnog rešenja za plaćanje, koje je u How successfully does Serbia follow the trends poslednje vreme vrlo prisutno i zastupljeno na of developed countries when it comes to credit evropskom tržištu. cards?

WHO’S WHO IN the FINANCIAL SECTOR 123 Koliko Srbija uspeva da prati trendove Our payment cards industry is not lagging behind razvijenih zemalja u kartičarstvu? the region in any respect and, in accordance with Naša industrija kartičarstva ni po čemu ne za- the economic potential of the domestic market, it ostaje za okruženjem i, u skladu sa ekonom- succeeds in following and keeping pace with other skim potencijalom domaćeg tržišta, uspeva countries worldwide. Compared to the region’s other da prati i drži korak sa zemljama u svetu. U countries, Serbia has a well-developed network for odnosu na zemlje regiona, u Srbiji je dobro the acceptance of credit cards, while cash machines razvijena mreža za prihvat platnih kartica, a include new features, such as paying household bills, na bankomatima postoje nove funkcije, poput prepaid and post-paid telephone accounts and the plaćanja računa Infostana, prepaid i postpa- like. Likewise, there is also a growth trend in trans- id dopuna i slično. Isto tako, beleži se trend actions and exchanges at cash machines and points rasta transakcija i prometa na bankomatima i of sale, as well as in terms of internet payments using prodajnim mestima, kao i kod plaćanja inter- credit cards. In Serbia, however, only about two per net platnim karticama. U Srbiji se, međutim, cent of transactions are carried out via the internet. samo oko dva odsto transakcija realizuje pre- But that is not only the problem of the credit card ko interneta. Ali to nije samo problem kartiča- sector, rather the underdeveloped technological in- ra, već neizgrađenosti tehnološke infrastruk- frastructure in Serbia. ture u Srbiji. Considering that under crisis conditions Serbia re- Imajući u vidu da je u uslovima krize u Sr- corded a slowdown of investments in new technolo- biji zabeleženo usporavanje ulaganja u nove gy, in the company period it is expected that a better tehnologije, u narednom periodu se očekuje service will be provided for customers and retailers da će kroz uvođenje novih tehnologija biti through the introduction of new technologies and pružena bolja usluga korisnicima kartica i the realising of greater security of the whole system trgovcima, i ostvarena veća bezbednost ce- of cashless payments. In addition to existing services log sistema bezgotovinskog plaćanja. Pored for detecting abuse, acquiring software for preven- postojećih usluga detekcije zloupotreba, ak- tion of misuse is also very current. In addition an- tuelna je nabavka softvera za njihovu preven- ti-skimming protection, cash machines are also being ciju. Na bankomatima se pored antiskiming installed with physical protection against unauthor- zaštite, postavljaju i fizičke zaštite od neovla- ized disclosure of PIN codes through the placing of a šćenog otkrivanja PIN-a putem postavljanja camera, while with the aim of ensuring more secure kamera, a u cilju bezbednijeg plaćanja putem internet payments, card issuers are introducing the interneta, izdavaoci kartica uvode usluge 3D 3D secure service. Use of contactless payment tech- secure. Korišćenje beskontaktne tehnologije nology is also present in Serbia, as well as payments u plaćanju je prisutno i u Srbiji, kao i plaćanja via mobile phones. putem mobilnih telefona. The fact that innovative products are accepted well Za dalji razvoj kartičarskog poslovanja i tržišta, in Serbia is important for the further development of važno je to što se u Srbiji dobro prihvataju ino- the credit card business and the market. vativni proizvodi. To what extent does the credit card sector Koliko kartičarstvo uspeva da se prilagodi succeed in adapting to the crisis and krizi i prevaziđe situaciju u kojoj građani overcoming a situation in which people spend manje troše generalno, a uz to sporo less in general and are also slow to change menjaju svoje navike plaćanja gotovinom? their habits of paying in cash? Naravno da kartičarstvo nije imuno na eko- Of course the credit card business is not immune nomsku krizu i probleme sa kojima se susreću to the economic crisis and the problems faced by naši klijenti. Ipak, uprkos krizi u Srbiji, proce- our clients. However, despite the crisis in Serbia, the nat učešća plaćanja platnim karticama u ukup- percentage share of card payments in the total turn- nom prometu konstantno raste. Broj transak- over is growing constantly. The number of payment cija platnim karticama je u većem porastu u card transactions is in higher growth in relation to odnosu na ostvareni promet korišćenjem kar- turnover using cards, which indicates that users are tica, što ukazuje da korisnici češće plaćaju kar- paying with cards more often, but the transaction ticom, ali da je iznos transakcija manji. Srbija amounts are smaller. Serbia is still below the EU av-

124 Ko je ko u finansijskom sektoru je još uvek ispod EU proseka po broju transak- erage in terms of the number of transactions and cija i prometu platnim karticama, ali je jedna exchanges using credit cards, but it is one of the od vodećih u regionu. leaders in the region. U cilju povećanja korišćenje kartica u plaćanji- In order to increase the use of payment cards and ma, svi izdavaoci kartica, kao odgovor na krizu, in response to the crisis, all card issuers introduced uveli su razne pogodnosti i nove servise za ko- a variety of benefits and new services for cardhold- risnike kartica poput popusta, poklon vaučera, ers, such as discounts, gift vouchers, purchases in kupovine na rate i sl. instalments etc. Što se tiče keš plaćanja, svuda u svetu je plaća- As for cash payments, everywhere in the world nje gotovinom glavni konkurent karticama. U payments in cash represents the main competi- Srbiji imamo specifičnu situaciju, jer sa krizom tor of cards. In Serbia we have a specific situation, dolazi do povećane upotrebe čeka u prometu, because with the crisis has come an increased use koji je ponovo dobio kreditnu funkciju posle of cheques in purchases, which has seen its credit njegove zabrane 2005. godine, kada je upotreba function revived after being banned in 2005, when tzv. čeka na poček bila marginalizovana. Ove use of the so-called ‘cheque with grace period’ was tendencije su zabrinjavajuće i mogu predsta- marginalised. These tendencies are worrisome and vljati bitno ograničenje u ostvarivanju ciljeva could prove to be a major limitation in achieving monetarne politike. monetary policy objectives. Ipak, smatram da na sve aktuelne probleme However, I believe that we should view all current treba da gledamo kao na izazov za poboljša- problems as a challenge to improve our offer. That’s nje naše ponude. Zato želim da istaknem da je why I want to highlight that it is necessary to invest nužno investiranje u razvoj i nove tehnologije, in the development of new technologies, in order for kako bi usluge korisnicima kartica bile što kva- services offered to cardholders to be as diverse and litetnije i raznovrsnije, uz veću bezbednost ce- high quality as possible, with greater security for the log sistema bezgotovinskog plaćanja. whole system of cashless payments.

WHO’S WHO IN the FINANCIAL SECTOR 125 NBG Leasing NBG Leasing sa vama u – with you proteklih over the last 10 godina 10 years

ompanija „NBG Leasing“ ove godine pro- ompany NBG Leasing this year celebrates a slavlja deceniju rada na domaćem tržištu. decade of work on the Serbian market. The Prvih deset godina u Srbiji obeležili su first ten years in Serbia were marked by im- Kzavidni rezultati i kvalitetan odnos prema klijen- Cpressive results and enviable relations with custom- tima i partnerima, što je firmu pozicioniralo u ers and partners as the company positioned itself sam vrh davaoca lizinga. Kompaniju od konku- at the top of the leasing sector. The company also rencije izdvaja i izuzetno mali procenat oduzetih stands out from the competition due to a very small predmeta lizinga zahvaljujući striktnim pravili- percentage of repossessed leasing items as a result ma naplate potraživanja, ali i kvalitetu klijenata. of strict rules of debt collection and the quality of Uprkos krizi, NBG Leasing uspeva da održi me- clients. Despite the crisis, NBG Leasing manages to sečnu stopu naplate od 80 odsto, a korisnicima, maintain a monthly collection rate of 80 per cent, koji zbog novonastalih problema u poslovanju while customers who are unable to regularly service nisu u mogućnosti da redovno servisiraju oba- their obligations, as a result of emerging business veze, ponuđen je program refinansiranja dugova problems, are offered a programme to refinance prilagođen njihovim potrebama. debt that is tailored to their needs. Sektor za upravljanje rizikom pronalazi inovativ- The risk management sector finds innovative solu- na rešenja, što je uz očuvanje stabilnosti i pro- tions which, alongside preserving stability and fitabilnosti na duži rok, konzervativnu kreditnu profitability in the long term, conservative credit politiku i praćenje potrebe klijenata, recept za policies and monitoring the needs of customers, is kontinuirani uspeh. Sve ovo, uz izuzetno zalaga- a recipe for continued success. All this, along with nje zaposlenih, koji vođeni dobrim i kvalitetnim the extremely hard work of employees who are led idejama, uprkos globalnim finansijskim proble- by good and high quality ideas, means that despite mima, kompaniju čine uspešnijom iz godine u global financial problems the company is more suc- godinu. Naravno, uspeh prvenstveno dolazi sa cessful every year. Of course, success mainly comes dobrim poslovnim potezima. with good business moves. NBG Leasing je dugogodišnji partner Mercedes NBG Leasing is a long-time partner of Mercedes - – Benza SCG, koji je od ove godine u okviru Benz SCG, which from this year is part of Switzer- švajcarske kompanije Emil Frey AG, odnosno land’s Emil Frey Group. NBG Leasing, together with Emil Frey Group. NBG Leasing, zajedno sa svo- its partners and their distributors all over Serbia, is jim partnerom i njihovim distributerima širom present at all times when they are needed by poten- Srbije, u svakom trenutku je tu, kada je to po- tial customers. The goal, with an adequate financial tencijalnim kupcima potrebno. Cilj je da se od- offer in the framework of leasing, is to offer the best govarajućom finansijskom ponudom u okviru possible conditions on the market at a given time. lizinga ponude najbolji mogući uslovi u datom Company Hyundai Auto Belgrade has made an ef- trenutku na tržištu. fort, in cooperation with NBG Leasing, to provide

126 Ko je ko u finansijskom sektoru WHO’S WHO IN the FINANCIAL SECTOR 127 Kompanija Hyundai auto Beograd se potrudi- special financing terms for all buyers of Hyundai la da u saradnji sa NBG Leasing kompanijom vehicles. The flexibility and speed of the implemen- obezbedi posebne uslove finansiranja za sve kup- tation of requests to obtain a lease has been demon- ce Hyundai vozila. Fleksibilnost i brzina realiza- strated by an ever increasing number of Hyundai cije zahteva za dobijanje lizinga dokazana je sve customers. većim brojem Hyundai klijenata. Recognising the needs of clients, NBG Leasing has Prepoznajući potrebe klijenata, NBG Leasing se also perfected operations in the segment of pro- usavršio i u segmentu davanja i praćenja pro- viding and monitoring follow-up services - insur- pratnih usluga – osiguranja, registracije, servisa, ance, registration, servicing, contacts with manu- kontakta sa proizvođa- facturers etc. čima... NBG Leasing is also known Kompanija NBG Le- for its social responsibili- asing poznata je i po ty, which it has especially svojoj društvenoj od- demonstrated in the cata- govornosti, koja se na- strophic floods that hit Ser- ročito pokazala u kata- bia and the region in 2014. strofalnim poplavama Help was sent to the affected koje su 2014. zadesile municipalities and evacu- Srbiju i region. Ugro- ated citizens, as well as as- ženim opštinama i eva- sistance in the form of food kuisanom stanovništvu and clothing... For years the upućena je pomoć, po- company has been helping put pomoći u vidu hra- the most vulnerable social ne i odeće... Kompanija categories - young Roma godinama pomaže i were provided with a play- najugroženije socijal- ground, the Kruševac Day ne kategorije - mladim Care Centre for Children Romima je obezbedila and Youth at Risk was prac- igralište, kruševačkom tically helped to survive, the Centru za dnevni bo- Drop-in centre for clothes ravak dece i mladih u school supplies and sweets riziku praktično opsta- etc. Moreover, we also par- nak, Svratištu odeću, ticipated in the “Battle for školski pribor i slatki- Babies” campaign by do- še... Takođe, učestvo- nating an incubator to the vala je i u akciji "Bitka Gynaecology and Obstetrics za bebe" donirajući Clinic in Višegradska Street. inkubator Ginekolo- Credit for the success of the ško-akušerskoj klinici company primarily belongs u Višegradskoj. to director Silvana Tričković, a Dalmatian lady with Za uspeh kompanije pre svega je zaslužna direk- an energetic temperament. She graduated from the torka Silvana Tričković, Dalmatinka energičnog Faculty of Economics in Belgrade and completed temperamenta. Završila je Ekonomski fakultet u her post-graduate studies at the University of Shef- Beogradu, postdiplomske studije na Univerzitetu field. She has led NBG for ten years and has also ap- Šefild. NBG Leasing vodi deset godina, a životnu plied her life philosophy “always yourself, never part filozofiju „uvek svoja, nikad deo mase“ prenela je of the crowd” to the business environment. i na poslovno okruženje. - The strategy of NBG Leasing is not growth at all „Strategija NBG Leasinga nije rast po svaku cenu, costs, but rather maintaining stability and profitabil- već očuvanje stabilnosti i profitabilnosti na duži ity in the long term. Setting such objectives, on the rok. Ovako postavljeni ciljevi s jedne strane i tr- one hand, and market developments, on the other, žišna dešavanja sa druge zahtevaju stalnu bud- demand constant vigilance, rapid responses and ad- nost, brzo reagovanje i prilagođavanje, kontrolu aptation, control of debt collection, preserving the

128 Ko je ko u finansijskom sektoru naplate potraživanja, očuvanje kvaliteta portfo- quality of the portfolio and conservative credit poli- lija i konzervativnu kreditnu politiku uz jasnu cies, alongside a clear focus on customer satisfaction fokusiranost na zadovoljstvo klijenata i pružanje and providing the best services to the market. The najbolje usluge tržištu. Zadatak nije lak, ali tim task is not easy, but for 10 years the NBG Leasing NBG Leasinga već deset godina prati jasan kurs i team has followed a clear course and for now has zasad odoleva brojnim izazovima i preprekama“, withstood numerous challenges and obstacles - says poručuje Silvana Tričković, predsednica Izvr- Silvana Tričković, CEO of NBG Leasing. šnog odbora NBG Leasing. Summing up the results of the first decade, the com- Sumirajući rezultate prve decenije, prva dama pany’s leading lady reveals that NBG Leasing has a kompanije otkriva da NBG Leasing ima speci- specific business strategy and a unique approach to fičnu poslovnu strategiju i jedinstven pristup the market. tržištu. - It’s impressive when after a few years you look „Imponuje kada se posle nekoliko godina osvr- back and see that this is a company that has already nete i vidite da je to kompanija sa već izgrađe- built a business reputation and good results, even in nom poslovnom reputacijom i dobrim rezul- these years of crisis. NBG Leasing has 38 employ- tatima, čak i u ovim kriznim godinama. NBG ees. Those are all educated and smart young people. Leasing ima 38 zaposlenih. Sve su to obrazovani i Considering that the turnover of staff is low, most of pametni mladi ljudi. S obzirom na to da je fluktu- them have matured together with the company, in acija kadra mala, većina njih je sazrevala i u po- both a business sense and a private sense. I find joy slovnom i u privatnom smislu, zajedno sa kom- in all of their successes. I protect and nurture associ- panijom. Radujem se svakom njihovom uspehu. ates who are committed to the job, connected to the Čuvam i negujem saradnike koji su predani po- company, ready to take on responsibility and fight slu, vezani za kompaniju, spremni da preuzmu for their position. odgovornost i bore se za svoj stav.“ In the next decade of operations, NBG Leasing U narednu deceniju poslovanja, NBG Leasing aims to deepen synergies with clients and busi- ulazi sa ciljem da produbi sinergiju sa klijentima ness partners, being receptive to their needs, with a i poslovnim partnerima, imajući sluha za njihove business philosophy that considers continuity and potrebe, uz poslovnu filozofiju da je važnije kon- good positioning on the market more important tinuirano i kvalitetno pozicioniranje na tržištu than gaining quick and immediate profit. And, as od sticanja brzog i trenutnog profita. A, kao naj- the most effective recipe of successful business, Mrs efikasniji recept uspešnog poslovanja, gospođa Tričković notes: Tričković ističe: - Success on a dynamic and turbulent market „Uspeh na dinamičnom i turbulentnom tržištu is not easy to achieve. Teamwork is the key that nije lako postići. Timski rad je ključ koji otvara opens the door. The shared experience of the team ta vrata. Zajednička iskustva u timu doprinose da contributes to the team identifying with the com- se tim poistoveti sa vrednostima kompanije i da pany’s values ​​and following those values. Only by te vrednosti sledi. Jedino pružanjem svog maksi- offering your best in work can you expect the best muma u poslu, možete očekivati maksimum od out of your counterparts, along with respect for svojih kolega, uz uvažavanje ličnih osobenosti the personal characteristics of individuals - con- pojedinaca“, zaključuje gospođa Tričković. cludes Mrs Tričković.

WHO’S WHO IN the FINANCIAL SECTOR 129 Goran Muftić, generalni direktor Goran Muftić, General Manager kompanije Bisnode Srbija of company Bisnode Serbia Pouzdana Reliable poslovna business informacija information

Koje usluge pruža Bisnode u Srbiji? What services does Bisnode offer in Serbia? Bisnode d.o.o. je deo međunarodne grupe Bisnode d.o.o. (Ltd.) is part of international group Bisnode AB, najvećeg evropskog provajde- Bisnode AB, Europe’s largest provider of business ra poslovnih i bonitetnih informacija, sa and prudential information, headquartered in sedištem u Stokholmu. Bisnode AB je na Stockholm. Bisnode AB has been present on the evropskom tržištu informacija prisutan još European information market since 1981 and to- od 1981. godine i zapošljava više od 3.100 day employs more than 3,100 professionals from stručnjaka iz 19 evropskih država. Bisnode 19 European countries. After just three years of d.o.o. je za tri godine poslovanja postao li- operations, Bisnode d.o.o. became the leader of der na srpskom tržištu poslovanja digital- Serbia’s digital information operations market. nim informacijama. At Bisnode we manage business information. We Mi u Bisnodu upravljamo poslovnim infor- collect data, conduct checks and arrange the in- macijama. Prikupljamo podatke, proverava- formation according to the needs of the market. mo ih i uređujemo prema potrebama tržišta. We develop tools that offer a comprehensive as- Razvijamo alate koji pružaju sveobuhvatnu sessment of market risk and, as such, we strive to procenu tržišnih rizika i time nastojimo da satisfy our users’ needs for simple and timely in- zadovoljimo potrebe korisnika za jednostav- formation via a user-friendly tool. nim i pravovremenim informacijama putem Our aim is to help businesses increase their alata lakog za korišćenje. sales, minimise risks and costs and, on the basis Naš cilj je da pomognemo preduzećima da of that, make better business decisions in their povećaju prodaju, minimalizuju rizike i tro- daily operations. škove i na osnovu toga da donesu bolje po- Bisnode’s three major business solutions are slovne odluke u svakodnevnom poslovanju. Boniteti.rs, RsMatrix.rs and AAA certificate. Tri glavna poslovna rešenja kompanije Bi- snode su Boniteti.rs, RsMatrix.rs, i AAA What services do companies, as your clients, sertifikat. receive from you and in which ways do they apply data about the solvency of other Koje usluge preduzeća vaši klijenti companies? dobijaju od vaše kompanije i za šta Bisnode has enabled its users to use the web sve koriste podatke o bonitetu drugih portals Boniteti.rs and RsMatrix.rs, a unique preduzeća? database packaged into two different products Bosnode je svojim korisnicima omogućio through which users can obtain all information korišćenje portala Boniteti.rs i RsMatrix.rs, related to the operations of particular companies. jedinstvenu bazu podataka upakovanu u dva From basic information on company registration, različita proizvoda iz kojih se mogu dobiti sve via information on blockages, legal proceedings, informacije vezane za poslovanje određene solvency evaluations and financial reporting, all firme. Od osnovnih informacija o registraciji the way to connections between other registered firme, preko informacija o blokadama, suđe- companies, liquidity, indebtedness and much

130 Ko je ko u finansijskom sektoru njima, bonitetnim ocenama, finansijskih izve- more. We offer clients everything necessary for štaja, do povezanosti pravnih lica, likvidnosti, an overview of the complete picture of the oper- zaduženosti i još mnogo toga. Nudimo klijen- ations of a company, thereby reducing possible tima sve što je neophodno da bi sagledali ce- risks and in that way ensuring more secure busi- lokupnu sliku poslovanja jedne firme, samim ness operations with our current clients and iden- tim smanjili moguće rizike i na taj način sebi tifying potential high quality business partners. obezbedili sigurnije poslovanje sa sadašnjim Bisnode’s offer also includes the Certificate of klijentima i pronašli kvalitetne potencijalne Prudential Excellence AAA, which has stringent poslovne partnere. conditions that are satisfied by only two per cent Ono što Bisnode takođe ima u ponudi je Serti- of the most successful companies in Serbia. This fikat bonitetne izvrsnosti AAA, čije uslove za international certificate has been issued for 20 dobijanje ima samo 2% najuspešnijih kompa- years in 19 European countries. With the help

WHO’S WHO IN the FINANCIAL SECTOR 131 nija u Srbiji. Ovaj internacionalni sertifikat se of this certificate, companies are provided with izdaje već 20 godina u 19 zemalja Evrope. Po- credibility, “proving” that they are safe partners moću ovog sertifikata kompanije obezbeđuju and thereby opening themselves up to the pos- kredibilitet, „dokazuju“ da su sigurni partneri sibility of doing business beyond the borders of i da na taj način sebi otvaraju mogućnost za our country. poslovanje i izvan granica naše zemlje. What is the most important information Koje su najznačajnije informacije koje companies are interested in regarding their kompanije žele da znaju o potencijalnim potential business partners? poslovnim partnerima? Receiving the right information at the right time

132 Ko je ko u finansijskom sektoru Prava informacija u pravo vreme može biti od can be crucial to making new business decisions. krucijalnog značaja za donošenje novih po- That’s why we, with our products, have enabled slovnih odluka. Zato smo mi, našim proizvo- all users to receive precisely the information dima, omogućili svim korisnicima da upravo they require and that can highlight potential risk dobiju informacije koje su im potrebne i koje factors for them. Considering that we offer a lot im mogu ukazati na eventualne rizike. S obzi- of information and that each client is seeking rom na to da nudimo veliki broj informacija i different kinds of data, it is ultimately important da svaki klijent teži za različitom vrstom po- to everyone whether or not a company they are dataka, ipak je svima najvažnije da li je firma entering into a specific arrangement with is liq- sa kojom ulaze u određeni aranžman likvidna uid or not, what the business history of certain ili ne, kakva je istorija poslovanja određene companies is like, as well as the history of the firme, kao i istorija same firme i njenih po- company itself and its subsidiaries. By obtain- vezanih lica. Dobijanjem potrebnih podataka ing the necessary data, companies can formulate firme kreiraju poslovnu politiku u odnosu na their business policies with respect to certain fu- određenog budućeg ili sadašnjeg partnera. ture or existing partners.

Koliko je transparentno poslovanje How transparent are the operations of srpskih preduzeća i da li imate problem Serbian companies and do you have a da u kratkom roku dobijete podatke o problem gaining fast access to information kompaniji? about companies? Rizik je uvek prisutan u poslovnom životu. Risk is always present in business life. That’s Zato je potrebno da imamo što transparent- why it’s necessary to have information that is as nije informacije koje svim našim korisnici- transparent as possible and that can be helpful ma mogu pomoći. Uz sve informacije koje to all of our customers. With all the information mi nudimo, transparentnost informacija kod we offer, the transparency of information about privrednih subjekata u našoj zemlji je prilič- all business entities in our country is quite high no velika i samim tim možete mnogo saznati and therefore you can learn a lot about particular o određenoj firmi i napraviti pametan izbor i companies and make smart choices and specific određenu strategiju. Zasad nismo imali pro- strategies. To date we have not had any problems blema prilikom prikupljanja podataka o po- collecting data on the operations of companies. slovanju kompanija. Has the crisis of recent years led to a Da li je kriza poslednjih godina dovela greater role of debt collection agencies and do veće uloge agencija za naplatu do companies use your services in order to potraživanja i da li preduzeća koriste improve their liquidity? vaše usluge kako bi popravila likvidnost? With the expansion of the economic crisis that Sa povećanjem ekonomske krize koja je za- has engulfed the world, including our country, hvatila svet, pa tako i nas, povećan je i broj there has also been an increase in the number of agencija za naplatu potraživanja koje, naža- debt collection agencies, which, unfortunately, lost, imaju dosta posla. Firme angažuju agen- have a lot of work. Companies hire agencies in or- cije kako bi uspele da naplate svoja potraži- der to collect on their claims, but this is often un- vanja, često je to neuspešno, pa se naplata successful and these payments must be enforced. mora raditi prinudnim putem. Zato smo mi That’s why we have developed the liquidity mod- u okviru proizvoda Matrix.rs napravili modul ule within the RsMatrix.rs product, where you likvidnost u kojem možete pronaći podatke o can find information about companies that are firmama koje su u prinudnoj naplati i o to- undergoing enforced collection procedures and kovima njene realizacije. U današnje vreme je find out about the realisation of that payment. In neophodno biti okružen svim mogućim po- today’s world it is essential to be surrounded with slovnim informacijama kako bi bi se firma sa- all possible kinds of business information in or- čuvala od rizika i samim tim sebi obezbedila der to safeguard a company against risks and thus bolje poslovanje i veću uspešnost. ensure its better operations and greater success.

WHO’S WHO IN the FINANCIAL SECTOR 133 TRASSET – TRASSET – inovativna Innovative bankarska Banking rešenja Solutions

RASSET je vodeći globalni isporučilac sof- RASSET is a leading global software solu- tverskih rešenja za banke i finansijske insti- tion provider for banking and financial in- tucije, sa operacijama u Evropi, na Bliskom stitutions, with operations in Europe, the Tistoku, u Aziji, Severnoj i Centralnoj Americi, i u Ju- TMiddle East, Asia, North and Central America and goistočnoj Evropi kao jednom od naših najvažnijih Southeast Europe, as one of our most important strateških regiona. strategic regions.

134 Ko je ko u finansijskom sektoru TRASSET je razvio i unapredio TRASSET has developed and opsežan portfolio usluga – evolved a comprehensive portfolio uključujući konsalting, integracije of services - including consulting, sistema, kao i potpunu podršku system integration, full support of procesu implementacije the implementation process

TRASSET nudi u potpunosti integrisana STP TRASSET offers fully integrated, STP solu- rešenja u oblastima korporativnog bankarstva/SME tions in the fields of Corporate/SME Financing, finansiranja, upravljanja trezorom, upravljanja imo- Treasury Management, Asset & Wealth Man- vinom i bogatstvom, kastodi i depozitarnih aktivno- agement, Custody and Depository activities sti širom sveta. worldwide. Sa više od 100 implementacija u različitim fi- Having more than 100 implementations in nansijskim institucijama naša softverska rešenja different financial institutions, our software solu- upravljaju sredstvima vrednim milijarde dolara. tions manage assets worth billions of dollars. The Važno je naglasiti da TRASSET proizvodi odgova- TRASSET products fit the needs of the world’s raju potrebama kako najvećih svetskih banaka tako largest as well as small, regional banks, as we are i manjih, regionalnih banaka, s obzirom na to da delivering a multi-entity, multi-language, mul- isporučujemo rešenje koje podržava rad sa više ze- ti-time zone solution in one integrated system. malja, jezika i vremenskih zona u okviru jednog Since its establishment in 1997, TRASSET has integrisanog sistema. global presence and are currently operating in Od osnivanja 1997. godine, TRASSET ima globalnu more than 15 countries across these regions. Our prisutnost i trenutno sprovodi operacije u više od 15 company has its headquarters in Milano, Italy, zemalja širom ovih regiona. Centrala naše kompanije with offices (among others) in Belgrade, Buda- je u Milanu, Italija, sa kancelarijama (između ostalih) pest, Jakarta, Kuala Lumpur, Saudi-Arabia, Los u Beogradu, Budimpešti, Džakarti, Kuala Lumpuru, Angeles, Mexico City. Saudijskoj Arabiji, Los Anđelesu, Meksiko Sitiju. Over a course of more than a decade, numer- Tokom više od jedne decenije, mnogobrojne finan- ous financial institutions worldwide have cho- sijske institucije širom sveta izabrale su da se oslone sen to rely on us. Our client-centric orientation na nas. Naša klijentocentrična orijentacija i naš kon- and our continuous product development and tinuiran razvoj proizvoda i inovacije su glavni faktori innovation are our major contributing factors koji doprinose uspehu TRASSET-a. Verujemo da je to TRASSET’s success. We believe that what ono što nas zaista razlikuje naša strast prema ono- truly differentiates us is our passion for what me što radimo, prema onome što nudimo, kao i we do, what we offer and our dedication to naša posvećenost klijentima. our clients. TRASSET rešenja su dovoljno fleksibilna da se pri- TRASSET solutions are flexible enough to lagode bilo kojim specifičnim zahtevima finansijskih adapt to any specific requirements of the finan- institucija, spremna za implementaciju nakon kratkog cial institution, ready to be implemented after a perioda kastomizacije i parametrizacije. TRASSET short customization and parameterization peri­ proizvodi su u potpunosti zasnovani na parametrima, od. The TRASSET products are fully param- dakle fleksibilna, jednostavna za implementaciju, lako eter-driven, thus flexible, easy-to-implement, integrisana rešenja. Ova fleksibilnost omogućava na- seam­lessly integrated solutions. This flexibility šim klijentima da brzo izmene procese, kao i u slučaju allows our clients to amend processes quickly as kada se to zahteva od strane menadžmenta ili organa. and when management or authorities require. Naša misija je da pomognemo našim klijenti- Our mission is to help our clients to cover ma da pokriju svoje aktivnosti putem integrisa- their activities through integrated solutions nih rešenja, uz smanjenje operativnih troškova i while decreasing operative costs and increas- povećanje profitabilnosti. ing profitability.

WHO’S WHO IN the FINANCIAL SECTOR 135 TRASSET inovativna TRASSET innovative bankarska rešenja banking solutions

INVESTICIONO BANKARSTVO/JEDINICE INVESTMENT MANAGEMENT/UNIT TRUSTS TRUSTOVA Mutual Funds/Unit Trusts (full Front, Middle, Zajednički fondovi/jedinice trustova (sveobu- and Back-Office Automation) hvatna Front, Middle i Back-Office automati- Custody and Depository System zacija) Insurance companies – core activities and Kastodi i depozitarni sistem investment management Osiguravajuće kompanije – osnovne aktivno- Pension Funds – core activities and invest- sti i upravljanje investicijama ment management Penzioni fondovi – osnovne aktivnosti i upra- Private Banking (Wealth Management) vljanje investicijama Distribution of fund units/unit trusts in Privatno bankarstvo (Upravljanje bogatstvom) branch network / other channels Distribucija investicionih fondova/jedinica General Ledger trustova kroz mreže filijala / druge kanale Glavna knjiga

136 Ko je ko u finansijskom sektoru UPRAVLJANJE TREZOROM TREASURY MANAGEMENT

Integrisanost u realnom vremenu sa plat- Real time integration with dealing systems formama trgovanja (Reuters i Bloomberg), (e.g. Reuters and Bloomberg), real time posi- održavanje finansijskih pozicija u realnom tion keeping vremenu Real time/pre-trade limit/compliance control Provera usaglašenosti sa limitima u realnom (counterparty, dealer, investment limit mon- vremenu tj. pre zaključivanja trgovanja (ugo- itoring) vorne strane tj. partneri, diler, nadgledanje Sophisticated tools for effective transaction limita investicija) management, real-time decision support, risk Sofisticirani alati za efikasno upravljanje management (VaR), P&L measurement and transakcijama, upravljanje rizikom (VaR), za operations podršku u odlučivanju, za operacije i merenje Liquidity monitoring, A&L management, dobitka i gubitka automated nostro reconciliation Praćenje likvidnosti, upravljanje aktivom i pa- Easy to integrate to the local payment sys- sivom, automatsko poravnanje nostro računa tems, parameterisable interfacing, automated Lak za integrisanje u lokalni sistem naplate, payment message generation podešavanje interfejsa pomoću parametara, Parameter driven workflows automatsko generisanje poruka plaćanja Procedure zasnovane na podešavanju para- metara MICRO-LOANS, SME AND CORPORATE FINANCING MIKROKREDITI, SME I KORPORATIVNO FINANSIRANJE Sales Prospecting and What-if Analysis One Obligor concept, history and deduplica- tion checking Istraživanje potencijalnih klijenata i "Šta-Ako" Pre-screening and Early Warning processes analiza Credit Approval and Credit Risk Assessment Koncept jednog dužnika, istorija i provera Limit and Collateral Management deduplikacija Loans, Mortgage, Syndicated and Omnibus Sistem blagovremenog upozoravanja loans Odobravanje kredita i procena kreditnog Leasing rizika Trade Finance Upravljane limitima i kolateralom Project Financing Krediti, hipoteke, sindikalni i omnibus krediti Past Due Operations (Collections) Lizing Global Customer Position monitoring Finansiranje trgovine Projektno finansiranje Operacije vezane za naplatu zakasnelih potra- TRASSET portfolio of services živanja Praćenje globalne pozicije klijenata Implementation of TRASSET solutions and system integration – own team and through TRASSET portfolio usluga Partner Network Software customization Implementacija TRASSET rešenja i integracija Project Management sistema – uz pomoć TRASSET tima i tima Business Consulting partnerske mreže Post implementation support Prilagođavanje odn. kastomizacija sistema Training for Customers and Partners Projekt menadžment Poslovni konsalting Postimplementaciona podrška Obuka za klijente i partnere

WHO’S WHO IN the FINANCIAL SECTOR 137 Boško Živković, profesor Boško Živković, professor at the na Ekonomskom fakultetu u Belgrade Faculty of Economics Beogradu Kriza je The crisis snažno has strongly pogodila impacted preduzeća businesses

Sa čim se suočio srpski bankarski sektor What was the Serbian banking sector faced with nakon promena 2000. godine? after the changes of the year 2000? Hronološki, prva bitna stvar je gašenje velikih dr- Chronologically, the first important thing was to close žavnih banaka. Ta činjenica je i dan-danas kontro- down the large state-owned banks. This fact is still con- verzna, a glavni razlog gašenja je to što država u troversial today and the main reason for the closures tom trenutku nije imala oko devet milijardi ma- was that at that time the country had to come up with raka za saniranje njihovih bilansa. One su raspo- about nine billion Deutschmarks to repair their balance lagale velikom imovinom, ali veći deo kredita bio sheets. They had large property available, but most of je teško naplativ. Istina, deo tih kredita je kasnije the credit was difficult to pay. In truth, part of these dobio ponovo svoju vrednost. loans later restored their value. Druga važna činjenica je razvoj tzv. novog bankar- The second important fact was the development of so- stva. Glavna korist od ulaska tih banaka bio je ubr- called new banking. The main benefit of the entry of zani rast ponude kredita i to finansiran pretežno these banks was rapid growth in credit offers and that uvezenom štednjom. To je tih godina bila velika mostly financed savings on imports. That was a big ad- prednost, jer prethodnu celu deceniju bankarski vantage in those years, because during the entire previ- sektor je proizvodio veoma malo novih kredita i ous decade the banking sector had provided very few ulazak novih banaka na tržište značio je snažan new loans and the entry of new banks meant strong rast tražnje, jer se približno polovina novih kredi- growth in demand, with nearly half of all new loans ta usmerila na sektor stanovništva. Tokom deve- focused on the retail sector. During the ‘90s housing desetih krediti stanovništvu su bili skoro jednaki loans were almost zero. The second part of the grow- nuli. Drugi deo prirasta ponude usmeren je u sek- ing offer was aimed at the enterprise sector and that tor preduzeća i taj rast traje sve do 2010. godine, growth continued until 2010, when a significant slow- kada počinje značajno usporavanje. down began. Tokom 2013. godine već imamo negativne vred- During 2013 we could already see negative growth val- nosti rasta ponude kredita i tu otkrivamo ozbiljan ues in​​ the credit offer and there we uncovered a serious problem koji nismo videli u prethodnoj deceniji, problem that we had not seen in the previous decade a to je da je veliki deo rasta finansiran uvoznom – that a large part of growth financed import savings. štednjom. Moj utisak je da je ipak ta decenija bila My impression is that the decade was nevertheless suc- uspešna, da je veliki rast ponude kredita doneo cessful, that the tremendous growth of credit supply značajne promene, mnogo ljudi je obnovilo svo- brought significant changes, many people rebuilt their ja domaćinstva, povećan je standard, a naravno homes, the living standard increased and, of course, it dogodilo se i da je deo stanovništva ušao u zonu also occurred that part of the population entered the zaduženosti. Međutim, generalno, sektor stanov- zone of indebtedness. However, generally speaking, the

138 Ko je ko u finansijskom sektoru ništva nije prezadužen. Njegova imovina, čak i fi- housing sector is not overly indebted. Its property, even nansijska, veća je od obaveza. financial, is higher than its liabilities.

Kreditna ekspanzija je trajala sve do krize. The expansion of credit continued all the way Kako je kriza pogodila bankarski sektor? until the start of the crisis. How did the crisis hit Kriza je snažno pogodila sektor preduzeća. U the banking sector? prve dve godine to nije bilo toliko vidljivo koli- The crisis has hit the enterprise sector hard. In the first ko u 2012. i 2013. i tu imamo ozbiljan problem two years that was not as evident as it was in 2012 and problematičnih kredita. Oni sada imaju relativno 2013, when we got the serious problem of NPLs. They visoku vrednost, visoko su koncentrisani na neke now have a relatively high value and are highly concen- delatnosti kao što su građevinarstvo i nekretnine trated in certain domains, such as construction and real i verovatno će dugoročno uticati na ponašanje i estate, and are likely to impact on the long-term behav- banaka i preduzeća. Taj uticaj je već sada vidljiv iour of both banks and companies. That impact is al- i snažno je negativan, jer je visoko učešće proble- ready evident and strongly negative, because the high matičnih kredita glavni faktor koji zaustavlja rast share of NPLs is a major factor that inhibits the growth ponude kredita. Već u prošloj godini imamo pad of the credit offer. In the past year we have already seen ponude kredita, što dalje preti da pogorša stanje u a decline in loans, which further threatens to worsen privredi i poveća učešće problematičnih u ukup- the state of the economy and increase the share of prob- nim kreditima i to ugrožava potencijal rasta ban- lematic loans in total loans, which in turn threatens the karskog sektora Srbije. growth potential of the banking sector in Serbia. Glavni problem je što je visoko učešće NPL po- The main problem is that a high proportion of NPLs vezano sa strukturnim problemima u evropskom are related to structural problems in European bank- bankarstvu. U EU se snažno intervenisalo u ban- ing. The EU intervened strongly in the banking sys- karskim sistemima, a neke od banaka koje poslu- tem and some of the banks operating in our region ju i u našem regionu su nacionalizovane i u tim were nationalised, and under these circumstances it okolnostima je teško očekivati dotok kapitala. Mi is difficult to expect capital inflows. We, like all the

WHO’S WHO IN the FINANCIAL SECTOR 139 smo kao i sve balkanske zemlje u beznadežnoj Balkan countries, have a hopeless shortage of savings oskudici sa štednjom i to može značajno uticati and this can have a significant impact not only the ne samo na bankarstvo u narednoj deceniji, nego banking sector in the next decade, but also on the i na osobine privrede. characteristics of the economy. Postoje već prvi vrlo ozbiljni nalazi da tok kapitala There already exist the first very serious indicators uzima reverzni smer, da se deo plasmana koje su that the flow of capital is taking the reverse direction, matične banke iz EU imale na ovim prostorima, that part of the placements that parent banks from the počinje povlačiti. Verovatno će se procene o raz- EU have in this region are beginning to be withdrawn. duživanju iz Srbije zaustaviti na iznosu od 900 mi- It is likely that the assessment of borrowing from Ser- liona do milijardu evra u 2013. godini. bia will be stopped at an amount of €900 million to €1 Ako bi odliv postao još masivniji, mogao bi da billion in 2013. ugrozi devizne rezerve i eksternu likvidnost ze- If the drain becomes greater it could undermine foreign mlje. Taj skup povezanih problema ima čvorište u exchange reserves and the country’s external liquidity. problematičnim kreditima. This set of related problems has its source in NPLs.

Kakva su rešenja problematičnih kredita na What solutions for problematic loans are availa- raspolaganju državi i bankama? ble to the State and banks? Na dugi rok najbolje rešenje bi bio privredni The best solution in the long term would be economic rast, ali problem je što se ne sme čekati da se taj growth, but the problem is that we cannot simply wait privredni rast dogodi. Mi imamo istovremeno for this growth to occur. We have simultanoues growth rast problematičnih kredita i pad ponude kre- in non-performing loans and decline in the credit offer. dita. Ta dva procesa se međusobno podržavaju These two processes are mutually reinforcing and lead i dovode do uvećanja problematičnih kredita i to an increase of non-performing loans and a further daljeg smanjivanja ponude, uz povećanje kamat- reduction of the supply, alongside increasing interest

140 Ko je ko u finansijskom sektoru nih stopa, smanjivanje investicija i poremećaje u rates, reducing investments and disruption in the bal- bilansu plaćanja. ance of payments. Trebalo bi što pre tu vezu preseći. Ovaj način na This connection should be cut as soon as possible. It koji se rešava taj problem meni se čini da ne daje seems to me that this method of solving the problem rezultate na kratak rok. Do sada je rešeno oko 30 does not work in the short term. To date about 30 bil- milijardi dinara tih kredita otpisima, prodajom lion dinars of these loans write-offs have been resolved i na razne druge načine. To se zasad radi spo- through sales and a variety of other ways. For now this razumom između banaka i dužnika i taj proces is done through an agreement between banks and bor- ide prilično sporo. Glavno pitanje je da li se tim rowers and that process progresses quite slowly. The procesom mogu rešiti tzv. veliki krediti. Ja mi- main question is whether this process can be resolved slim - teško. through so-called bulk loans. I think that will be tough. Zadržavajući ovaj metod treba pokušati, ako bude While retaining this method it should be attempted, budžetskih mogućnosti, formiranje centralizova- provided there are budgetary possibilities, to create a nog rešenja koje bi operisalo sa velikim krediti- centralised solution that would operate with bulk loans. ma. U većini zemalja je primenjen model dobra In most countries the good bank-bad bank model is ap- banka - loša banka. Nevolja sa tim rešenjem je plied. The trouble with this solution is that it is expen- što je ono skupo, a država nema mnogo novca, sive and the state does not have a lot of money, as well as kao i to što može izazvati moralni hazard da se the fact that it can lead to moral hazard of committing izvrši nepravedna preraspodela javnih fondova ka an unfair redistribution of public funds towards private privatnim izvorima. Na taj rizik upućuju iskustva sources. Highlighting this risk is the experience of the „bejl auta“ rađenog u SAD i iskustva masivnih “auto industry bailout” carried out in the U.S. and expe- intervencija u nekim evropskim zemljama. Da rience of massive intervention in some European coun- bi se izbegla pogrešna upotreba javnih resursa u tries. In order to avoid the misuse of public resources ove namene, sva rešenja treba naciljati na to da se for these purposes, all solutions should aim to break the prekine veza između NPL i rasta ponude kredita. connection between NPLs and growth in the provision Ako bi se otvorila mogućnost za zdrav rast kredi- of credit. If possibilities were created for the healthy ta, onda bi deo sadašnjih NPL mogao da obnovi growth of lending, then a portion of existing NPLs svoju vrednost. Zasad je to neizvesno, a čekati se could restore their value. This is uncertain for now, but dugo ne sme, jer iako je bankarski sektor solven- we dare not wait long, because, although the banking tan i u dobrom stanju, ta bolest ima osobinu da se sector is currently solvent and in good condition, this brzo širi. Po svoj prilici rast NPL još nije obusta- disease has the characteristic of expanding rapidly. In vljen, iako je rast usporen. all probability NPL growth has not stopped, although its growth has slowed. Koliko je prethodna ekspanzija kredita doprinela rizičnijem ponašanju banaka? To what extent did previous credit expansion con- Svuda, pa i ovde, kada ponuda kredita ubrzano tribute to the risky behaviour of banks? raste, a kod nas je rasla 30-40 odsto godišnje, Everywhere, including here, when the loan offer grows opreznost banaka kod preuzimanja kreditnog rapidly, and here it grew 30-40 per cent annually, the rizika se smanjuje. To je vidljivo bilo i tada, a oči- cautiousness of banks decreases in terms of the risk of gledno je i danas. credit defaults. That was clear then and is still obvious Mi smo imali i neke specifičnosti, kao što je prece- today. We had some of our own specificities, such as njenost nekretnina i očekivanje da će njihova cena overvaluing real estate and expectations that the price i dalje rasti. Kod nas su standardi procenjivanja would continue to rise. In Serbia the standards for val- nekretnina bili relativno nepouzdani. Druga spe- uing property were relatively unreliable. Another spe- cifičnost je privatizacija. Nakon kupovine prvog cific factor is privatisation. In Serbia after buying a first preduzeća kupac je mogao da založi imovinu tog enterprise a buyer could then pledge the assets of that preduzeća prilikom kupovine drugog, imovinu company when purchasing a second, then use the assets drugog za treće itd. Problem je što su se pod kon- of the second to purchase a third company and so on. trolom jednog vlasnika našle firme koje nemaju The problem is that firms were found under the control veze jedna s drugom i upravljanje tim konglome- of one owner that had nothing to do with each other ratima očigledno nije bilo baš efikasno da bi se and managing these conglomerates was obviously not mogli servisirati krediti. really efficient enough to be able to service loans.

WHO’S WHO IN the FINANCIAL SECTOR 141 Nikola Fabris, profesor na Nikola Fabris, professor at the Ekonomskom fakultetu u Belgrade Faculty of Economics Beogradu It’s difficult to Za ovakvu prepare for krizu teško je such a crisis biti potpuno What has characterised the development of the financial sector in Serbia since the year spreman 2000? The period from 2000 until the outbreak of the global financial crisis was a period of extremely rapid development of the banking sector. During Šta je karakterisalo razvoj finansijskog this period the privatisation of banks was carried sektora u Srbiji nakon 2000. godine? out, renowned banks arrived and the banking sys- Period od 2000. godine do izbijanja globalne fi- tem began to reassert the credibility it lost during nansijske krize je bio period izuzetno brzog ra- the 1990s. Then came very quick growth in depos- zvoja bankarskog sektora. U ovom periodu je its, bank capital, lending and other parameters of sprovedena privatizacija banaka, došle su strane the banking system. We could say with certainty renomirane banke i bankarski sistem je počeo da that this was a period of rebuilding the banking vraća kredibilitet izgubljen tokom devedesetih. system, because during the 1990s the banking sys- Vrlo brzo su rasli depoziti, kapital banaka, kredit- tem existed only on paper. There were no savings na aktivnost i svi ostali parametri poslovanja ban- and loans were granted only to privileged individ- karskog sistema. Mogli bismo slobodno reći da je uals or companies. Unfortunately, this rapid bank- ovo bio i period ponovne izgradnje bankarskog ing system development trend was interrupted by sistema, jer tokom devedesetih godina bankarski the global financial crisis. sistem je postojao samo na papiru. Nije bilo šted- nje, a kredite su dobijali samo privilegovani po- How has the global economic crisis that jedinci ili preduzeća. Nažalost, trend ovako brzog began in 2008 impacted on Serbia’s razvoja bankarskog sistema je prekinut globalnom financial sector, especially banking? finansijskom krizom. The global financial crisis has had a very negative impact on the banking sector. If first impacted negatively on the real sector and led to a deteri- Kako je svetska ekonomska kriza iz 2008. oration of all parameters of economy, which then godine pogodila finansijski sektor, pre svega spilled over onto the banking sector in the form of bankarski? an irregular repayment of past credit obligations. Globalna finansijska kriza je vrlo negativno uti- This led to significant growth in the share of bad cala na bankarski sektor. Ona se prvo negativno loans and a significant slowdown in lending activ- odrazila na realni sektor i uticala je na pogoršanje ity. Likewise, due to the fear of a repeat of the ‘90s, svih parametara poslovanja privrede, što se po- some people reacted in panic and began with- tom prelilo na bankarski sektor u vidu neredov- drawing deposits. The crisis also revealed poor nog izmirivanja ranijih kreditnih obaveza. To je credit risk management in a number of banks, dovelo do značajnog rasta učešća loših kredita i thus contributing to a reduction in profitability značajnog usporavanja kreditne aktivnosti. Tako- of the banking system and the loss of operating đe, zbog straha da se ne ponove devedesete, deo licenses for a number of banks.

142 Ko je ko u finansijskom sektoru stanovništva je reagovao panično i počeo sa povla- Was the Serbian banking sector ready for the čenjem depozita. Kriza je otkrila i loše upravljanje impact of the financial crisis and what are kreditnim rizikom u jednom broju banaka, tako the reasons for its stability? da je uticala i na smanjenje profitabilnosti bankar- One can never be fully prepared for such a skog sistema, a i na gubljenje dozvola za rad jed- “shock” crisis, because these kinds of crises oc- nog broja banaka. cur once every 80 years and are never expected. However, the majority of banks in Serbia were Da li je bankarski sektor Srbije bio spreman well capitalised and solvency indicators were za udar finansijske krize i koji su razlozi significantly above the legal minimum, which fa- njegove stabilnosti? cilitated absorption of the “shock” of the crisis.

WHO’S WHO IN the FINANCIAL SECTOR 143 Za ovakav „udar“ krize nikada ne možete biti u Also proving to be a competitive advantage was potpunosti spremni, jer su ovo krize koje se javlja- that the NBS had imposed stricter standards on ju jednom u 80 godina i nikada ih ne očekujete. banks than accepted international standards in Ipak, većina banaka u Srbiji je bila dobro kapita- the area of ​​bank operations, which meant they lizovana, indikatori solventnosti su bili značajno had more reserves to overcome the consequences iznad zakonskih minimuma, što je olakšalo ap- of the crisis. sorpciju „udara“ krize. Takođe, pokazalo se i kao komparativna prednost to što je NBS nametnula What phase is the Serbian banking sector bankama strože standarde od međunarodnih currently in and can credit growth be standarda u oblasti poslovanja banaka, pa su one expected again soon? imale više rezervi da prevaziđu posledice krize. The situation today has improved compared to the crisis period, but it still far from the situation pri- U kakvoj fazi se danas nalazi bankarski or to the global financial crisis. The share of bad sektor Srbije, da li se može uskoro očekivati loans is still very high and, instead of loans, banks ponovo rast kreditne aktivnosti? have redirected an important part of their liquid Situacija se danas poboljšala u odnosu na period assets to safer investments, particularly govern- krize, ali još uvek nije ni blizu stanja pre global- ment bonds. I think it is unrealistic to expect us to ne finansijske krize. Učešće loših kredita je i dalje have a significant growth rate in lending until the izuzetno viosko, a banke su značajan deo likvid- liquidity of the economy and the general econom- nih sredstava umesto u kredite, preusmerile u si- ic situation are fixed. Nevertheless, the effect of the gurnije plasmane, pre svega u državne hartije od panic has passed and deposits have returned to the vrednosti. Mislim da nije realno očekivati, dok se banking system.

144 Ko je ko u finansijskom sektoru ne popravi likvidnost privrede i opšta ekonomska What is the practice in other countries when situacija, da imamo značajnije stope rasta kredit- it comes to addressing NPLs? What solutions ne aktivnosti. U svakom slučaju, efekat panike je are available to banks and monetary prošao i depoziti su se vratili u bankarski sistem. authorities? The experiences are numerous and very different. Kakva je praksa drugih zemalja u rešavanju There are existing models in which banks them- NPL? Koja rešenja su na raspolaganju selves took over the loans and wrote them off di- bankama i monetarnim vlastima? rectly. In some cases NPLs were assumed by the Iskustva su brojna i vrlo različita. Postoje modeli u parent bank or factoring companies, which were kojima su ih preuzimale same banke i direktno ot- established with the express purpose of purchas- pisivale. U nekim slučajevima nenaplative kredite ing NPLs. There are also models where the state su preuzimale matične banke ili faktoring kom- assumes liability, either through the national- panije, koje su bile direktno osnovane sa ciljem isation of banks or through the conversion of otkupa loših kredita. Postoje i modeli u kojima poor claims via government securities. There are ih je preuzimala država, bilo kroz nacionalizaci- models in which they are resolved systematically ju banke, bilo kroz konverziju loših potraživanja through the creation of specific legislation for this preko državnih hartija od vrednosti. Postoje i mo- purpose and the provision of incentives for banks deli u kojima su oni sistemski rešavani kroz kre- and companies to join their restructuring, such as iranje posebnog zakonodavstva za tu svrhu i da- the London model, the Istanbul approach and the vanja podsticaja i bankama i preduzećima da uđu Podgorica approach, which is currently in the de- u njihovo restrukturiranje, kao što su Londonski velopment phase. Basically, it is difficult to single model, Istanbulski pristup i trenutno u fazi razvo- out an ideal model, but rather each country begins ja Podgorički pristup. U osnovi, teško je izdvojiti from its individual specifics and should seek the jedan idealan model, već svaka zemlja polazeći od best model under the given circumstances. svojih individualnih specifičnosti, treba da traži model koji je najbolji u datim okolnostima. How much did credit expansion prior to the crisis contribute to the high level of NPLs Koliko je kreditna ekspanzija pre krize once the crisis hit? doprinela visokom nivou nenaplativih kredita It is obvious that prior to the crisis there was al- nakon izbijanja krize? ready bad management of credit risks. In fact, dur- Očigledno je da je pre krize bilo prisutno loše ing this period there was a low share of NPLs and upravljanje kreditnim rizikom. Naime, u tom banks approved credit more easily, without giving periodu je postojalo nisko učešće loših kredita i enough attention to risk factors. That meant that banke su olako odobravale kredite, bez poklanja- a large number of companies and individuals re- nja dovoljno pažnje rizicima. To znači da je veliki ceived easy loans that they were able to services broj preduzeća i pojedinaca olako dobijao kredite, as long as the expansion lasted. As soon as the koje su mogli da finansiraju dok traje ekspanzija. economy entered a recession, a large number of Čim je privreda ušla u recesiju, veliki broj ovakvih these loans became uncollectible and this directly kredita je postao nenaplativ i direktno je uticao na influenced the high growth of bad loans. visok rast loših kredita. Would the Serbian economy have coped Da li bi se srpska privreda lakše izborila better with the crisis if it had developed sa krizom da su razvijeniji drugi delovi other parts of the financial sector besides finansijskog sektora, osim bankarskog, kao banking, such as insurance, the stock što su osiguranje, berza, lizing, investicioni i exchange, leasing, investment funds and penzijski fondovi? pension funds? Sasvim sigurno da bi i u tom slučaju posledi- It is quite certain that even in such a case the con- ce krize bile i te kako vidljive. To najbolje mo- sequences of the crisis would still have been quite žemo videti prema situaciji u SAD i EU, koje evident. This can best be seen by looking at the imaju vrlo razvijene ove segmente finansijskog situation in the U.S. and the EU, where these seg- sistema, a kriza ih je pogodila izuzetno visokim ments of the financial system well-developed and intenzitetom. where the crisis has hit with very high intensity.

WHO’S WHO IN the FINANCIAL SECTOR 145 Prof. dr Hasan Hanić, dekan, Professor Hasan Hanić Ph.D, Beogradska bankarska akademija Dean, Belgrade Banking Academy Dramatična Dramatic promena financial finansijskog system sistema changes Uz adekvatno upravljanje With the proper management of kreditnim rizicima, jedini pravi credit risks, the only proper way to način za rešavanje problema solve the problem of non-performing nekvalitetnih kredita jeste loans is to create conditions for stvaranje uslova za dinamični rast dynamic growth of the economy and privrede i standarda stanovništva the standard of living Kako vidite srpski finansijski sistem How do you see the Serbian financial system sada, u odnosu na vreme kad su strane now, compared to the time when foreign finansijske institucije došle u Srbiju, pre financial institutions came to Serbia, before krize? the crisis? Od kada su u Srbiju došle strane finansijske in- The Serbian financial system has changed dramat- stitucije, srpski finansijski sistem se dramatično ically since foreign financial institutions came to promenio. Uvedeni su novi standardi i napred- Serbia. New standards and advanced business pro- nije poslovne procedure. Promenjena je organi- cesses have been introduced. The organizational zaciona struktura, razvijena je nova organiza- structure has changed, a new organizational cul- ciona kultura, unapređen je i celokupni sistem ture has developed, the entire system of managing poslovnog upravljanja bankom, a ponajviše oni the operations of the bank has changed, particu- segmenti koji se odnose na upravljanje rizicima larly those segments that relate to risk manage- i korišćenje određenih marketinških principa ment and the use of certain marketing principles prilikom donošenja poslovnih odluka. when making business decisions.

Da li očekujete problem sa rastom Do you expect a problem with the growth of nenaplativih (NPL) kredita, ili će banke to non-performing loans (NPLs) or will banks uspeti da prevaziđu bez većih potresa? succeed in overcoming that without major Od kraja 2010. godine nenaplativi krediti, odo- tremors? breni privredi i stanovništvu, sistematski rastu. Since the end of 2010 the number of uncollect- Poseban problem predstavljaju problematič- ible loans, approved to companies and house- ni krediti privatnih preduzeća, čije je učešće u holds, has grown systematically. A particular ukupnim kreditima tog sektora krajem marta problem is represented by problematic loans to ove godine dostiglo nivo od oko 30 odsto, što private companies, which reached an almost 30% će reći da je približno svaki treći kredit odobren share in total loans to that sector at the end of privatnim preduzećima teško naplativ. March this year, meaning that it is difficult to Otpisi i rezervacije koje se odnose na teško na- secure repayment for approximately every third plative kredite stvaraju velike probleme koji su u loan granted to private companies.

146 Ko je ko u finansijskom sektoru kombinaciji sa ostalim faktorima (pad kreditne Write-offs and reservations relating to loans that aktivnosti, smanjenje kamatne stope i dr.) dove- are difficult to repay create a lot of problems that li do toga da je bankarski sektor prošle godine last year, in combination with other factors (de- praktično prvi put u poslednjih desetak godina cline in lending activity, reduced interest rates pre plaćanja poreza zabeležio gubitak. Srećom, etc.), led to the banking sector recording pre-tax koeficijent adekvatnosti kapitala našeg bankar- losses for practically the first time in around ten skog sektora je gotovo dva puta veći od propisa- years. Fortunately, the capital adequacy ratio of ne minimalne vrednosti ovog koeficijenta, tako our banking sector is almost twice as high as the da je bankarski sistem u celini i dalje stabilan. prescribed minimum value of this ratio, so that U narednom kratkoročnom periodu (od tri do the banking system as a whole remains stable. šest meseci) očekujem degresivan rast nenapla- In the coming short-term period (3 to 6 months) I tivih kredita, a potom stagnaciju i njihovo po- expect growth in NPLs, followed by their gradual stepeno relativno opadanje. U kratkom roku, stagnation and relative decline. In the short term, određeni doprinos rešavanju ovog problema a certain contribution to resolving this problem daće mere Vlade na planu subvencionisanja will be provided by the measures of the govern- kredita za likvidnost i druge vrste ekonomskih ment in the field of subsidised loans for liquidi- subvencija, kao i mere predviđene programom ty and other types of economic subsidies, as well reforme javnog sektora i posebno javnih pre- as measures envisaged in the reform of the pub- duzeća. Međutim, uz adekvatno upravljanje lic sector, especially public companies. However, kreditnim rizicima, jedini pravi način za re- alongside the proper management of credit risks, šavanje problema nekvalitetnih kredita jeste the only real way to resolve the NPL problem is to stvaranje uslova za dinamični rast privrede i create the conditions for dynamic growth of the standarda stanovništva. economy and standard of living.

WHO’S WHO IN the FINANCIAL SECTOR 147 Koji su glavni izazovi za upravljanje What are the main challenges of managing bankom i koliko su se oni promenili u the bank and how much have they changed godinama krize? during the years of the crisis? U uslovima nedovoljne privredne aktivnosti i In conditions of insufficient economic activity and slabog standarda stanovništva, koji karakteri- low living standards, which characterise the crisis, šu godine krize s jedne strane i relativno veli- on the one hand, and the relatively large number kog broja banaka koje posluju u Srbiji, s druge of banks operating in Serbia, on the other, a spe- strane, poseban izazov upravljanja bankom cial challenge of managing the bank is the attract- predstavlja privlačenje novih i zadržavanje ing of new clients and retaining of existing (good) postojećih (dobrih) klijenata. Razvoj i imple- clients. The development and implementation of mentacija koncepta upravljanja odnosima sa the concept of customer relations management klijentima (CRM) i drugih tehnika marketinga, (CRM) and other marketing techniques generally inače predstavlja poseban imperativ u uslovi- represent a particular imperative in conditions of ma smanjivanja tržišnog potencijala i pojačane falling market potential and increased competi- konkurencije banaka. tion among banks.

Kako je svetska ekonomska kriza How has the global economic crisis changed promenila bankarstvo uopšte, pa i kod nas? banking in general, including in our country? Svetska ekonomska kriza je istakla u prvi plan The global economic crisis has brought to the fore problem upravljanja kreditnim rizicima, kao the problem of managing credit risk, as well as i drugim vrstama rizika koji se pojavljuju u other types of risk that arise in the banking busi- bankarskom poslovanju, problem kojem se pre ness, which is a problem adequate attention was krize nije posvećivala adekvatna pažnja. Sled- not paid to prior to the crisis. As a consequence of stveno tome, regulativa u domenu upravljanja that, regulations in the field of managing banking

148 Ko je ko u finansijskom sektoru bankarskim rizicima je postala stroža, a sada risk has become more stringent, and now the cen- i centralne banke šalju jače signale u smislu tral bank is sending a stronger signal in the sense stabilnosti finansijskog sistema čiji jedan od that much more careful risk management repre- osnovnih stubova čini mnogo pažljivije upra- sents one of the basic pillars of the stability of the vljanje rizikom. financial system.

Šta je potrebno uraditi da bi se razvio What needs to be done to develop the sistem osiguranja u Srbiji? insurance system in Serbia? Zbog niskog nivoa i tempa razvoja privrede i Due to the low level and pace of economic de- veoma skromnog životnog standarda stanovni- velopment, coupled with the very modest living štva, teško je iskoristiti relativno veliki poten- standards of the population, it is difficult to take cijal tržišta osiguranja u Srbiji, koji je posebno advantage of the relatively large potential of the veliki u segmentima životnog i dobrovoljnog insurance market in Serbia, which is particularly zdravstvenog osiguranja. Prema tome, osnov- large in the segments of life and voluntary health ni pokretač razvoja sistema osiguranja u Srbiji insurance. As such, the main engine of growth in jeste dinamičan privredni rast, porast stope za- the insurance system of Serbia is dynamic eco- poslenosti i realnih primanja stanovništva, pri nomic growth, increases in employment and the čemu razvoju tržišta osiguranja svakako mogu real income of the population, with which certain da doprinesu adekvatna zakonska regulativa incentives for the development of the insurance i određeni poreski podsticaji u oblasti život- market can certainly contribute in the form of ad- nog osiguranja, na primer, kao i aktivnosti na equate legislation and tax incentives in the field of planu edukacije i razvijanja svesti o potrebi i life insurance, for example, as well as activities in značaju osiguranja. the domain of education and raising awareness of the need and importance of insurance. Iz iskustva Beogradske bankarske akademije – koliko mi školujemo From the experience of the Belgrade kvalitetne kadrove koji mogu da odgovore Banking Academy, how much does Serbia savremenim zahtevima bankarskog i educate high quality personnel who can uopšte finansijskog sektora, koji je veoma respond to the current demands of the dinamičan i brzo se razvija. banking and general financial sector, which Naš fakultet predstavlja jedinu visokoškolsku is very dynamic and growing rapidly? ustanovu u Srbiji koja je specijalizovana za izu- Our faculty is the only higher education insti- čavanje problematike bankarstva na osnovnim tution in Serbia that is specialised in the study i master studijama, a od sledeće akademske go- of problems in banking through undergraduate dine i na doktorskim studijama. Pored studij- and master’s studies and, from the next academ- skog programa iz oblasti klasičnog bankarstva, ic year, in doctoral studies. In addition to study na kome se studenti osposobljavaju da odgovo- programmes in the field of traditional banking, re zahtevima savremenog bankarstva i uopšte where students are trained to respond to the de- veoma dinamičnog finansijskog sektora, Beo- mands of modern banking and the generally very gradska bankarska akademija predstavlja jedini dynamic financial sector, the Belgrade Banking fakultet u Srbiji, a verovatno i u čitavom regi- Academy is the only college in Serbia, and prob- onu, koji realizuje studijski programa iz obla- ably the entire region, that implements a study sti investicionog bankarstva, koji je razvijen programme in the field of investment banking, prema visokim međunarodnim standardima, u which was developed according to high inter- saradnji sa prestižnim Reding univerzitetom iz national standards in cooperation with the UK’s Velike Britanije. prestigious Reading University. Zahvaljujući znanjima koja stiču na našem fa- Thanks to the knowledge acquired at our college, kultetu, naši studenti se zapošljavaju i u vode- our students are also employed in the world’s lead- ćim svetskim finansijskim institucijama, kao što ing financial institutions, such as Bank of America su Bank of America i druge, a uspevaju da se, and others, and by the end of their studies with us po završetku studija kod nas, upišu na prestižne they succeed in enrolling in prestigious European evropske univerzitete. universities.

WHO’S WHO IN the FINANCIAL SECTOR 149 Đorđe Đukić, profesor na Đorđe Đukić, professor at the Ekonomskom fakultetu u Belgrade Faculty of Economics Beogradu Bankarski The Banking sektor je sector is likvidan i liquid and uzdržan restrained

Da li je bankarski sektor Srbije bio Was the Serbian banking sector ready for the spreman za udar finansijske krize i koji su impact of the financial crisis and what are the razlozi njegove stabilnosti? reasons for its stability? Bankarski sektor je bio spreman za udar finan- The banking sector was ready for the impact of the sijske krize jer je, kao i sada, najuređeniji deo financial crisis because, just like now, it is the most finansijskog sistema zemlje, a što je najbitnije, regulated part of the country’s financial system and, adekvatnost kapitala banaka u 2008. je bila na most importantly, the adequacy of banks’ capital in visokom nivou – oko 22 odsto. Mere iz oblasti 2008 was at a high level - about 22 per cent. Measures supervizije banaka koje je primenila NBS pre- in the field of bank supervision applied by the NBS dupredile su prekomernu zaduženost stanov- prevented excessive household debt, which is what ništva, što se desilo u zemljama u okruženju. happened in neighbouring countries. A large part of Veliki deo štednje stanovništva (40%) bio je savings (40%) was immobilised as reserves with the imobilisan kod centralne banke, što je smanjilo central bank, which reduced fear among savers that strah kod štediša da neće moći da podignu svoju they would not be able to withdraw their savings at ušteđevinu kada to požele. will.

U kakvoj fazi se danas nalazi bankarski At what stage is the Serbian banking sector sektor Srbije, da li se može uskoro today and can growth in lending activities be očekivati ponovo rast kreditne aktivnosti? expected to return soon? U celini posmatrano, bankarski sektor Srbije je Viewed as a whole, the Serbian banking sector is visoko kapitalizovan, visoko likvidan, ali i uzdr- highly capitalised, highly liquid, but also restrained žan u odobravanju novih kredita preduzećima when it comes to granting new loans to companies i stanovništvu. Nažalost, mali broj klijenata je and individuals. Unfortunately, only a small number kreditno sposoban, jer većina grca u dugovima. of clients are creditworthy, because most of them are Ovo je stanje u uslovima kada se u 2014. oče- drowning in debt. This is the situation in conditions kuje stagnacija privredne aktivnosti, izazvane when the stagnation of economic activity is expected delom velikim poplavama u Srbiji. Realizacija in 2014, provoked in part by the severe flooding in državnog programa subvencionisanih kredita Serbia. preko banaka u 2014-2015. godini će olakšati Implementation of the state’s subsidised credit pro- poslovanje preduzećima koja su kreditno spo- gramme through banks in 2014-2015 will ease the sobna, jer će skupe kredite zameniti znatno po- operations of creditworthy enterprises, because ex- voljnijim, po kamatnoj stopi od 5,45% za kredi- pensive loans will be replaced with considerably more te u dinarima. Međutim, kreditno nesposobna reasonable credit, at an interest rate of 5.45% for loans preduzeća nemaju šansu da koriste ove kredite. in dinars. However, companies that are not deemed Da bi se otvorila mogućnost da veći broj malih creditworthy do not have a chance to utilise these

150 Ko je ko u finansijskom sektoru i srednjih preduzeća koristi kredite kod banaka, loans. In order to create the possibility for a larger država bi morala da pribegne formiranju ga- number of SMEs to use bank loans, the state would rantnog fonda, po uzoru na neke zemlje poput have to resort to establishing a guarantee fund, fol- Italije. Izdavanjem garancija takvog fonda veći lowing the example of other countries like Italy. With broj preduzeća bi se kvalifikovao da koristi kre- the creation of such a guarantee fund, a greater num- dite kod banaka. ber of companies would qualify to take advantage of Pri visokoj referentnoj kamatnoj stopi NBS, naj- bank loans. višoj u regionu, banke će nastaviti da višak li- With the high referred interest rate of the NBS, the kvidnosti plasiraju u kupovinu visokoprinosnih highest in the region, banks will continue to use ex- bezrizičnih hartija koje emituju centralna banka cess liquidity to purchase of high-yield risk-free secu- i država. To će se desiti bez obzira na to što ka- rities issued by the central bank and the state. This will matna stopa beleži tendenciju pada (sada iznosi happen regardless of whether the interest rate regis- 8,5%) jer je devizni kurs stabilan. Uzdržanost ters a decline (now at 8.5%) because the exchange rate banaka kod odobravanja kredita nije specifič- is stable. The restraint of banks in approving credit is nost Srbije. To je prisutno i u evrozoni, uprkos not specific to Serbia. It is also present in the euro- gotovo nultoj referentnoj kamatnoj stopi ECB-a zone, despite the policy of an almost zero interest rate i višegodišenjem upumpavanju novca u bankar- of the ECB and many years of pumping money into ski sistem. Nisam siguran da će najnovija mera the banking system. I’m not sure that the latest meas- uvođenja negativne kamatne stope na sredstva ures to introduce negative interest rates on assets that

WHO’S WHO IN the FINANCIAL SECTOR 151 koja banke drže kod Evropske centralne banke banks hold with the European Central Bank is more bitinije promeniti ponašanje banaka. important than changing the behaviour of banks.

Kakva je praksa drugih zemalja u rešavanju What is the experience of other countries when NPL? Koja rešenja su na raspolaganju it comes to resolving NPLs? What solutions are bankama i monetarnim vlastima? available to banks and monetary authorities? Praksa u svetu poznaje dva rešenja. Prvo, da The practice in the world is familiar with two solu- loši plasmani budu izmešteni iz bilansa banaka tions. First is to remove bad loans from banks’ bal- u posebnu instituciju, državnu ili privatnu. Ta ance sheets to a separate institution, public or private. institucija može funkcionisati kao tzv. „bolnič- That institution can function as a so-called “clinic ka banka“ u državnom vlasništvu, ili kao fond for banks” in state ownership, or as a fund in major- u većinskom privatnom vlasništvu. Drugo reše- ity private ownership. The second solution is for all nje je da sve loše plasmane tretira sama banka u bad loans to be treated directly by the banks where kojoj su nastali, kroz odeljenje za problematič- they emerged, through a department for problemat- ne plasmane. Mislim da je drugo rešenje jedi- ic loans. I think the second solution is the only good no dobro za Srbiju. Ključni argumenti za to su: one for Serbia. The key arguments for this are: first, prvo, lociranje odgovornosti za loše plasmane placing responsibility for bad loans with bank execu- na upravu same banke koja je donosila pogre- tives who brought the wrong decisions, as well as the šne odluke, kao i akcionare banke koji su tole- bank shareholders who tolerated the conducting of risali vođenje loše poslovne politike. Drugo, za poor business policies. Second, the Bank’s Manage- poslovne promašaje kažnjava se uprava banke ment Board will be punished for business failures and koju su imenovali akcionari, kao i sami akcio- it is appointed by shareholders, who will themselves nari kroz smanjenje profita ili gubitak kapitala. be punished through a reduction in profits or the loss Treće, destimuliše se ponovno prisutvo hazard- of capital. Third, it will discourage the re-emergence nog morala u odobravanju novih kredita nakon of hazardous morality in the approving of new loans okončanja krize, jer neće biti verovanja da će uz after the end of the crisis, because there will be no be- finansijsku podršku države NPL biti „očišćeni“ lief that NPLs will be “cleansed” from banks’ balance iz bilansa banaka. Minimizuje se rizik korupcije sheets with the financial support of the state. It will prilikom ustupanja potraživanja banke drugoj also minimise the risk of corruption in the assigning instituciji. Takođe, ne troši se novac poreskih of bank receivables to another institution. Likewise, obveznika za spasavanje loših banaka. Poreski taxpayers’ money will not be wasted rescuing bad obveznici su već platili 800 miliona evra zbog banks, with taxpayers having already paid €800 mil- propasti četiri banke. Šesto, stvara se ambijent lion due to the failure of four banks. Sixth, it creates da najbolje banke, ulazeći u velike rizike zbog an environment for the best banks to only be able to velikih profita, to mogu činiti samo na osnovu enter high risk situations for big profits on the basis natprosečnog iznosa sopstvenog kapitala, a ne of above-average amounts of their own equity capital, na osnovu tuđih sredstava, poput štednje gra- and not based on other people’s resources, such as cit- đana. Sedmo, visokim bonusima zaposlenih u izens’ savings. Seventh, high bonuses for employees odeljenju za problematične kredite, vezanim za in the NPL departments, related to the percentage procenat naplate kredita, obezbeđuje se motivi- of loan repayments, ensure the motivation for their sanost za njihovu maksimalnu naplatu. Osmo, maximum payment. Eighth, better information on bolja informisanost o položaju klijenta na trži- the market position of the client in the bank that has štu u banci koja je odobravala kredite u odnosu approved loans compared to other institutions. If the na druge institucije. Ako se rešenje koje predla- solution I propose is not applied, there will again be a žem ne primeni, ponovo će biti demonstrirana demonstration of the dominance of politics over eco- dominacija politike nad ekonomskom naukom. nomic science.

Koliko je kreditna ekspanzija pre krize How much did credit expansion prior to the doprinela visokom nivou nenaplativih crisis contribute to the high level of non- kredita nakon izbijanja krize? performing loans after the crisis? Dvostruko veće učešće nenaplativih kredita Twice the share of non-performing loans in total u ukupnim kreditima na kraju prvog kvartala loans at the end of the first quarter of 2014 (22.3%)

152 Ko je ko u finansijskom sektoru 2014. godine (22,3%) u odnosu na kraj 2008. ve- compared to the end of 2008, was largely a conse- likim delom je posledica i enormne ekspanzije quence of the enormous expansion of loans extend- odobrenih kredita banaka pre krize, po kamat- ed by banks before the crisis, at interest rates that nim stopama koje su bile ekstremno visoke u were extremely high compared with neighbouring poređenju sa zemljama u okruženju (Bugarska, countries (Bulgaria, Romania, Croatia). In condi- Rumunija, Hrvatska). U uslovima opšte gladi za tions of a general thirst for loans prior to the crisis, kreditima pre krize, preduzeća i građani nisu pi- businesses and citizens did not ask about prices and tali za cenu, a rast kredita je u nekim godinama in some years credit growth amounted to over 50%. iznosio preko 50%. Pre izbijanja globalne krize Before the outbreak of the global crisis, there was al- skoro da nije bilo tržišta u Evropi gde su banke most no other market in Europe where banks could mogle ostvariti tolike ekstraprofite. Naduvane achieve such extra profits. cene nekretnina koje su korišćene kao obezbeđe- Inflated real estate prices, which were used as collat- nje pre krize, stvarale su iluziju da su banke do- eral before the crisis, created the illusion that banks bro obezbeđene od kreditnog rizika. Međutim, were well protected against credit risk. However, nakon petogodišnje krize te nekretnine nema after five years of crisis there is nobody to buy that ko da kupi. Drugi faktor koji objašnjava skok real estate. The second factor that explains the rise nenaplativih kredita je kvalitet uprava banaka u in NPLs is the quality of bank management in terms pogledu upravljanja kreditnim rizikom. Ne sme of managing credit risk. This must not be general- se generalizovati, jer neke banke dobro posluju ised, because some banks did well both before and i pre i tokom krize. Primenjujući konzervativnu during the crisis. By applying a conservative provi- politiku rezervisanja u prošlosti, one sada nisu sioning policy in the past, they are now not under pod pritiskom da otuđuju imovinu dužnika na any pressure to isolate the debtor’s property in prime atraktivnim lokacijama po svaku cenu. locations at all costs.

Na koji način bi se mogla preduprediti neka In which way could a future financial crisis and buduća finansijska kriza i situacija u kojoj a situation in which banks take on too much banke preuzimaju previše rizika? risk be prevented? Lek za sprečavanje novih kriza je obavezivanje The remedy for preventing a new crisis is obliging banaka da imaju veći iznos akcionarskog kapita- banks to have a greater amount of equity capital la (striktno u formi običnih akcija) u poređenju (strictly in the form of ordinary shares), compared to prema ukupnoj aktivi, a ne kao do sada prema total assets, and towards risky assets that could be arti- rizičnoj aktivi koja je mogla biti i veštački potce- ficially undervalued, as has been the case to date. The njena. Bazel III regulativa, nastala kao odgovor Basel III regulations, which emerged as a response na krizu, znači da nivo akcionarskog kapitala to the crisis, mean that the level of equity capital can može iznositi 3% ukupne aktive banke. Pre krize amount to 3% of total bank assets. Prior the crisis at kod nekih najvećih banaka u svetu iznosio je 2% some of the largest banks in the world this amounted ili 3% njihove ukupne aktive. Nova regulativa to 2 or 3% of their total assets. gde bi zahtevani minimalni kapital bio na nivou The new regulation, where the required minimum od 20%-30% od ukupne aktive banaka, učinio capital would be at a level of 20-30% of total bank bi finansijski sistem znatno sigurnijim i zdravi- assets, would make the financial system significantly jim. Hazardni moral u poslovanju banaka bi bio safer and healthier. Hazardous morality in banking redukovan, jer bi najveći deo gubitaka pao na operations would be reduced, because the bulk of the teret akcionara i kreditora banke, a ne na teret losses would fall on the shoulders of shareholders and poreskih obveznika. Profesionalni argumenti za creditors of the bank, and not at the expense of tax- to su neoborivi. Međutim, moć Volstrita da uti- payers. The professional arguments for this are irrefu- če na Kongres je suviše velika, pa nije realno da table. However, the power of Wall Street to influence se kao takav uopšte nađe na dnevnom redu za- Congress is too great, so it is not realistic to expect konodavnog tela. Postoje zemlje poput Švedske anything like this to appear on the agenda of the leg- koje zahtevaju od najvećih banaka da imaju ak- islature. There are countries like Sweden that require cionarski kapital dvostruko veći od minimuma the largest banks to have equity twice the size of the koji zahteva Bazel III u funkciji amortizovanja minimum requirements of Basel III in the function of gubitaka u budućnosti. amortising losses in the future.

WHO’S WHO IN the FINANCIAL SECTOR 153 Dario Skanapieko, potpredsednik Dario Scanapieco, Vicepresident Evropske investicione banke of European Investment Bank Razduživanje Deleveraging pritiska puts pressure Jugoistočnu on SEE Evropu countries

Kako je evropska finansijska kriza pogodila How did European financial crisis hit financial finansijske sektore u evropskim zemljama sectors of emerging Europe? u razvoju? Deleveraging is a phenomenon that usually occurs Razduživanje je fenomen koji se obično deša- upon a loss of confidence by investors in the the mar- va usled gubitka poverenja investitora u tržište ket on account of political or economic considera- zbog političkih ili ekonomskih prilika. Na pri- tions. For example, the “Argentina” scenario (1998- mer, “argentinski scenario” (1998-2002) je ste- 2002) stereotypes the consequence of a collapse in reotip za posledice kolapsa finansijskog sektora the financial sector coupled with inappropriate eco- uparenog sa neadekvatnom ekonomskom poli- nomic policies which led the country into a severe, tikom koja je odvela zemlju u tešku i dugu re- long recession. On the other hand, the Asian crisis cesiju. S druge strane, azijska kriza (1997) je re- (1997) may have resulted from surges of capital in- zultat ogromnog priliva kapitala za finansiranje flows to finance productive investments that made produktivnih investicija, što je učinilo zemlje the countries vulnerable to a financial panic, mainly ranjivim na finansijsku paniku, uglavnom zbog because of weaknesses in their financial systems. slabosti njihovih finansijskih sistema. While they held their ground relatively well in the Dok su se držale relativno dobro u ranom delu early part of the crisis, countries in Central East and krize, zemlje u Centralnoj, Istočnoj i Jugoistočnoj South East Europe (CESEE) were negatively affected Evropi (CIJIE) su negativno pogođene finansij- by the financial crisis from 2009 onwards. Growth skom krizom, od 2009. godine pa nadalje. Pri- plummeted as a result of lower or negative growth vredni rast se urušio kao rezultat niskog ili nega- in economies in the EU, and the less reformed econ- tivnog rasta u zemljama EU i manje reformisane omies, such as in the Western Balkans, experienced države, kao na Zapadnom Balkanu, iskusile su outright recessions. This impacted also confidence direktnu recesiju. Ovo je uticalo i na poverenje in the financial systems of the affected countries, u finansijske sisteme pogođenih zemalja, iz čega hence, a trend of deleveraging began to occur. je krenuo i trend razduživanja. U tom periodu, EIB’s lending rose from circa EUR 40 – 50 billion kreditiranje od strane EIB je poraslo sa pretkri- during pre-crisis levels to a peak of almost EUR 80 znih 40-50 milijardi evra, na 80 milijardi evra billion in 2009, with the additional funds channelled 2009. godine, sa dodatnim sredstvima upućenim in support of industry, infrastructure and the finan- ka podršci industriji, infrastrukturi i finansij- cial sector, mostly in favour of SME`s. Several years skom sektoru, uglavnom u korist malih i srednjih into the crisis and following a EUR 10 billion capital preduzeća. Nakon nekoliko godina krize i nakon injection by the Bank’s shareholders, the Bank con- injekcije kapitala od 10 milijardi evra od strane tinues to maintain a high level of lending: this hov- akcionara banke, banka je nastavila da održava ers at around EUR 70 billion with emphasis on sup- visok nivo kreditiranja koje se kreće oko 70 mi- porting investments in research and development, lijardi evra, sa naglaskom na podršku investicija- SMEs, renewable energies and climate change.

154 Ko je ko u finansijskom sektoru ma u istraživanje i razvoj, MSP, obnovljivu ener- Why did deleveraging of West European in giju i klimatske promene. East Europe banks occur and will it continue in forthcoming period? Zašto je došlo do razduživanja In 2008, the share of foreign-bank assets in total bank zapadnoevropskih banaka u Istočnoj assets in CESEE was about 66% of higher (except in Evropi i da li će se to nastaviti u narednom Turkey at 15%). In Serbia that figure was 75%. The rea- periodu? son for such high figures is that expectation for rapid U 2008. godini udeo aktive stranih banaka u income growth in CESEE countries (and Turkey) in ukupnoj aktivi banaka u CIJIE bio je oko 66 the beginning of the last decade directed significant odsto (osim u Turskoj, gde je bilo 15 odsto). U foreign financing to lesser productive uses in the re- Srbiji ta cifra iznosila je 75 odsto. Razlog za tako gion, in particular aimed at consumption rather than visoke stope su očekivanja brzog rasta dohotka investment. The local subsidiaries of Western banks u ovim zemljama na početku prošle decenije, contributed to the making of this credit-boom-gone zbog čega su značajna inostrana sredstva usme- bust in most CESEE countries by borrowing cheap rena ka finansiranju manje produktivnih sekto- funds from their Western-based parent owners. ra u regionu, posebno u potrošnju, pre nego u Such excessive growth largely financed from abroad investicije. Lokalne afilijacije zapadnih banaka made CESEE countries particularly vulnerable to a doprinele su stvaranju ovog kreditnog buma u sudden stop of these transfers. As the financial crisis većini CIJIE zemalja, pozajmljujući jeftin novac unfolded and parent banks began to feel the squeeze od svojih matica sa Zapada. Tako prekomeran on their capital adequacy ratios due to increased lev- rast, uglavnom finansiran inostranim sredstvi- els of NPLs and higher funding costs, funds began ma, učinio je zemlje CIJIE posebno ranjivim na to flow out of the local subsidiaries to parent banks iznenadne prekide ovih transfera. Kako se fi- to shore up the latters’ balance sheet. In the process, nansijska kriza razvijala i matične banke počele some banks strategically divested out of the CESEE da osećaju pritisak na svoja racija adekvatnosti market, as was the case of Belgium-based KBC Bank kapitala zbog rasta NPL i viših troškova finansi- and French-based Crédit Agricole.

WHO’S WHO IN the FINANCIAL SECTOR 155 ranja, fondovi su počeli da se odlivaju iz lokal- It is important to mention that in order to stave off nih afilijacija prema bankama maticama, kako the rapid deleveraging phenomenon that occurred bi popravili njihove bilanse. U tom procesu neke from 2008 onwards, the international finance insti- banke su strateški dezinvestirale na CIJIE trži- tutions (IFIs), including EIB, initiated the creation štima, kao u slučaju belgijske KBC banke i fran- of the Vienna Initiative. The main goal of this ini- cuske Kredi agrikol. tiative was to ensure that foreign banks remained Važno je pomenuti da su, kako bi se obuzdalo committed to the region and preserve capital and brzo razduživanje koje se dešava od 2008. go- funding for the local banking sector. Together, EIB, dine, međunarodne finansijske institucije (MFI) the World Bank Group, IMF, European Commis- uključujući EIB, inicirale stvaranje Bečke inici- sion and the EBRD also made a substantial com- jative. Glavni cilj ove inicijative bio je da se obez- mitment by providing EUR 24.5 billion for the bedi da strane banke ostanu posvećene regionu period 2009-2010 for crisis related support for the i sačuvaju kapital i finansiranje lokalnog ban- financial sector in CESEE. By end 2010, the initial karskog sektora. Zajedno, EIB, Svetska banka, commitment was largely exceeded as actual sup- MMF, Evropska komisija i EBRD su obezbedili port reached EUR 33 billion, and at that time this 24,5 milijardi evra u periodu od 2009. do 2010. softened the blow of the deleveraging process. godine za podršku finansijskom sektoru CIJIE. Do kraja 2010. godine početni fond je preko- NPL are one of the biggest problems of račen i stvarna podrška dostigla je 33 milijarde banking sector in the CESEE region, and evra, što je ublažilo udar procesa razduživanja. especially in Serbia? How did European countries deal with that problem? Nenaplativi krediti su jedan od najvećih The high level of NPLs, a drag on the economy problema bankarskih sektora u CIJIE and a threat to a lasting recovery, was institution- regionu i posebno u Srbiji. Kako su ally tackled at the level of the Vienna Initiative in evropske zemlje rešile taj problem? March 2011 through the creation of a Working Problemu visokog nivoa NPL, tega za privredu i Group on NPLs whose aim was to analyse the pretnje oporavku, institucionalno je pristuplje- framework for dealing with NPLs of households no na nivou Bečke inicijative u martu 2011. go- and corporates. dine kroz stvaranje radne grupe za NPL, čiji je The main stumbling blocks are of a legal, judicial, tax cilj bila analiza regulatornog okvira za rešavanje and regulatory nature which are holding up NPL res- NPL domaćinstava i privrede. olution. The list of obstacles is long, such as, among Glavne prepreke u rešavanju problema su za- others, lack of enforcement of collateral, underde- konske, sudske i regulatorne prirode. Lista pre- veloped frameworks for going concern, weaknesses preka je dugačka, a među njima su nedostatak and inefficiencies in the legal institutional frame- realizacije sredstava obezbeđenja, nerazvijena work, inefficient tax systems, weak banking super- stečajna regulativa, slabosti i neefikasnost u za- vision and underdeveloped markets for distressed konskim institucionalnim procedurama, neefi- assets which limit the scope of NPL resolution. kasan poreski sistem, slaba supervizija banaka i nerazvijena tržišta loše aktive, što ograničava Can you describe the role of European razrešenje NPL-ova. Investment Bank, in development of Serbian financial system? Možete li opisati ulogu Evropske The Bank’s support to SMEs through commercial investicione banke u razvoju srpskog banks and leasing companies in Serbia amounts to finansijskog sistema? EUR 1,4 billion since 2002. EIB provides long term Podrška EIB malim i srednjim preduzećima financing to SMEs at considerably lower interest kroz komercijalne banke i lizing kompanije u rates and longer maturities which are usually not Srbiji od 2002. godine iznosi 1,4 milijarde evra. available in the local market. All productive sectors EIB obezbeđuje dugoročno finansiranje MSP sa of the real economy are targeted and the Bank’s im- znatno nižim kamatnim stopama i dužim ro- pact on sustaining SMEs during difficult economic kovima dospeća, koji obično nisu dostupni na times is real. The EIB Group, in cooperation with lokalnom tržištu. Cilj su svi produktivni sekto- the European Commission and other IFIs, also ri realne ekonomije i uticaj banke na održivost provides customised solutions to the SME and mi-

156 Ko je ko u finansijskom sektoru MSP tokom teških ekonomskih vremena je re- crofinance sectors through the European Fund for alan. EIB grupa u saradnji sa Evropskom komi- South East Europe (EFSEE), whose remit is also to sijom i drugim međunarodnim finansijskim in- strengthen the local financial markets. stitucijama takođe obezbeđuje rešenja za MSP The Green for Growth Fund, Southeast Europe i mikrofinansijski sektor kroz Evropski fond za (GGF) has been initiated in December 2009 by Jugoistočnu Evropu, čiji zadatak je takođe jača- the European Investment Bank and KfW with nje lokalnih finansijskih tržišta. the financial support of the European Commis- Zeleno za rast za Jugoistočnu Evropu je fond sion and European Bank for Reconstruction and pokrenut u decembru 2009. od strane EIB i Development. KfW, uz finansijsku podršku Evropske komisi- Another EU funded initiative (where EIB is a part- je i EBRD. Druga inicijativa koju finansira EU, ner), the Western Balkans Enterprise Development gde je EIB partner, Projekat za razvoj i inovaci- & Innovation Facility (WB EDIF) established in je za preduzeća Zapadnog Balkana (WB EDIF) December 2012, aims at increasing the financial uspostavljen u decembru 2012. ima za cilj po- resources made available to SMEs based in the re- većanje finansijskih resursa za strateške investi- gion, as well as technical assistance for strategic cije, posebno u infrastrukturu, energetsku efi- investments, particularly in infrastructure, energy kasnost i razvoj privatnog sektora, za podršku efficiency and private sector development, to sup- socioekonomskom razvoju i pristupu EU širom port socioeconomic development and EU accession celog regiona. Početni kapital od 145 miliona across the region. The EUR 145 million of initial evra u okviru ovog projekta može prerasti u capital pulled together under WB EDIF may trans- oko 300 miliona evra finansija za MSP na Za- late into about EUR 300 million of finance benefit- padnom Balkanu. ting SMEs based in the Western Balkan countries.

WHO’S WHO IN the FINANCIAL SECTOR 157 Mateo Patrone, šef Kancelarije Matteo Patrone, Head of EBRD EBRD u Srbiji office in Belgrade Bankarskom Banking sektoru sector needs potrebna consolidation konsolidacija Bankarski sektor se borio prilično The banking sector has coped dobro sa krizom, ali sistem ima reasonably well with the crisis ozbiljne slabosti. NPL, posebno u but the system has serious korporativnom sektoru, neodrživi vulnerabilities. NPLs, especially su, kaže Mateo Patrone in the corporate sector are unsustainable, says Mateo Pattrone

Srpski finansijski sektor, posebno banke, Serbian financial sector, particularly banks, često je okarakterisan kao najreformisaniji were characterized as a most reformed and i najstabilniji deo srpske privrede pre stabile part of Serbian economy before crisis. krize. Šta su bili razlozi za takve ocene? What was the main reasons for such claims? U pretkriznim godinama finansijski sektor je In the pre-crisis year, the financial sector was one bio jedan od najvećih korisnika stranih direkt- of the main beneficiaries of foreign direct invest- nih investicija i priliv kapitala spolja ne samo ments, and the influx of capital from abroad not da je povećavao kapital, već je donosio i nove only boosted capital but also brought in new skills veštine i usluge. Uz to bankarski sektor je imao and services. In addition, the sector benefitted i koristi od pažljive i stroge supervizije Narodne from careful and prudent supervision by the Na- banke Srbije. Ovi faktori su doprineli stabilno- tional Bank of Serbia. These factors contributed to sti sektora uoči globalne krize. the subsequent stability of the sector in the face of the global crisis. Kako je, prema vašem mišljenju, evropska finansijska kriza 2008. godine pogodila How in your opinion European financial crisis finansijski sektor Srbije i kako je in 2008. hit the financial sector of Serbia and finansijski sektor odgovorio na krizu? how did the financial sector respond? Ukupno, finansijski sektor je odgovorio dobro Overall, the financial sector has responded well to na krizu. Banke su ostale dobro kapitalizo- the crisis. Banks have remained well capitalised vane tokom krize uz dobro poznate izuzetke, throughout the crisis, with the well known excep- Agrobanku, RBV, Privrednu i Univerzal ban- tions of Agrobanka, RBV, Privredna and Univerzal. ku. Čvrsta i pravovremena akcija centralne Firm and timely action by the central bank helped banke pomogla je da se spreče povlačenja de- to stem deposit outflos, and within a relatively pozita i tokom relativno kratkog perioda nivo short space of time the level of deposits in the sys- depozita bio je na pretkriznom nivou. Uz to, tem was back at pre-crisis levels. In addition, the Bečka inicijativa, okvir za očuvanje finansijske “Vienna Initiative“, a framework for safeguarding stabilnosti u evropskim zemljama u razvoju, the financial stability of emerging Europe, helped pomogla je da matice banaka ostanu uz svoje to ensure that foreign parent banks remained com-

158 Ko je ko u finansijskom sektoru afilijacije u Srbiji, tako čuvajući poverenje u mitted to their subsidiaries in Serbia, thus ensur- celokupni sektor. ing confidence overall in the sector.

Nakon više od pet godina krize, šta su After more than five years after the crisis sada najveći izazovi za finansijski sektor, started, what are the main challenges for pre svega za banke? Serbian financial sector, especially banks? Banke su se prilično dobro borile sa krizom, ali The banking sector has coped reasonably well with sistem ima ozbiljnih slabosti. NPL-ovi, posebno the crisis but the system has serious vulnerabilities. u korporativnom sektoru, neodrživi su, postoji NPLs, especially in the corporate sector are unsus- potreba za konsolidacijom za pet od 29 banaka tainable, there is a need for consolidation, with five koje imaju kumulativni tržišni udeo od 50 od- banks out of 29 have a cumulative market share of sto i 14 banaka koje su napravile gubitak. Tako- 50 percent and 14 banks loss making, the level of đe, nivo evroizacije je neodbranjiv. eurisation is untenable.

WHO’S WHO IN the FINANCIAL SECTOR 159 Nenaplativi krediti u Srbiji su među NPL in Serbia are among highest in the najvišim u regionu. Šta su uzroci i šta region. What are the causes for that and mogu biti rešenja? what could be solutions? Finansijska kriza iz 2008/2009. godine izbaci- The financial crisis of 2008/09 brought forward la je na površinu probleme koje je bankarski the problems of the banking system accumulat- sistem akumulirao tokom prethodnih godina ed over the previous years- one of those was poor - jedan od njih je slab kvalitet nekih zajmova. quality of some loans. Dok je visok nivo NPL uporediv sa drugim ze- While high level of NPLs in Serbia is comparable mljama na Zapadnom Balkanu, oni nisu održi- with other countries in the Western Balkans, they

160 Ko je ko u finansijskom sektoru vi jer ometaju sposobnost banaka da finansira- are not sustainable as they hinder the ability of ju realnu ekonomiju. banks to finance the real economy.

Kako razvoj drugih finansijskih institucija, How development of other financial kao što su osiguranje, berza ili investicioni institution such as insurance, Belgrade i penzijski fondovi, mogu da unaprede stock exchange or investment and pension stabilnost finansijskog tržišta i dostupnost funds could improve the stability of financial finansija kompanijama? market and accessibility of finance for Razvoj ovih institucija pomoći će da se poveća companies? poverenje u finansijski sektor. To će igrati va- Development of such institutions will help to in- žnu uogu u obezbeđivanju dugoročnog finan- crease confidence in the financial sector. This will siranja, što ostaje izazov, posebno za razvoj play an important role in providing long-term fi- malih i srednjih preduzeća, okosnice srpske nancing which remains a challenge, especially for ekonomije. the development of small and medium enterpris- Nebankarske finansijske institucije, kao što su es, the backbone of Serbian economy. lizing kompanije ili mikrokreditni sektor ge- Non-bank financial institutions such as leasing neralno, trebalo bi da bude razvijen kako bi se companies or the microcredit sector in general pomoglo produbljivanju finansijskog posredo- should be developed in order to help deepen- vanja. Tržište kapitala bi trebalo da raste zajed- ing financial intermediation. The capital market no sa ostalim regionalnim tržištima, kako bi se should grow in synergy with other regional mar- dostigla kritična masa potrebna da bi ovo trži- kets to achieve the critical mass needed to be- šte postalo efikasan izvor dugoročnog finansi- come an efficient source of long-term finance for ranja realne privrede. the real economy.

Možete li opisati ulogu EBRD u razvoju Can you describe the role of international finansijskog sistema u Srbiji? finance institutions, particularly EBRD, in EBRD je veoma mnogo investirala u finansij- development of Serbian financial system last ski sektor Srbije i intenzivno smo učestvovali 13 years? u dijalogu o politikama. Investirali smo više We have been investing heavily in the sector and od jedne milijarde evra i trenutno imamo we have been conducting intensive policy dialogue portfolio do 600 miliona evra i u kapital i u activity. We have invested more than Eur 1 bn and finansijske linije ka finansijskom sektoru. Ta- we currently have a portfolio of more than EUR kođe, planiramo značajne projekte, a najzna- 600 million in both equity and financing lines in čajniji ove godine je 200 miliona evra „stend the financial sector, and we are planning signifi- baj“ kreditna linija za Agenciju za osiguranje cant projects, the most relevant this year being a depozita kako bi se poduprlo poverenje u ban- EUR 200 million stand by line credit line to the karski sektor, pre svega kako bi kapacitet ga- Deposit Insurance Agency which is responsible for rantnog fonda mogao da odgovori nepredvi- managing the Deposit Insurance Fund, in order to đenim zahtevima u budućnosti. Naša podrška help underpin confidence in the banking sector, sistemu osiguranja depozita je deo zajednič- specifically the capacity of the Insurance Fund to kih napora međunarodnih finansijskih insti- meet future unforeseen claims. Our support for tucija kroz koje Svetska banka i MMF nastoje the deposit insurance system is part of a concerted da uvedu okvir za rešavanje problema u ban- IFI effort in which World Bank and the IMF aim to karskom sektoru. introduce a bank resolution framework. Što se tiče dijaloga o politikama, radimo sa In terms of policy dialogue we are working with vlastima u više oblasti, od dinarizacije (ima- the authorities on a number of areas, from dinar- mo veoma dobar napredak, zahvaljujući NBS, isation (we have made very good progress thanks Ministarstvu finansija i Komisiji za hartije od to the NBS, the Ministry of finance and the Se- vrednosti, u uspostavljanju uslova za emisiju curities Commission in establishing the condi- dinarskih obveznica) do rešavanja nenaplativih tions for the issuance of a dinar bond) to NPLs kredita (sa fokusom na dobrovoljno finansijsko resolution (with a focus on consensual financial restrukturiranje). restructuring).

WHO’S WHO IN the FINANCIAL SECTOR 161 162 Ko je ko u finansijskom sektoru WHO’S WHO IN the FINANCIAL SECTOR 163 AGROINDUSTRIJSKO KOMERCIJALNA BANKA „AIK BANKA“ AD NIŠ AGROINDUSTRIAL COMMERCIAL BANK „AIK BANKA“ JSC, NIŠ Najveći akcionari (preko 5%) Largest shareholders (over 5%) Sunoko d.o.o. Novi Sad, 50.37% Sunoko Ltd. Novi Sad, 50.37% sa povezanim licima with related parties Agricultural Bank of Greece 20.35% Agricultural Bank of Greece 20.35%

• Miodrag Kostić, predsednik Upravnog • Miodrag Kostić, Chairman of the Management odbora Board • Vladimir Čupić, predsednik Izvršnog odbora • Vladimir Čupić, Chairman of the Executive Board Aktiva 31.12.2013 152.401.643.000 RSD Assets 31.12.2013 152,401,643,000 RSD Kapital 31.12.2013 51.493.696.000 RSD Equity 31.12.2013 51,493,696,000 RSD

ALPHA BANK SRBIJA AD BEOGRAD ALPHA BANK SERBIA JSC, BELGRADE

Najveći akcionari (preko 5%) Largest shareholders (over 5%) ALPHA BANK A.E. 100% ALPHA BANK A.E. 100%

• Georgios Aronis, predsednik Upravnog • Georgios Aronis, Chairman of the odbora Management Board • Georgios Papanastasiou, predsednik Izvršnog • Georgios Papanastasiou, Chairman of the odbora Executive Board

Aktiva 31.12.2013 82.897.295.000 RSD Assets 31.12.2013 82,897,295,000 RSD Kapital 31.12.2013 11.560.231.000 RSD Equity 31.12.2013 11,560,231,000 RSD

BANCA INTESA AKCIONARSKO DRUŠTVO BEOGRAD BANCA INTESA JSC BELGRADE

Najveći akcionari (preko 5%) Largest shareholders (over 5%) Intesa Sanpaolo Holding International 77.79% Intesa Sanpaolo Holding International 77.79% S.A. S.A. Intesa Sanpaolo SPA 15.21% Intesa Sanpaolo SPA 15.21% IFC 7.00% IFC 7.00%

• Massimo Malagoli, predsednik Upravnog • Massimo Malagoli, Chairman of the odbora Management Board • Draginja Đurić, predsednik Izvršnog odbora • Draginja Đurić, Chairwoman of the Executive Board Aktiva 31.12.2013 427.241.355.000 RSD Assets 31.12.2013 427,241,355,000 RSD Kapital 31.12.2013 98.887.188.000 RSD Equity 31.12.2013 98,887,188,000 RSD

164 Ko je ko u finansijskom sektoru BANKA POŠTANSKA ŠTEDIONICA AD BEOGRAD POŠTANSKA ŠTEDIONICA BANK, JSC, BELGRADE

Najveći akcionari (preko 5%) Largest shareholders (over 5%) JP PTT Saobraćaja Srbija 49.56% PC PTT Saobraćaja Srbija 49.56% Republika Srbija 47.84% The Republic of Serbia 47.84%

• Miloš Miščević, predsednik Upravnog • Miloš Miščević, Chairman of the Management odbora Board • Srđan Cekić, predsednik Izvršnog odbora • Srđan Cekić, Chairman of the Executive Board

Aktiva 31.12.2013 99.559.603.000 RSD Assets 31.12.2013 99,559,603,000 RSD Kapital 31.12.2013 12.449.005.000 RSD Equity 31.12.2013 12,449,005,000 RSD

CRÉDIT AGRICOLE BANKA SRBIJA, AD NOVI SAD CRÉDIT AGRICOLE BANK SERBIA JSC, NOVI SAD

Najveći akcionari (preko 5%) Largest shareholders (over 5%) CREDIT AGRICOLE S.A. 100% CREDIT AGRICOLE S.A. 100%

• Olivier Gavalda, predsednik Upravnog • Olivier Gavalda, Chairman of the Management odbora Board • Bruno-Marie Charrier, predsednik IO • Bruno-Marie Charrier, Chairman of the Executive Board Aktiva 31.12.2013 61.836.391.000 RSD Assets 31.12.2013 61,836,391,000 RSD Kapital 31.12.2013 8.435.867.000 RSD Equity 31.12.2013 8,435,867,000 RSD

ČAČANSKA BANKA AD ČAČAK ČAČANSKA BANKA JSC, ČAČAK

Najveći akcionari (preko 5%) Largest shareholders (over 5%) Republika Srbija 28.49% Republic of Serbia 28.49% European bank for reconstruction and 25.00% European bank for reconstruction and 25.00% development London development London IFC 20.00% IFC 20.00%

• Bojan Dimitrijević, predsednik Upravnog • Bojan Dimitrijević, Chairman of the odbora Management Board • Dragan Jovanović, predsednik IO • Dragan Jovanović, Chairman of the Executive Board Aktiva 31.12.2013 33.816.142.000 RSD Assets 31.12.2013 33,816,142,000 RSD Kapital 31.12.2013 4.990.725.000 RSD Equity 31.12.2013 4,990,725,000 RSD

WHO’S WHO IN the FINANCIAL SECTOR 165 DUNAV BANKA AD BEOGRAD DUNAV BANKA JSC, BELGRADE Najveći akcionari (preko 5%) Largest shareholders (over 5%) Kompanija „Dunav osiguranje“ ADo. 58.68% Kompanija „Dunav osiguranje“ ADo. 58.68% Beograd Belgrade Društvo za reosiguranje Dunav RE 13.79% Društvo za reosiguranje Dunav RE 13.79% ADo. Beograd ADo. Belgrade

• Marko Ćulibrk, predsednik Upravni • Marko Ćulibrk, Chairman of the Management odbora Board • Srđan Brajović, predsednik Izvršnog odbora • Srđan Brajović, Chairman of the Executive Board Aktiva 31.12.2013 7.367.346.000 RSD Assets 31.12.2013 7,367,346,000 RSD Kapital 31.12.2013 1.704.034.000 RSD Equity 31.12.2013 1,704,034,000 RSD

ERSTE BANK AD NOVI SAD ERSTE BANK JSC, NOVI SAD

Najveći akcionari (preko 5%) Largest shareholders (over 5%) EGB CEPS HOLDING Gmbh, Wien 74.00% EGB CEPS HOLDING Gmbh, Vienna 74.00% Steiermärkische Bank und Sparkassen 26.00% Steiermärkische Bank und Sparkassen 26.00% AG, Graz AG, Graz

• Gernot Mittendorfer, predsednik Upravnog • Gernot Mittendorfer, Chairman of the odbora Management Board • Slavko Carić, predsednik Izvršnog odbora • Slavko Carić, Chairman of the Executive Board

Aktiva 31.12.2013 97.942.217.000 RSD Assets 31.12.2013 97,942,217,000 RSD Kapital 31.12.2013 14.359.377.000 RSD Equity 31.12.2013 14,359,377,000 RSD

EUROBANK AD BEOGRAD EUROBANK JSC, BELGRADE

Najveći akcionari (preko 5%) Largest shareholders (over 5%) EFG Eurobank Ergasias Athens 55.80% EFG Eurobank Ergasias Athens 55.80% Holding BV Naritaveg 42,74% Holding BV Naritaveg 42.74%

• Antonios Hassiotis, predsednik Upravnog • Antonios Hassiotis, Chairman of the odbora Management Board • Filippos Karamanolis, predsednik IO • Filippos Karamanolis, Chairman of the Executive Board Aktiva 31.12.2013 158.041.420.000 RSD Assets 31.12.2013 158,041,420,000 RSD Kapital 31.12.2013 46.823.418.000 RSD Equity 31.12.2013 46,823,418,000 RSD

166 Ko je ko u finansijskom sektoru FINDOMESTIC BANKA AD BEOGRAD FINDOMESTIC BANKA JSC, BELGRADE

Najveći akcionari (preko 5%) Largest shareholders (over 5%) FINDOMESTIC BANCA SPA 100.00% FINDOMESTIC BANCA SPA 100.00%

• Chiaffredo Salomone, predsednik Upravnog • Chiaffredo Salomone, Chairman of the odbora Management Board • Angelo Paolo Scatigna, predsednik IO • Angelo Paolo Scatigna, Chairman of the Executive Board Aktiva 31.12.2013 15.845.412.000 RSD Assets 31.12.2013 15,845,412,000 RSD Kapital 31.12.2013 3.449.024.000 RSD Equity 31.12.2013 3,449,024,000 RSD

HYPO ALPE-ADRIA-BANK AD BEOGRAD HYPO ALPE-ADRIA-BANK JSC, BELGRADE

Najveći akcionari (preko 5%) Largest shareholders (over 5%) Hypo SEE Holding AG, Klagenfurt 99.99% Hypo SEE Holding AG, Klagenfurt 99.99%

• Mag.Wolfgang Edelmϋller, predsednik • Mag.Wolfgang Edelmϋller, Chairman of the Upravnog odbora Management Board • Zoran Vojnović, predsednik Izvršnog odbora • Zoran Vojnović, Chairman of the Executive Board Aktiva 31.12.2013 125.394.026.000 RSD Assets 31.12.2013 125,394,026,000 RSD Kapital 31.12.2013 28.393.201.000 RSD Equity 31.12.2013 28,393,201,000 RSD

JUBMES BANKA AD BEOGRAD JUBMES BANKA JSC, BELGRADE

Najveći akcionari (preko 5%) Largest shareholders (over 5%) Republika Srbija 20.08% Republic of Serbia 20.08% NLB banka 6.75% NLB bank 6.75% Beobanka AD Beograd, u stečaju 6.62% Beobanka AD Beograd, in bankruptcy 6.62% SFRJ 5.33% Socialist Federal Republic of Yugoslavia 5.33% • Zoran Vojnović, Chairman of the Executive • Zoran Vojnović, predsednik Izvršnog odbora Board • Zoran Lilić, predsednik Upravnog odbora, • Zoran Lilić, Chairman of the Management nezavisan Board, independent • Slobodan Janjić, predsednik izvršnog odbora • Slobodan Janjić, Chairman of the Executive Board Aktiva 31.12.2013 14.780.698.000 RSD Assets 31.12.2013 14,780,698,000 RSD Kapital 31.12.2013 5.559.373.000 RSD Equity 31.12.2013 5,559,373,000 RSD

WHO’S WHO IN the FINANCIAL SECTOR 167 „JUGOBANKA JUGBANKA“ AD KOSOVSKA MITROVICA JUGOBANKA JUGBANKA JSC, KOSOVSKA MITROVICA Najveći akcionari (preko 5%) Largest shareholders (over 5%) Jugobanka AD Beograd, u stečaju 51.28% Jugobanka JSC, Belgrade, in bankruptcy 51.28% Fond za razvoj RS-Beograd 30.64% The Development Fund of the RS 30.64% Beobanka AD Beograd, u stečaju 10.01% Beobanka JSC, Belgrade, in bankruptcy 10.01%

• Zvonko Burić, predsednik Upravnog • Zvonko Burić, Chairman of the Management odbora Board • Draško Knežević, predsednik IO • Draško Knežević, Chairman of the Executive Board Aktiva 31.12.2013 1.284.619.000 RSD Assets 31.12.2013 1,284,619,000 RSD Kapital 31.12.2013 1.096.842.000 RSD Equity 31.12.2013 1,096,842,000 RSD

TELENOR BANKA AD BEOGRAD TELENOR BANKA JSC, BELGRADE

Najveći akcionari (preko 5%) Largest shareholders (over 5%) TELENOR DANMARK HOLDING A/S 100.00% TELENOR DANMARK HOLDING A/S 100.00%

• Tine Wollebekk, predsednik Upravnog • Tine Wollebekk, Chairman of the Management odbora Board • Martin Navratil, predsednik Izvršnog odbora • Martin Navratil, Chairman of the Executive Board Aktiva 31.12.2013 5.272.633.000 RSD Assets 31.12.2013 5,272,633,000 RSD Kapital 31.12.2013 2.188.814.000 RSD Equity 31.12.2013 2,188,814,000 RSD

KBM BANKA AD KRAGUJEVAC KBM BANKA JSC, KRAGUJEVAC

Najveći akcionari (preko 5%) Largest shareholders (over 5%) NOVA KBM D.D. MARIBOR 89.53% NOVA KBM D.D. MARIBOR 89.53%

• Mr Igor Žibrik, • Mr Igor Žibrik, Chairman of the Management predsednik Upravnog odbora Board • Ljubinka Lovčević, predsednik IO • Ljubinka Lovčević, Chairwoman of the Executive Board Aktiva 31.12.2013 12.634.966.000 RSD Assets 31.12.2013 12,634,966,000 RSD Kapital 31.12.2013 2.668.899.000 RSD Equity 31.12.2013 2,668,899,000 RSD

168 Ko je ko u finansijskom sektoru KOMERCIJALNA BANKA AD BEOGRAD KOMERCIJALNA BANKA JSC, BELGRADE Najveći akcionari (preko 5%) Largest shareholders (over 5%) Republika Srbija 42.60% Republic of Serbia 42.60% European bank for reconstruction 25.00% European bank for reconstruction 25.00% and development and development

• Siniša Mali, predsednik Upravnog odbora • Siniša Mali, Chairman of the Management • Ivica Smolić, predsednik Izvršnog odbora Board • Ivica Smolić, Chairman of the Executive Board Aktiva 31.12.2013 363.654.367.000 RSD Assets 31.12.2013 363,654,367,000 RSD Kapital 31.12.2013 64.962.219.000 RSD Equity 31.12.2013 64,962,219,000 RSD

MARFIN BANK AD BEOGRAD MARFIN BANK JSC, BELGRADE

Najveći akcionari (preko 5%) Largest shareholders (over 5%) CYPRUS POPULAR BANK 98.99% CYPRUS POPULAR BANK 98.99% PUBLIC Co Ltd PUBLIC Co Ltd

• Georgiou Georgios, predsednik Upravnog • Georgiou Georgios, Chairman of the odbora Management Board • Eleftherios Papaeracleous, predsednik IO • Eleftherios Papaeracleous, Chairman of the Executive Board Aktiva 31.12.2013 24.433.064.000 RSD Assets 31.12.2013 24,433,064,000 RSD Kapital 31.12.2013 4.556.927.000 RSD Equity 31.12.2013 4,556,927,000 RSD

NLB BANKA AD BEOGRAD NLB BANKA JSC, BELGRADE Najveći akcionari (preko 5%) Largest shareholders (over 5%) NOVA LJUBLJANSKA BANKA 99.99% NOVA LJUBLJANSKA BANKA 99.99%

• Archibald Kremser, • Archibald Kremser,Chairman of the predsednik Upravnog odbora Management Board • Branko Greganović, predsednik IO • Branko Greganović, Chairman of the Executive Board Aktiva 31.12.2013 39.132.846.000 RSD Assets 31.12.2013 39,132,846,000 RSD Kapital 31.12.2013 6.113.555.000 RSD Equity 31.12.2013 6,113,555,000 RSD

WHO’S WHO IN the FINANCIAL SECTOR 169 OTP BANKA SRBIJA AD NOVI SAD OTP BANKA SRBIJA JSC, NOVI SAD Najveći akcionari (preko 5%) Largest shareholders (over 5%) OTP BANK 96.94% OTP BANK 96.94%

• László Wolf, predsednik Upravnog odbora • László Wolf, Chairman of the Management Board • Imre Bertalan, predsednik Izvršnog odbora • Imre Bertalan, Chairman of the Executive Board

Aktiva 31.12.2013 31.879.382.000 RSD Assets 31.12.2013 31,879,382,000 RSD Kapital 31.12.2013 9.993.301.000 RSD Equity 31.12.2013 9,993,301,000 RSD

OPPORTUNITY BANKA AD NOVI SAD OPPORTUNITY BANKA JSC, NOVI SAD Najveći akcionari (preko 5%) Largest shareholders (over 5%) OPPORTUNITY TRANSFORMATION 66,95% OPPORTUNITY TRANSFORMATION 66,95% INVESTMENTS, INC INVESTMENTS, INC EUROPEAN BANK FOR 17,3% EUROPEAN BANK FOR 17,3% RECONSTRUCTION AND RECONSTRUCTION AND DEVELOPMENT DEVELOPMENT NEDERLANDSE FINANCIERINGS- 11.54% NEDERLANDSE FINANCIERINGS- 11.54% MAATSCHAPPIJ VOOR MAATSCHAPPIJ VOOR ONTWIKKELINGSLANDEN N.V. ONTWIKKELINGSLANDEN N.V.

• Karel Rene Jacobus de Waala, • Karel Rene Jacobus de Waala, Chairman of the predsednik UO Management Board • Vladimir Vukotić, predsednik IO • Vladimir Vukotić, Chairman of the Executive Board Aktiva 31.12.2013 8.878.186.000 RSD Assets 31.12.2013 8,878,186,000 RSD Kapital 31.12.2013 1.382.152.000 RSD Equity 31.12.2013 1,382,152,000 RSD

PIRAEUS BANK AD BEOGRAD PIRAEUS BANK JSC, BELGRADE Najveći akcionari (preko 5%) Largest shareholders (over 5%) Piraeus Bank SA Athens 100.00% Piraeus Bank SA Athens 100.00%

• Ilias Milis, predsednik Upravnog odbora • Ilias Milis, Chairman of the Management • Neoclis Neocleous, Board predsednik Izvršnog odbora • Neoclis Neocleous, Chairman of the Executive Board Aktiva 31.12.2013 58.710.063.000 RSD Assets 31.12.2013 58,710,063,000 RSD Kapital 31.12.2013 11.663.127.000 RSD Equity 31.12.2013 11,663,127,000 RSD

170 Ko je ko u finansijskom sektoru ProCredit Bank AD Beograd ProCredit Bank JSC, BELGRADE

Najveći akcionari (preko 5%) Largest shareholders (over 5%) ProCredit Holding AG&Co. KgaA 100.00% ProCredit Holding AG&Co. KgaA 100.00%

• Borislav Kostadinov, • Borislav Kostadinov, Chairman of the predsednik Upravnog odbora Management Board • Svetlana Tolmačeva Dingarac, predsednik IO • Svetlana Tolmačeva Dingarac, Chairman of the Executive Board Aktiva 31.12.2013 69.527.208.000 RSD Assets 31.12.2013 69,527,208,000 RSD Kapital 31.12.2013 11.535.300.000 RSD Equity 31.12.2013 11,535,300,000 RSD

RAIFFEISEN BANKA AD Beograd RAIFFEISEN BANKA JSC, BELGRADE

Najveći akcionari (preko 5%) Largest shareholders (over 5%) Raiffeisen SEE Region Holding GmbH 100,00% Raiffeisen SEE Region Holding GmbH 100,00%

• Peter Lennkh, • Peter Lennkh, Chairman of the Management predsednik Upravnog odbora Board • Zoran Petrović, predsednik Izvršnog odbora • Zoran Petrović, Chairman of the Executive Board Aktiva 31.12.2013 205.492.743.000 RSD Assets 31.12.2013 205,492,743,000 RSD Kapital 31.12.2013 56.354.537.000 RSD Equity 31.12.2013 56,354,537,000 RSD

SBERBANK SRBIJA AD BEOGRAD SBERBANK SRBIJA JSC, BELGRADE

Najveći akcionari (preko 5%) Largest shareholders (over 5%) Sberbank Europe AG 100.00% Sberbank Europe AG 100.00%

• David Vadnal, • David Vadnal, Chairman of the Management predsednik Upravnog odbora Board • Valeriy Ovsyannikov, • Valeriy Ovsyannikov, Chairman of the predsednik IO Executive Board

Aktiva 31.12.2013 99.422.343.000 RSD Assets 31.12.2013 99,422,343,000 RSD Kapital 31.12.2013 21.572.530.000 RSD Equity 31.12.2013 21,572,530,000 RSD

WHO’S WHO IN the FINANCIAL SECTOR 171 SOCIÉTÉ GÉNÉRALE BANKA SRBIJA AD BEOGRAD SOCIÉTÉ GÉNÉRALE BANKA SRBIJA JSC, BELGRADE Najveći akcionari (preko 5%) Largest shareholders (over 5%) Societe Generale S.A. 99.99% Societe Generale S.A. 99.99%

• Goran Pitić, • Goran Pitić, Chairman of the Management predsednik Upravnog odbora, nezavisan Board, independent • Frederic Coin, predsednik Izvršnog odbora • Frederic Coin, Chairman of the Executive Board Aktiva 31.12.2013 220.913.478.000 RSD Assets 31.12.2013 220,913,478,000 RSD Kapital 31.12.2013 33.358.919.000 RSD Equity 31.12.2013 33,358,919,000 RSD

SRPSKA BANKA AD BEOGRAD SRPSKA BANKA JSC, BELGRADE

Najveći akcionari (preko 5%) Largest shareholders (over 5%) Republika Srbija 99.06% Republic of Serbia 99.06%

• Nada Popović, • Nada Popović, Chairwoman of the predsednik Upravnog odbora Management Board • Vesna Jokanović, predsednik IO • Vesna Jokanović, Chairwoman of the Executive Board Aktiva 31.12.2013 28.056.533.000 RSD Assets 31.12.2013 28,056,533,000 RSD Kapital 31.12.2013 4.311.686.000 RSD Equity 31.12.2013 4,311,686,000 RSD

UNICREDIT BANK SRBIJA AD BEOGRAD UNICREDIT BANK SRBIJA JSC, BELGRADE

Najveći akcionari (preko 5%) Largest shareholders (over 5%) UNICREDIT BANK AUSTRIA AG 100.00% UNICREDIT BANK AUSTRIA AG 100.00%

• Erich Hampel, • Erich Hampel, Chairman of the Management predsednik Upravnog odbora Board • Claudio Cesario, predsednik Izvršnog odbora • Claudio Cesario, Chairman of the Executive Board Aktiva 31.12.2013 251.953.242.000 RSD Assets 31.12.2013 251,953,242,000 RSD Kapital 31.12.2013 50.183.784.000 RSD Equity 31.12.2013 50,183,784,000 RSD

172 Ko je ko u finansijskom sektoru VTB Banka AD Beograd VTB Banka JSC, BELGRADE

Najveći akcionari (preko 5%) Largest shareholders (over 5%) VTB Bank 100,00% VTB Bank 100,00%

• Vasilij Nikolajevič Titov, • Vasilij Nikolajevič Titov, Chairman of the predsednik Upravnog odbora Management Board • Vladimir Zečar, predsednik Izvršnog odbora • Vladimir Zečar, Chairman of the Executive Board Aktiva 31.12.2013 10.260.889.000 RSD Assets 31.12.2013 10,260,889,000 RSD Kapital 31.12.2013 768.261.000 RSD Equity 31.12.2013 768,261,000 RSD

VOJVOĐANSKA BANKA AD NOVI SAD VOJVOĐANSKA BANKA JSC, NOVI SAD

Najveći akcionari (preko 5%) Largest shareholders (over 5%) National bank of Greece 100.00% National bank of Greece 100.00%

• Pavlos Mylonas, • Pavlos Mylonas, Chairman of the Management predsednik Upravnog odbora Board • Marinos Vathis, predsednik Izvršnog odbora • Marinos Vathis, Chairman of the Executive Board Aktiva 31.12.2013 108.860.402.000 RSD Assets 31.12.2013 108,860,402,000 RSD Kapital 31.12.2013 19.551.423.000 RSD Equity 31.12.2013 19,551,423,000 RSD

WHO’S WHO IN the FINANCIAL SECTOR 173 AD ZA NEŽIVOTNO OSIGURANJE „AS OSIGURANJE“ JOINT STOCK COMPANY FOR NON-LIFE INSURANCE „AS OSIGURANJE“

Najveći akcionari Largest shareholders Adriatic Slovenica, Koper, Slovenija 96.03% Adriatic Slovenica, Koper, Slovenia 96.03% »KD Kvart« d.o.o. Ljubljana 3.70% »KD Kvart« d.o.o. Ljubljana 3.70%

• Direktor: Bojana Svilar • Director: Bojana Svilar

AD ZA OSIGURANJE „AMS OSIGURANJE“ JOINT STOCK COMPANY FOR INSURANCE „AMS OSIGURANJE“

Najveći akcionari Largest shareholders AMSS Beograd 42,66% AMSS Beograd 42,66% AUTO-MOTO DRUŠTVO RAKOVICA 7,59% AUTO-MOTO DRUŠTVO RAKOVICA 7,59% PREDUZEĆE-AMSS D.O.O. Beograd 7,31% PREDUZEĆE-AMSS D.O.O. Belgrade 7,31%

• Direktor: Vučeta Mandić • Director: Vučeta Mandić

AD ZA OSIGURANJE „AXA NEŽIVOTNO OSIGURANJE“ JOINT STOCK COMPANY FOR INSURANCE „AXA NON-LIFE INSURANCE“

Najveći akcionari Largest shareholders AXA MEDITERRANEAN HOLDING 99,99% AXA MEDITERRANEAN HOLDING 99,99% S.A. Španija S.A. Spain KINSTELLAR d.o.o., Beograd 0,01% KINSTELLAR d.o.o., Belgrade 0,01%

• Direktor: Lea Markštajn Stojanović • Director: Lea Markštajn Stojanović

„AXA ŽIVOTNO OSIGURANJE“ AD ZA OSIGURANJE BEOGRAD JOINT STOCK COMPANY FOR INSURANCE „AXA LIFE INSURANCE“ BELGRADE

Najveći akcionari Largest shareholders AXA MEDITERRANEAN HOLDING 99.99% AXA MEDITERRANEAN HOLDING 99.99% S.A. S.A. KINSTELLAR, d.o.o. Beograd 0.01% KINSTELLAR, d.o.o. Belgrade 0.01%

• Direktor: Adamantios Chatzistylis • Director: Adamantios Chatzistylis

174 Ko je ko u finansijskom sektoru AD ZA OSIGURANJE „BASLER“, neživotno osiguranje JOINT STOCK COMPANY FOR INSURANCE „BASLER“, non-life insurance

Najveći akcionari Largest shareholders Baloise Holding, Bazel, Švajcarska 99,99% Baloise Holding, Basel, Switzerland 99,99% Wolf Theiss d.o.o. Beograd 0,01% Wolf Theiss d.o.o. Belgrade 0,01%

• Direktor: Vladimir Radić • Director: Vladimir Radić

AD ZA OSIGURANJE „BASLER“, životno osiguranje JOINT STOCK COMPANY FOR INSURANCE „BASLER“, life insurance

Najveći akcionari Largest shareholders Baloise Holding, Bazel, Švajcarska 99,99% Baloise Holding, Basel, Switzerland 99,99% Wolf Theiss d.o.o. Beograd 0,01% Wolf Theiss d.o.o. Belgrade 0,01%

• Direktor: Vladimir Medan • Director: Vladimir Medan

AD ZA OSIGURANJE „DDOR NOVI SAD“ JOINT STOCK COMPANY FOR INSURANCE „DDOR NOVI SAD“

Najveći akcionari Largest shareholders Fondiaria - SAI, Italija 83,32% Fondiaria - SAI, Italy 83,32% Privatizacioni registar 6,58% Privatisation register 6,58% Apatinska pivara AD 1,53% Apatinska brwery AD 1,53% Ostali (sa učešćem ispod 1%) 8,57% Other (share below 1%) 8,57%

• Direktor: Christian Otto Neu • Director: Christian Otto Neu

AD ZA OSIGURANJE „DELTA GENERALI OSIGURANJE“ JOINT STOCK COMPANY FOR INSURANCE „DELTA GENERALI OSIGURANJE“

Najveći akcionari Largest shareholders Generali PPF Holding B.V. 100% Generali PPF Holding B.V. 100%

• Direktor: Andrea Simoncelli • Director: Andrea Simoncelli

WHO’S WHO IN the FINANCIAL SECTOR 175 AD ZA OSIGURANJE „DUNAV“ JOINT STOCK COMPANY FOR INSURANCE „DUNAV“ Najveći akcionari Largest shareholders Akcijski kapital 5.39% Share capital 5.39% KOMERCIJALNA BANKA AD 10.11% KOMERCIJALNA BANKA AD 10.11% GP Napred 6.75% GP Napred 6.75% REPUBLIKA SRBIJA 3.67% REPUBLIC OF SERBIA 3.67% RTB Bor 2.97% RTB Bor 2.97% Ostali - akcionari sa učešćem ispod 5% 58.48% Other - shareholders with a < 5% share 58.48% Državni i društveni kapital 94.61% State and social capital 94.61%

• Direktor: Marko Ćulibrk • Director: Marko Ćulibrk

AD ZA OSIGURANJE „ENERGOPROJEKT GARANT“ JOINT STOCK COMPANY FOR INSURANCE „ENERGOPROJEKT GARANT“ Najveći akcionari Largest shareholders „Energoprojekt Holding“ 92,94% „Energoprojekt Holding“ 92,94% Jubmes banka AD Beograd 7.03% Jubmes banka AD Belgrade 7.03%

• Direktor: Mirjana Bogićević • Director: Mirjana Bogićević

AD ZA OSIGURANJE „GLOBOS-OSIGURANJE“ JOINT STOCK COMPANY FOR INSURANCE „GLOBOS-OSIGURANJE“ Najveći akcionari Largest shareholders Milovan Đurović 34.27% Milovan Đurović 34.27% Uni global d.o.o., Beograd 19.98% Uni global d.o.o., Belgrade 19.98% Globosino d.o.o. Beograd 17.52% Globosino d.o.o. Belgrade 17.52% Hypo-Alpe-Adria Bank a.g. 6.32% Hypo-Alpe-Adria Bank a.g. 6.32% Ostali - akcionari sa učešćem ispod 5% 21.91% Other - shareholders with a < 5% share 21.91%

• Direktor: Milovan Đurović • Director: Milovan Đurović

AD ZA OSIGURANJE „GRAWE“ JOINT STOCK COMPANY FOR INSURANCE „GRAWE“ Najveći akcionari Largest shareholders Grazer Wechelseitige Versicherung 99,49% Grazer Wechelseitige Versicherung 99,49% Aktiengesellschaft Aktiengesellschaft INTERSECURITAS-BETRIEBS- 0.51% INTERSECURITAS-BETRIEBS- 0.51% SERVICE GMBH, Graz, Austria SERVICE GMBH, Graz, Austria

• Direktor: Christoph Czettl, predsednik UO • Director: Christoph Czettl, Chairman of the Management Board 176 Ko je ko u finansijskom sektoru AD ZA OSIGURANJE „MERKUR“ JOINT STOCK COMPANY FOR INSURANCE „MERKUR“ Najveći akcionari Largest shareholders MERKUR VERSICHERUNG 99.21% MERKUR VERSICHERUNG 99.21% AKTIENGESELLSCHAFT, Austria AKTIENGESELLSCHAFT, Austria Christandl Rechtsanwalt GmbH 0.79% Christandl Rechtsanwalt GmbH 0.79%

• Direktor: Miodrag Kvrgić • Director: Miodrag Kvrgić

AD ZA OSIGURANJE „MILENIJUM OSIGURANJE“ JOINT STOCK COMPANY FOR INSURANCE „MILENIJUM OSIGURANJE“

Najveći akcionari Largest shareholders „Croatia osiguranje“, Zagreb 99,78% „Croatia osiguranje“, Zagreb 99,78% Veljko Knežević 0,11% Veljko Knežević 0,11% Ilija Crnomarković 0,11% Ilija Crnomarković 0,11%

• Direktor: Aleksandar Marić • Director: Aleksandar Marić

AD ZA OSIGURANJE ‘’SAVA OSIGURANJE“ JOINT STOCK COMPANY FOR INSURANCE ‘’SAVA OSIGURANJE“ Najveći akcionari Largest shareholders Akcijski kapital 92,81% Share capital 92,81% Podzavarovalnica Sava d.d. Ljubljana 99.9998% Podzavarovalnica Sava d.d. Ljubljana 99.9998% Mitar Damjanović 0.0002% Mitar Damjanović 0.0002% Ostali kapital 7,19% Other capital 7,19%

• Direktor: Duško Jovanović • Director: Duško Jovanović

AD ZA OSIGURANJE „TAKOVO“ JOINT STOCK COMPANY FOR INSURANCE „TAKOVO“ Najveći akcionari Largest shareholders Dragan Jovović 18.76% Dragan Jovović 18.76% Milan Jovović 11.58% Milan Jovović 11.58% Snežana Jovović 10.84% Snežana Jovović 10.84% „Auto Takovo“ d.o.o. 10.74% „Auto Takovo“ d.o.o. 10.74%

• Direktor: Snežana Živković • Director: Snežana Živković

WHO’S WHO IN the FINANCIAL SECTOR 177 AD ZA OSIGURANJE „TRIGLAV OSIGURANJE“ JOINT STOCK COMPANY FOR INSURANCE „TRIGLAV OSIGURANJE“ Najveći akcionari Largest shareholders Akcijski kapital 97.443% Share capital 97.443% Triglav INT d.d., Ljubljana 99.9999% Triglav INT d.d., Ljubljana 99.9999% Triglav Re d.d., Ljubljana 0,0001% Triglav Re d.d., Ljubljana 0,0001% Društveni kapital 2.557% Social capital 2.557%

• Direktor: Dragan Marković • Director: Dragan Marković

AD ZA OSIGURANJE „UNIQA NEŽIVOTNO OSIGURANJE“ JOINT STOCK COMPANY FOR INSURANCE „UNIQA NEŽIVOTNO OSIGURANJE“ (non-life) Najveći akcionari Largest shareholders UNIQA INTERNATIONAL 99.74% UNIQA INTERNATIONAL 99.74% BETEILIGUNGS-VERWALTUNGS BETEILIGUNGS-VERWALTUNGS GMBH, Austria GMBH, Austria UNIQA VERSICHERUNGEN AG, 0.26% UNIQA VERSICHERUNGEN AG, 0.26% Beč, Austrija Beč, Austria

AD ZA OSIGURANJE „UNIQA ŽIVOTNO OSIGURANJE“ JOINT STOCK COMPANY FOR INSURANCE „UNIQA ŽIVOTNO OSIGURANJE“ (life) Najveći akcionari Najveći akcionari Uniqa International Beteiligungs- 91.11% Uniqa International Beteiligungs- 91.11% Verwaltungs GmbH, Beč, Austria Verwaltungs GmbH, Beč, United Business Activities - UBA, 6.00% United Business Activities - UBA, 6.00% Holding A.G., Bazel, Švajcarska Holding A.G., Basel, Switzerland Uniqa Versicherungen AG, Beč, 2.89% Uniqa Versicherungen AG, Beč, 2.89% Austrija Austria

• Direktor: Gerald Muller • Director: Gerald Muller

AD ZA OSIGURANJE „WIENER STADTISCHE OSIGURANJE“ JOINT STOCK COMPANY FOR INSURANCE „WIENER STADTISCHE OSIGURANJE“ Najveći akcionari Largest shareholders Wiener Stadtische Allgemeine 99.89% Wiener Stadtische Allgemeine 99.89% Versicherung AG, Beč, Austrija Versicherung AG, Vienna, Austria Slobodan Zečević 0.11% Slobodan Zečević 0.11% Snežana Jovović 10.84% Snežana Jovović 10.84% „Auto Takovo“ d.o.o. 10.74% „Auto Takovo“ d.o.o. 10.74%

• Direktor: Branko Krstonošić • Director: Branko Krstonošić

178 Ko je ko u finansijskom sektoru AD ZA OSIGURANJE „SOGAZ“ ADO. JOINT STOCK COMPANY FOR INSURANCE „SOGAZ“ ADO.

Najveći akcionari Largest shareholders Otvoreno akcionarsko društvo 51,00% Open Joint Stock Company 51,00% „Osiguravajuće društvo gasne „Osiguravajuće društvo gasne industrije“, Moskva, Ruska Federacija industrije“ (Insurance company for JP „Srbijagas“ Novi Sad 49,00% the gas industry), Moscow, Russian Federation • Direktor: Naljotov Jevgenij Valentinovič JP „Srbijagas“ Novi Sad 49,00%

• Director: Naljotov Jevgenij Valentinovič

AD ZA ŽIVOTNO OSIGURANJE „METLIFE“ JOINT STOCK COMPANY FOR LIFE INSURANCE „METLIFE“

Najveći akcionari Largest shareholders American Life Insurance Company, 99.98% American Life Insurance Company, 99.98% SAD USA International Technical and Advisory 0.02% International Technical and Advisory 0.02% Services Co. Services Co.

• Direktor: Spyridon Moschogiannis • Director: Spyridon Moschogiannis

AD ZA ŽIVOTNO OSIGURANJE „SOCIETE GENERALE OSIGURANJE“ JOINT STOCK COMPANY FOR LIFE INSURANCE „SOCIETE GENERALE OSIGURANJE“

Najveći akcionari Largest shareholders Sogecap SA, Pariz, Francuska 51,00% Sogecap SA, Paris, France 51,00% Societe Generale Bank AD, Beograd 49,00% Societe Generale Bank AD, Belgrade 49,00%

• Direktor: Gerard Rimpot • Director: Gerard Rimpot

AD ZA OSIGURANJE „SAVA ŽIVOTNO OSIGURANJE“ JOINT STOCK COMPANY FOR INSURANCE „SAVA ŽIVOTNO OSIGURANJE“ (life)

Najveći akcionari Largest shareholders Podzavarovalnica Sava d.d. 99.9997% Podzavarovalnica Sava d.d. 99.9997%

• Direktor: Gorica Drobnjak • Director: Gorica Drobnjak

WHO’S WHO IN the FINANCIAL SECTOR 179 AD ZA REOSIGURANJE „DDOR NOVI SAD“ JOINT STOCK COMPANY FOR REINSURANCE „DDOR NOVI SAD“

Najveći akcionari Largest shareholders The Lawrence Re Ireland Limited 99.998% The Lawrence Re Ireland Limited 99.998% 2. DDOR NOVI SAD ADO 0.002% 2. DDOR NOVI SAD ADO 0.002%

• Direktor: Paolo Colombo • Director: Paolo Colombo

AD ZA REOSIGURANJE „DELTA GENERALI REOSIGURANJE“ JOINT STOCK COMPANY FOR REINSURANCE „DELTA GENERALI REOSIGURANJE“

Najveći akcionari Largest shareholders Delta Đenerali osiguranje ADO 99.994% Delta Đenerali osiguranje ADO 99.994% Beograd Belgrade Delta Real Estate d.o.o. Beograd 0.006% Delta Real Estate d.o.o. Belgrade 0.006%

• Direktor: Boško Petrović • Director: Boško Petrović

AD ZA REOSIGURANJE „DUNAV-RE“ JOINT STOCK COMPANY FOR REINSURANCE „DUNAV-RE“

Najveći akcionari Largest shareholders Kompanija Dunav osiguranje ADO 92.65% Kompanija Dunav osiguranje ADO 92.65% ADO „SAVA“, Beograd 4.44% ADO „SAVA“, Belgrade 4.44% Ostali - akcionari sa učešćem ispod 5% 2.91% Other - shareholders with a less than 2.91% Državni i društveni kapital 4.58% 5% share State and social capital 4.58% • Direktor: Branislav Savić • Director: Branislav Savić

AD ZA REOSIGURANJE „WIENER-RE“ JOINT STOCK COMPANY FOR REINSURANCE „WIENER-RE“

Najveći akcionari Largest shareholders Wiener Stadtische Versicherung AG 99.89% Wiener Stadtische Versicherung AG 99.89% Insurance Group 99,18% Insurance Group 99,18%

• Direktor: Vidan Slana • Director: Vidan Slana

180 Ko je ko u finansijskom sektoru AD za upravljanje dobrovoljnim penzijskim fondom DELTA GENERALI Beograd Joint stock company for management of the voluntary pension fund DELTA GENERALI Belgrade

Najveći akcionari Largest shareholders DELTA GENERALI OSIGURANJE, 100.00% DELTA GENERALI OSIGURANJE, 100.00% ADO Beograd ADO Beograd

• Direktor: Bojana Svilar • Director: Bojana Svilar

Dobrovoljni penzijski fond DELTA GENERALI - BASIC Voluntary pension fund DELTA GENERALI - BASIC Dobrovoljni penzijski fond DELTA GENERALI INDEX Voluntary pension fund DELTA GENERALI INDEX

Društvo za upravljanje dobrovoljnim penzijskim fondom RAIFFEISEN FUTURE AD Beograd Joint stock company for management of the voluntary pension fund RAIFFEISEN FUTURE AD Beograd Najveći akcionari Largest shareholders RAIFFEISEN BANKA AD BEOGRAD 100.00% RAIFFEISEN BANKA AD BEOGRAD 100.00%

• Direktor: Snežana Ristanović • Director: Snežana Ristanović

Dobrovoljni penzijski fond RAIFFEISEN FUTURE Voluntary pension fund RAIFFEISEN FUTURE

DDOR-GARANT Društvo za upravljanje dobrovoljnim penzijskim fondom AD Beograd DDOR-GARANT Joint stock company for voluntary pension fund management AD Beograd Najveći akcionari Largest shareholders AD 32.46% Joint stock company for insurance 32.46% za osiguranje DDOR Novi Sad DDOR Novi Sad DDOR RE AD 7.54% DDOR RE AD 7.54% Skupna prva d.d. Ljubljana 60.00% Skupna prva d.d. Ljubljana 60.00%

• Izvršni direktor: Miloš Škrbić • Executive director: Miloš Škrbić

Dobrovoljni penzijski fond DDOR-Garant Ekvilibrio Voluntary pension fund DDOR - Garant Ekvilibrio Dobrovoljni penzijski fond DDOR-Garant Štednja Voluntary pension fund DDOR - Garant Štednja

Društvo za upravljanje dobrovoljnim penzijskim fondom DUNAV AD Beograd Joint stock company for management of the voluntary pension fund DUNAV AD Beograd Najveći akcionari Largest shareholders Kompanija „Dunav osiguranje“ 100.00% Kompanija „Dunav osiguranje“ 100.00% ADO Beograd ADO Beograd

• Izvršni direktor: Milan Kovač • Executive director: Milan Kovač

DUNAV dobrovoljni penzijski fond DUNAV voluntary pension fund

WHO’S WHO IN the FINANCIAL SECTOR 181 Agencija za osiguranje depozita / Deposit Insurance Agency Agencija za osiguranje depozita je osnovana The Deposit Insurance Agency was established Zakonom o Agenciji za osiguranje depozita dana by the Law on the Deposit Insurance Agency on 25. 07. 2005. godine i određena je za univerzalnog 25.07.2005 and is determined as the universal pravnog sukcesora prethodne Agencije za legal successor of the previous Agency for Deposit osiguranje depozita, sanaciju, stečaj i likvidaciju Insurance, Rehabilitation, Bankruptcy and banaka. Liquidation of banks.

Sedište Agencije je u Beogradu, The headquarters of the agency is at Knez u ulici Knez Mihailova 2. Mihailova 2, Belgrade Telefon: 011 2075 100 Tel: 011 2075100 E mail: [email protected] E-mail: [email protected] www.aod.rs www.aod.rs

Predsednik UO: prof. dr Nenad Vunjak, dekan Chairman of the Board: Nenad Vunjak Ph.D., Ekonomskog fakulteta u Subotici Dean of the Subotica Faculty of Economics v.d. direktora: Lidija Perović Acting Director: Lidija Perović

Beogradska berza / Belgrade Stock Exchange - BSE

Berza obavlja poslove organizatora tržišta u skladu The BSE performs the duties of market operator sa Zakonom o tržištu kapitala i upravlja, odnosno in accordance with the Law on Capital Market obavlja delatnost u vezi sa funkcionisanjem and perform activities related to the functioning regulisanog tržišta i multilateralne trgovačke of regulated markets and multilateral trading platforme (MTP). platforms (MTP). Beogradska berza počela je sa radom u januaru The BSE started its work in January 1895 and 1895. godine, a u aprilu 1941. godine prestaje sa ceased to function as of April 1941. In December radom. U decembru 1995. godine osnovano je 1995 the Yugoslav capital market was founded and Jugoslovensko tržište kapitala, a u novembru 2001. in November 2001 the BELEX trading system was godine pušten je u rad BELEX sistem za trgovanje. put into operation.

Predsednik UO: Ivan Ristić Chairman of the Board: Ivan Ristić Direktor: Gordana Dostanić Director: Gordana Dostanić

Adresa: Omladinskih brigada 1, Address: Omladinskih brigada 1, 11070 Novi Beograd, Srbija 11070 New Belgrade, Serbia Telefon: 011.311.72.97 Tel: 011 3117297 E mail: [email protected] E-mail: [email protected] www.belex.rs www.belex.rs

Komisija za hartije od vrednosti / Securities Commission Adresa : Omladinskih brigada 1, Address : Omladinskih brigada 1, VII Floor, VII sprat, Beograd Belgrade E mail: [email protected] E-mail: [email protected] www.sec.gov.rs www.sec.gov.rs

Predsednik: dr Zoran Ćirović President: Dr Zoran Ćirović

182 Ko je ko u finansijskom sektoru Centralni registar za hartije od vrednosti / Central Registry of Securities Centralni registar za hartije od vrednosti, depo i The Central Registry of Securities, Depository kliring hartija od vrednosti je započeo sa radom and Clearing of Securities began its operations in u novembru 2001. godine u vreme emitovanja November 2001 during the period of issuing bonds obveznica SR Jugoslavije izdatih za izmirenje of FR Yugoslavia for the settlement of obligations obaveza po osnovu devizne štednje građana i u on the basis of foreign currency savings and was početku je bio deo Narodne banke Srbije. initially part of the National Bank of Serbia. The Zakon o tržištu hartija od vrednosti iz oktobra Law on Securities Market of October 2003 defined 2003. godine definisao je CR HoV kao nezavisno the Central Registry of Securities as an independent akcionarsko društvo gde najmanje 51 odsto akcija joint stock company with at least 51 per cent of poseduje država. Stoodstotni vlasni CR HoV je shares owned by the State. The Central Registry of država. Securities is 100% owned by the state.

Poslovne prostorije Centralnog registra nalaze se The business premises of the Central Registry of na Trgu Nikole Pašića br. 5 u Beogradu. Securities can be found at Trg Nikole Pašića 5. E mail: [email protected] E-mail: [email protected] www.crhov.rs www.crhov.rs Direktor: dr Ana Jovanović Director: dr Ana Jovanović

FOND ZA RAZVOJ REPUBLIKE SRBIJE / THE DEVELOPMENT FUND OF THE REPUBLIC OF SERBIA Adresa: Bulevar Nemanjića 14a, 18000 Niš Address: Bulevar Nemanjića 14a, 18000 Niš Tel: 018/4150-199 Tel: 018/4150-199 Predsednik UO: Dušan Vujović, ministar privrede Chairman of the Board: Dušan Vujović, ministar Direktor fonda: Slađana Backović privrede Fund Director: Slađana Backović www.fondzarazvoj.gov.rs www.fondzarazvoj.gov.rs

UDRUŽENJE BANAKA I DRUGIH FINANSIJSKIH ORGANIZACIJA SRBIJE ASSOCIATION OF BANKS AND OTHER FINANCIAL INSTITUTIONS OF SERBIA

Bulevar kralja Aleksandra 86, 11000 Beograd Bulevar kralja Aleksandra 86, 11000 Beograd Tel: 3370-063 Tel: 3370-063 Generalni sekretar: dr Veroljub Dugalić Secretary General: dr Veroljub Dugalić www.ubs-asb.com www.ubs-asb.com E-mail: [email protected] E-mail: [email protected]

UDRUŽENJE OSIGURAVAČA SRBIJE / ASSOCIATION OF INSURERS OF SERBIA Adresa: Milentija Popovića 5-6/II, 11000 Beograd Address: Milentija Popovića 5-6/II, 11000 Belgrade Tel: 2927-900 Tel: 2927-900 Generalni sekretar: Vladan Manić Secretary General: Vladan Manić predsednik Skupštine: Miodrag Kvrgić Assembly President: Miodrag Kvrgić www.uos.rs www.uos.rs

WHO’S WHO IN the FINANCIAL SECTOR 183 ALCS - ASOCIJACIJA LIZING KOMPANIJA SRBIJE ALCS – ASSOCIATION OF LEASING COMPANIES OF SERBIA Adresa: Bulevar Mihajla Pupina 6, Address: Bulevar Mihajla Pupina 6, 11070 Novi Beograd 11070 New Belgrade Telefon: 3130-714 Tel: 3130-714 Generalni sekretar: Teodora Milenković Secretary General: Teodora Milenković www.alcs.org.rs www.alcs.org.rs

NACIONALNA KORPORACIJA ZA OSIGURANJE STAMBENIH KREDITA (NKOSK) NATIONAL CORPORATION FOR HOUSING CREDIT INSURANCE (NKOSK) Adresa: Kneza Miloša 20, 11070 Beograd Address: Kneza Miloša 20, 11070 Belgrade Telefon: 3817-902 Tel: 3817-902 v.d. direktora: Maja Kosovčević Acting Director: Maja Kosovčević www.nkosk.com www.nkosk.com

MMF- Međunarodni monetarni fond / IMF - International Monetary Fund Adresa: Nemanjina 17, 11000 Beograd Address: Nemanjina 17, 11000 Belgrade Telefon: 011/ 333-8286 Tel: 011/ 333-8286 Stalni predstavnik: Daehaeng Kim Permanent representative: Daehaeng Kim www.imf.org www.imf.org

Kancelarija Svetske banke / Office of the World Bank Adresa: Bulevar kralja Aleksandra 86, Adresa: Bulevar kralja Aleksandra 86, 11000 Beograd 11000 Belgrade Telefon: 011/3023-700 Tel: 011/3023-700 Country Manager: Tony Verheijen Country Manager: Tony Verheijen [email protected] [email protected] www.worldbank.org www.worldbank.org

EBRD- EVROPSKA BANKA ZA OBNOVU I RAZVOJ EBRD – EUROPEAN BANK FOR RECONSTRUCTION AND DEVELOPMENT Adresa: Španskih boraca 3/6, 11070 Beograd Address: Španskih boraca 3/6, 11070 Belgrade Telefon: 011/2120-529 Tel: 011/2120-529 Country Director: Mateo Patrone Country Director: Mateo Patrone www.ebrd.com www.ebrd.com

EIB - Evropska investiciona banka / EIB – European Investment Bank Adresa: Vladimira Popovića 38-40; 11070 Beograd Address: Vladimira Popovića 38-40; 11070 Belgrade Telefon: 011/312-17-56 Tel: 011/312-17-56 Šef kancelarije: Andreas Beikos Head of Office: Andreas Beikos

184 Ko je ko u finansijskom sektoru WHO’S WHO IN the FINANCIAL SECTOR 185 NAZIV IZDANJA / edition 130 godina NBS - Ko je ko u finansijskom sektoru. 130 years of NBS - Who’s Who in the Financial Sector

GLAVNI I ODGOVORNI UREDNIK / EDITOR IN CHIEF Biljana Stepanović

ANALIZE / ANALYSES Zoran Jeremić KPMG, Delloite Dušan Uzelac

DIREKTOR KORPORATIVNIH KOMUNIKACIJA / CORPORATE COMMUNICATION DIRECTOR Jelica Lepori

DIREKTOR marketinga / ADVERTISING DIRECTOR Sanja Radlovački

DIREKTOR PROJEKATA / PROJECT DIRECTOR Dušanka Stevanović

UREDNIK FOTOGRAFIJE / PHOTO EDITOR Dragan Milošević

DIZAJN NASLOVNE STRANE / COVER PAGE DESIGN Jovana Bogdanović

UREDNIK / EDITOR Miloš Obradović

GRAFIČKI UREDNIK / DTP studio triD Bojan Radulović

PREVOD / TRANSLATION Mark Pullen, Snežana Bjelotomić

LEKTURA I KOREKTURA / EDITING Jadranka Radujko

ŠTAMPA / press Čugura print

IZDAVAČ / PUBLISHER Business Info Group Bulevar despota Stefana 12 Beograd www.big.co.rs Tel. +381 11 2258 891 Sva prava rezervisana

ZAHVALJUJEMO SE NA PODRŠCI I SARADNJI NARODNOJ BANCI SRBIJE

186 Ko je ko u finansijskom sektoru