• Table of Contents

  • Bank license in Montenegro? Obtain a Banking License in Montenegro
  • Introduction
  • Requirements for obtaining a bank license in Montenegro
  • Procedure for obtaining a bank license in Montenegro
  • 1. License application
  • 2. Application assessment
  • 3. Review of additional documents
  • 4. On-site inspection
  • 5. Final decision
  • Benefits of getting a bank license in Montenegro
  • Examples of banks established in Montenegro
  • 1. Crnogorska Komercijalna Banka
  • 2. NLB Banka
  • 3. Hipotekarna Banka
  • Conclusion

Bank license in Montenegro? Obtain a Banking License in Montenegro

Introduction

Montenegro is a small country located in the Balkans, which has recently experienced rapid economic growth. The banking sector is one of the main drivers of this growth, with local and foreign banks looking to establish themselves in the country. If you are interested in obtaining a banking license in Montenegro, this article will provide you with useful information on the requirements and procedures.

Requirements for obtaining a bank license in Montenegro

To obtain a bank license in Montenegro, you must meet certain requirements. First of all, you must be a company registered in Montenegro. You must also have a minimum share capital of €5 million for commercial banks and €1 million for investment banks.

Also, you must have a board of directors consisting of at least five members, two of whom must be experts in finance. You must also have a managing director who must be approved by the Central Bank of Montenegro.

Finally, you must have a detailed business plan that explains how you will run your bank and how you will generate income. This plan must be approved by the Central Bank of Montenegro.

Procedure for obtaining a bank license in Montenegro

The procedure for obtaining a bank license in Montenegro is quite complex and can take several months. Here are the steps to follow:

1. License application

The first step is to submit a license application to the Central Bank of Montenegro. This application must include all required information about your business, including your detailed business plan.

2. Application assessment

Once you have submitted your application, the Central Bank of Montenegro will assess your application and check if you meet all the requirements. If your application is accepted, you will be asked to submit additional documents.

3. Review of additional documents

Additional documents you must submit include information about your shareholders, officers and key employees. You should also provide information about your internal policies and procedures, as well as your internal control systems.

4. On-site inspection

Once you have submitted all the required documents, the Central Bank of Montenegro will perform an on-site inspection of your business. This inspection is to verify that you have implemented the policies and procedures that you described in your license application.

5. Final decision

After performing the on-site inspection, the Central Bank of Montenegro will make a final decision on your license application. If your application is accepted, you will be allowed to start operating as a bank in Montenegro.

Benefits of getting a bank license in Montenegro

Obtaining a bank license in Montenegro has many advantages. First of all, Montenegro is a rapidly growing country, which means there are plenty of opportunities for banks to thrive. Moreover, Montenegro is a member country of the European Union, which means that banks established there can easily operate throughout the European Union.

Additionally, Montenegro has a favorable corporate tax regime, with a corporate tax rate of only 9%. This means that banks operating in Montenegro can benefit from a reduced tax burden.

Finally, Montenegro has a strong and well-regulated banking system, which means that banks established there can benefit from a stable and predictable regulatory environment.

Examples of banks established in Montenegro

Many local and foreign banks are established in Montenegro. Here are some examples :

1. Crnogorska Komercijalna Banka

Crnogorska Komercijalna Banka is one of the largest banks in Montenegro, with total assets of over 1 billion euros. The bank was founded in 2001 and is 100% owned by Société Générale.

2. NLB Banka

NLB Banka is a subsidiary of the Slovenian bank NLB. The bank was founded in 2001 and is one of the largest banks in Montenegro, with total assets of over €1 billion.

3. Hipotekarna Banka

Hipotekarna Banka is a local bank founded in 2000. The bank specializes in mortgage loans and is one of the largest banks in Montenegro, with total assets of over 500 million euros.

Conclusion

Obtaining a banking license in Montenegro can be a great opportunity for banks looking to establish a foothold in a rapidly growing country with a favorable tax regime and a stable regulatory environment. However, the process of obtaining a license is complex and can take several months. If you are interested in obtaining a bank license in Montenegro, make sure you complete all the requirements and follow the proper procedures.