Projects
 SerbiaBuilding up and Strengthening National Savings Bank of Serbia and Montenegro |
||
| Country Serbia |
||
| Beneficiary Nationalna Stedionica (National Savings Bank) |
||
| Origin of funding German Federal Ministry for Economic Cooperation and Development (BMZ), National Bank of Serbia |
||
| Dates (start/end) 2001 - 2005 |
||
Project description
At the start of 2002, the National Bank of Serbia (in close co-operation with international institutions) closed 4 large former state-owned banks. In order to ensure enduring access to finance services, the National Savings Bank (NSB) was established, and started business in January 2002. The majority of shares is owned by private entities. In addition to traditional banking services, NSB performs a number of important functions such as paying pensions of workers abroad (on behalf of a number of European governments) and to organise the payment of “frozen deposits” on behalf of the government of Serbia. SBFIC has supported the bank from its very start (i.e. formulating business strategy) and is rendering services in key fields such as MIS / controlling, branch network management and Human Resources Management. At the end of 2002 the system of national money transfer was shifted from the former ZOP to the commercial banks. SBFIC has supported the introduction of this new business type at NSB. From mid 2003, NSB with technical assistance from SBFIC has successfully introduced lending to SME, including effective credit and risk management. After only 18 months of active lending a portfolio of Euro 6.4 million (to about 1,000 clients) has been built up at a very high quality (0.2 % portfolio at risk (30 days arrears)). The project also actively supported the adaptation of the existing software package to the needs of the SME unit. In September 2005 NSB was sold to a foreign investor, EFG Eurobank Group that was paying 4.6 times book value.
|
||
Services provided
|
||