Country
Serbia

Local project partner
--

German project partner
--

Donor
BMZ

Duration
2001 - 2005

At the beginning of 2002, the Serbian National Bank (in close co-operation with international institutions) closed 4 large early state banks. In order to ensure permanent access to financial services, the National Savings Bank was founded and began operations in January 2002. The majority of shares are held by private organisations. In addition to offering traditional banking services, the National Savings Bank fulfils a number of important functions, such as the payment of pensions to former guest workers (on behalf of some European governments) and the disbursement of frozen foreign currency deposits to the population on behalf of the Serbian government.

German Sparkassenstiftung has supported the National Savings Bank from the outset (e.g. drafting the business strategy) and provided advice in core areas such as MIS and controlling, branch office management and HR management. At the end of 2002, the national payment transaction system was transferred from the former ZOP to the commercial banks. Sparkassenstiftung supported the introduction of this new business area at the National Savings Bank.

In mid-2003, the National Savings Bank successfully introduced lending to SMEs - including effective credit and risk management - with technical support from Sparkassenstiftung. After just 18 months of active lending, a loan portfolio totalling EUR 6.4 million (to approx. 1,000 customers) was successfully established.

In September 2005, the National Savings Bank was sold to a foreign investor, EFG Eurobank Group, which paid a price 4.6 times higher than the current book value of the National Savings Bank.

Project tasks

• Consulting services (analysis, development of concepts and instruments, support during implementation) in the areas of organisation, personnel management, credit and risk management, branch management and controlling
• Training off- and on-the-job
• Organisation of various seminars
• Personnel selection
• Project management, reporting, design and fine-tuning of project concepts