Bank of Moscow starts working with clients in Serbia in October

Bank of Moscow will start working in Serbia in October and, during the first year, it will be developing operations with the economy sector.

The representatives of the bank said today (August 20, 2008) that the bank's capital amounted to 15m EUR and that the bank would mainly operate with the economy sector, while the retail operations would be developed in time.

Although the public connects the entrance of this bank to the banking market of Serbia with the announcement of the arrival of large Russian power companies, the representatives of Bank of Moscow said that they found the clients from Russia and Serbia equally important and that the country of origin of some company would not make any difference.

When the press asked whether the entrance of Bank of Moscow to Serbian market was in connection with the intentions of "Gazprom" to realize investments related to the energy arrangement in Serbia, the President of the Executive Board of Bank of Moscow in Belgrade, Vladimir Zečar, gave vague answer, pointing out that the cooperation with both Russian and local companies was in the pipeline.

Zečar said that the greatest advantage of Bank of Moscow was fresh capital.

Therefore, one of the the activities of Bank of Moscow will be to lend money to the banks that operate in Serbia and negotiations are already underway - said Milutin Nikolić, a member of the Administrative Board of that Russian bank in Serbia.

Gazprom Moscow

API Bank ad Beograd

Bank of Moscow

Vladimir Zečar

Milutin Nikolić