Belgrade bank obtains licence to function in Kosovo

Prishtinë, Sept 27, 2006 – The Belgrade bank “Komercijalna Banka” obtained a permit from Banking and Payments Authority of Kosovo (BPK) to open a branch in Mitrovica.

This was made public after BPK was announced as the Central Banking Authority of Kosovo. Its Board of Directors approved the preliminary permit during the meeting held on 23rd of August 2006.

According to the BPK, Komercijalna Banka will conduct its business activities in Kosovo through its main branch in Mitrovica and eight other offices located in areas resided mainly by Serbs such as Shtërpce, Leposaviq, Zubin Potok, Ranillugë, Zveçan, Graçanicë, Shilovë and Dragash.

In accordance with the regulation in power, Komercijalna Banka will report to BPK and its main office, which is under supervision of the National Bank of Serbia.

During a press conference, BPK Managing Director Michel Svetchine confirmed this as well.

BPK welcomes the activities of Komercijalna Banka, which according to its officials, will function as a legal and not a parallel structure.

The purpose of the Serb bank is to achieve a modest growth through accomplishing traditional banking activities for individuals and small enterprises.