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09/11/2016

Governor of the Central Bank of Montenegro, Radoje Žugić, with his associates, met today the President of the Board of Directors of the Zapad Banka AD Podgorica, Vladimir Morokhovski and CEO Mladen Rabrenović.

In his opening speech, Governor Žugić emphasized that the CBCG is open to constant and intensive communication with the banks, with the aim of achieving common interests, especially in the area of strengthening of the banking system and maintenance of financial stability. The results of strengthening of the banking system primarily reflect the constant reduction in the level of NPLs and interest rates, as a necessary condition for strengthening the real economy.

President of the Board of Directors Morokhovski pointed out that the main objectives of the Zapad Banka are asset and loan portfolio quality, with the continuity of investments and lending in Montenegro. He noted that at this point Montenegrin credits make 90% of the loan portfolio, with the intention of further growth in future. Morokhovski informed Governor Žugić that Zapad Banka rounded the first year of operations with positive business results and significant assets acquired in a short period. Development plans of the West Bank were presented and new investments through a subordinated loan as well as capital increase of around one million euros this year, which will make the bank more capitalized.

Governor Žugić expressed satisfaction with the presented development plan that includes further growth of the bank, and pointed that the CBCG leads a proactive policy aimed at well-capitalized, sound and sustainable banking system. Continuation of intensive cooperation at the operational level has been agreed as well as the full support to the planned activities of the Zapad Banka within the powers and competences of the CBCG..