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08/05/2017

The Central Bank of Montenegro Governor, Mr Radoje Žugić, PhD, met today with Mr Milorad Katnić, President of Board of Directors of Societe Generale Montenegro Bank (SGM) and Mr Miroslav Hiršl, Chief Executive Officer of the Bank.

SGM Bank representatives presented the 2016 business results to the Governor. According to the President of Board of Directors, the SGM Bank made profit of some EUR 7.8 million in 2016. Positive trends in SGM Bank business activities continued during Q1-2017, with Bank recording credit portfolio net growth of more than EUR 25 million.

Mr Katnić informed the Governor that the Bank already initiated International Financial Reporting Standards (IRFS 9) implementation, this being a legal obligation for all banks in Montenegro as of 1 January 2018. Introduction of the standard, with stricter provisioning, will significantly contribute to strengthening of financial stability. 

The President of Board of Directors and the CEO of the SGM Bank presented ambitious plans of the Bank, aimed at further strengthening of market position and additional increase in business efficiency.

Governor Žugić showed his delight with the SGM business results and the future plans, mentioning that this Bank, by implementing a sound banking practice, efficient and effective dealing, provides immeasurable contribution to preserving stable and sound banking system in Montenegro. Proactive approach, when it comes to introducing financial reporting standards, proves professionalism and confirms reputation of the SGM Bank as one of the leading banks in the local market.

Further cooperation between the SGM Bank and the CBCG in areas of strengthening stability and system safety, fully complying with the banking standards, was agreed.