27 Jul 2019, 22:21 PM

26 July 2019 - Prime Minister Duško Marković recently hosted Sándor Csányi, Chairman and CEO of OTP Group, which had recently acquired the Societe Generale Montenegro, thus strengthening its position as the leading bank in the country, as reported the Public Relations Service within the Government of Montenegro.

Congratulating the OTP Group on the successful acquisition, the Prime Minister noted that this is important for Montenegro, which has been given an even stronger partner for the continuation of successful cooperation primarily on development projects.

"I believe that the stronger position of your bank will have a positive effect on Montenegro and that you will be an even stronger player in the Montenegrin economy," said PM Marković, expressing his gratitude to the OTP Group for having had consideration, at each stage of the acquisition process, for the demands of the Montenegrin side.

The Prime Minister informed Mr Csányi about the excellent results of the Government's economic policy, which includes a high growth in GDP and strong investment activities with simultaneous fiscal consolidation and a reduction in public debt. The meeting also discussed the development projects the OTP Group could be interested in, as well as the forthcoming issue of securities announced by the Government.

On 16 July, CKB Bank purchased 87.602 shares (90.55%) of the Societe Generale Montenegro, at a total value of 35.629.692,37 EUR, at the Montenegro Stock Exchange.

The meeting was attended by Minister of Finance Darko Radunović, Deputy Chief Executive Officer of OTP Group Zsolt Barn, Deputy Chief Executive Officer of OTP Group László Wolf, Chairman of the Board of Directors of the Montenegrin Commercial Bank Miklós Németh, and CEO of the Montenegrin Commercial Bank Pál Kovács.

Read more news about business in Montenegro at TMN's dedicated page.

26 Jul 2019, 14:56 PM

26 July, 2019 - Baia, the new wing of the Regent Pool Club Residences has been opened, thus marking the final phase and completion of this glamorous building in the Porto Montenegro superyacht marina, situated in Tivat. The opening of the new wing was marked by a glamorous party at the hotel's pool, as announced by Regent Porto Montenegro. 

The Regent Pool Club Residences now consist of three wings, where the two, AQUA and BAIA, are taking waterfront living to a new level of elegance in a luxurious setting, joining the existing Venezia wing. BAIA’s 67 new units range from rooms, one to three-bedroom suites and penthouses. The leading London design consultancy WATG Architects and MHZ Paris are responsible for their design. Earthy shades of straw, beige and grass contrast harmoniously with sumptuous furniture in rich dark tones creating a calm oasis.

Each room will offer utmost privacy to guests with either sweeping views across the bay and marina, lush countryside or the dramatic Vrmac mountain range. Rooms and suites are surrounded by beautiful landscaping, where the infinity swimming pool and pool club take centre stage, with a clean and minimal design reflecting the Mediterranean beach style.

The architecture of the BAIA wing follows the Venezia and AQUA wings style, combining Venetian and Italian Riviera aesthetic with a rich palette of natural shades, that blend seamlessly with the adjacent luxury 5* Regent Porto Montenegro hotel. WATG worked closely with the internationally renowned designer Tino Zervudachi to create interiors which portray modern-day glamour with an art-deco feel.

Kai Dieckmann, General Manager at Regent Porto Montenegro, remarked: "The opening of the BAIA wing, in our 5th year of operation, is the finishing touch to Regent Porto Montenegro’s project and offers our guests a diverse selection of rooms, residences and penthouses to choose from. We want to offer a sense of unobtrusive luxury which has been brought to life through WATG and MHZ Paris’s contemporary designs, whilst tying into the existing aesthetic of our two other wings with the recognisable nautical design. Guests can experience stunning views from every room and exceptional Regent service and experiences – such as the excellent dining, the relaxing Regent Spa and a variety of activities in the destination.”

During their stay, guests will have access to the award-winning infinity pool, which was named one of the top 30 hotel pools in the world in 2018.

There is also the resident-only Pool Club with landscaped gardens, lap pool, children’s pool, poolside restaurant and sunbeds, gym, private walkway to AQUA and Venezia wings, elegant spa facilities and four restaurants.

“We’re delighted to round off the Regent project which falls coincidentally with the hotel’s fifth anniversary. In a short while, our homeowners will take the keys to their new residences, enriching the Porto Montenegro community and enjoy the fantastic lifestyle promise we offer all of our residents”, said David Margason, Managing Director of Porto Montenegro.

The total investment of the Baia hotel extension is 36 million euros.


26 Jul 2019, 13:24 PM

Company "Termoinzenjering" from Podgorica has offered 886.000 euros for the hotel "13. July "in Virpazar, announced by the bankruptcy administration of Atlas Bank, while there were no interested buyers for the attractive bank building in the center of Podgorica in the street “Stanko Dragojevic”.

The bankruptcy board of the bank owned by the president of Atlas Group who is on Interpol warrant Dusko Knezevic has authorized the law firm of Zorica Djukanovic for the sale of property that was announced on June 24th. The public tender was held yesterday.

The initial price for selling the hotel in Virpazar, which in the foundation has 862 square meters and a garden of 2.113 square meters, was 785 thousand euros, while the property in Podgorica was offered for 1.98 million euros.

The law office of Djukanovic opened the offer of "Termoinzenjering", whose activity is according to the data from the Central Register of Business Entities "Facility Maintenance Services". The owner and executive director is Ranko Scepanovic. “Termoinzenjering" was the only one who submitted the offer, while the second public tender for the sale of real estate in Podgorica was not held because there were no applications for participation.

The building in Podgorica in the foundation has 400 square meters plus a courtyard of 34 square meters, but it is built on four levels, of which one part includes a congress hall below the ground. One month and a half ago, the bankruptcy administration of Atlas bank already announced this property for sale together with the former headquarters of Atlas Bank in Atlas Capital Center, but this tender was canceled very quickly according to the decision of the Central Bank. The bankruptcy at Atlas Bank was introduced at the beginning of April this year. The acknowledged claims of the Atlas bank in bankruptcy amount to 133.07 million euros, but this is not the final figure due to appeals procedures initiated by bank customers dissatisfied with the amount of money recognized by the bankruptcy administration according to their basic claims.

The bankruptcy manager of Atlas Bank Mirko Radonjic said that appeals procedures are currently being conducted according to a number of decisions, and the appeal period is still ongoing for a certain number of verdicts, and certain procedures are terminated for legal reasons.

Text by Milorad Milosevic and Marija Mirjacic, on July 25th, 2019, read more at Vijesti

26 Jul 2019, 01:09 AM

25 July 2019 - Prime Minister of Montenegro Duško Marković met with Miguel Fluxa Rosselló, the owner and Executive President of the Iberostar Group that has been operating in our country for over ten years.

The meeting expressed mutual satisfaction with the cooperation between the Government of Montenegro and this world tourist giant, which has an annual income exceeding 2.4 billion EUR in 35 countries, generating 10% of total tourist nights in hotels and 25% in high-class hotels, as stated in the announcement by the Office of the Prime Minister of Montenegro.

The Prime Minister of Montenegro Duško Marković and the Executive President of Iberostar Miguel Fluxa Rosselló jointly assessed that the cooperation initiated at their first meeting almost three years ago is an example of the successful implementation of the vision of sustainable tourism development and an important step forward in enriching Montenegro's tourist offer and significantly expanding the offer of this renowned company.

Prime Minister of Montenegro Duško Marković informed the Iberostar Executive President Miguel Fluxa Rosselló about the extremely good results of this summer's tourist season saying that the number of guests in the hotels has increased and that financial indicators point to revenue growth.

The Executive President of Iberostar Miguel Fluxa Rosselló, whose company operates in Herceg Novi, Perast and Bečići, expressed interest in further improvement of the Montenegrin offer and expansion of business in our country and in the region. In that sense, concrete steps have been agreed on increasing the number of airlines flying to Montenegro and further improvement of our utility infrastructure.

Read more news about business in Montenegro at TMN's dedicated page.

26 Jul 2019, 00:41 AM

24 July 2019 - Representatives of the Government of Montenegro congratulated citizens, members of the Municipal Assembly and the leadership of Plav on the Municipality Day, stating that the Government of Montenegro and the Municipality management share development vision and continue joint work on projects, which goal is prosperity of northern region and better life for citizens, as stated in the announcement by the Public Relations Service within the Government of Montenegro.

"I am impressed with the way you look at the challenges and your courage and determination to tackle them. I perceive every your move forward as a great success. We will continue to work together on development," Prime Minister of Montenegro Duško Marković stated in front of the Government of Montenegro at the meeting with a delegation of Plav, led by Mayor of the Municipality Mirsad Barjaktarević. In that regard, they agreed on concrete actions to further optimisation of the local public administration.

The Plav leadership informed the representatives of the Government of Montenegro in details about all the development projects being implemented in the Municipality of Plav, expressing personal gratitude to the Prime Minister for his engagement and commitment to the northern region, noting that thanks to the projects launched and understanding of the Government, positive energy and good perspective can be felt in Plav. The meeting also addressed the future Plav – Dečani road, including tunnel punching.

The representatives of the Government of Montenegro and the leadership of Plav agreed that, among numerous projects, priority should be given to the revitalisation and protection of the Plav Lake and the reconstruction of the Plav - Vojno Selo - Gusinje road in the immediate future.

Read more news about business in Montenegro at TMN's dedicated page.

25 Jul 2019, 15:57 PM

Minister of Transport Osman Nurkovic (BS) spoke with the press about what the Proposal for the concession act of the state airports of Montenegro and draft concession contract contain.

He said that the future concessionaire which must be registered as a legal entity in Montenegro must pay at least 100 million euros in advance and will pay another 10 percent of the total budget revenues of the Airport to the state budget.

Nurkovic said that the airport Tivat will be given under concession in three phases. At the first stage, there will be a land area of ​​about 846,000 square meters and this transfer of land will be done until the entry into force of the concession act.

In the second phase, transfer of land will be on the surface of about 560,000 square meters within 24 months from the entry into force of this concession act, and in the third phase, the transfer will be about 170,000 square meters of land that will be transferred within 48 months from the entry into force of the concession act.

Text by Marija Mirjacic, on July 25th, 2019, read more at Vijesti

25 Jul 2019, 15:52 PM

The government adopted the proposal of the concession acts for the state airports of Montenegro and the draft concession agreement, with the disagreement of the Social Democrats (SD).

Now there is a debate at the session on this subject.

The opinion by the Minister of Education Damir Sehovic (SD) was excluded, with sharp criticism and assessment that the document is not in line with the law, that certain solutions are not transparent.

Minister of Health Kenan Hrapovic (SD) was not present at the session. All other members of the Government supported the proposal. The Government's Economic Policy commission in May returned the proposal to the Ministry of Transport in order to align it with the law. Government members from the DPS and Minister of Transport Osman Nurkovic (BS) assessed that everything is in order and to continue the process towards the long-term concession of airports in Podgorica and Tivat. The dispute over the Airports lasts for a year. DPS and BS are in favor of the concessions, and SD, which has been running this state-owned company for years, is against it.

From the start, they claim that the department of Nurkovic is not doing this job legally. Minister Nurkovic announces the adoption of concession acts since October last year.

Text by Ivana Gudovic, on July 25th, 2019, read more at Vijesti


25 Jul 2019, 14:06 PM

“Butterfly finance” management company, owned by businessman Blagota Radovic, offered 401,000 euros to acquire the management of the open-end fund investment fund Atlas Mont, which, among other things, owns one-third of shares in Montenegro Stock Exchange, as “Vijesti” found out unofficially from several sources.

Atlas Bank's bankruptcy board opened two bids received yesterday and the competitive offer of the Management Company “Quantum Investments” amounted to 231 thousand euros. “Quantum investments” has been managed by OIF HLT for three years and is controlled by broker Aleksandar Jovovic and related persons.

Atlas Bank's bankruptcy board controls 59 percent of DZU Atlas Mont, which has been managed so far by OIF Atlas Mont.

That is why the bankruptcy administration of Atlas Bank, managed by Mirko Radonjic, announced this tender and asked for a new manager for the assets of the open-ended fund of the same name. The total liabilities of DZU Atlas Mont, the management companies of OIF, amounted to about 190 thousand euros.

One-third of the ownership of Montenegro Stock Exchange, the most important part of the OIF Atlas Mont, according to the last stock exchange price, is worth about 730 thousand euros. In addition to ownership in Atlas bank that has been bankrupt since the beginning of April, OIF Atlas Mont owns 29.6 percent of the company’s shares “Montenegroexpress” from Budva, a share in the CG broker-dealer and fewer shares in another 10 companies. Montenegro stock exchange, as well as the open and closed Atlas Mont fund, have been controlled by companies from Atlas Group owned by Dusko Knezevic, who is on Interpol's warrant.

The main speaker, among the authorized brokers on the stock exchange and the domestic market, was, in addition to two commercial banks, Jovovic with his broker company “Bull and Bear”. Radovic and Jovovic were once co-owners in that company, but Jovovic, in the end, paid off Radovic's ownership stake.

After a series of transactions on the stock exchange, Radovic became the largest shareholder of Atlas Hotels Group with 29% of the stake through his company “Zetagradnja”. This company owns significant properties in Bar, Petrovac, St Stefan and Podgorica. The largest shareholder of this hotel company with 75% of shares until recently was the closed investment fund Atlas mont.

Atlas Mont owes approximately 90,000 euros to employees

DZU Atlas Mont, according to the information from "Vijesti", from the sources close to the bankruptcy administration of the bank, owes mostly to the employees of that company, a little less than 90 thousand euros.

For services to two lawyers, they owe a little less than 22 thousand euros, Atlas bank in bankruptcy slightly less than 18 thousand, the Commission for the capital market 8.500 euros, while the other debt of the DZU Atlas Mont mainly refers to consulting services, small fees and other unpaid bills.

Text by Milorad Milosevic, on July 23rd, 2019, read more at Vijesti

25 Jul 2019, 00:08 AM

23 July 2019 - Prime Minister Duško Marković said that the working visit to the Municipality of Šavnik was successful, expressing satisfaction with the talks with President of the Municipality Mijomir Vujačić and his associates, saying that the Government will encourage the implementation of the development plans for this region.

"We had very substantive conversations on several topics. What really excites me is that the President of the Municipality and his team here have launched a series of activities that obviously change the face of Šavnik", the Prime Minister said at the end of the visit congratulating the Municipality Day, reported Public Relations Service within the Government of Montenegro.

PM Marković said that the local self-government, through its budget and in cooperation with the Government, launched a series of projects on the development of social and utility infrastructure.

Recalling the opening of new jobs, such as those opened in the Diva water bottling plant, which was put into operation, PM Marković expressed the belief that after the meeting and defined priorities on some major projects, Šavnik will continue the same pace of development.

Prime Minister Marković said that this meeting discussed the reconstruction of road infrastructure, further valorization of Šavnik's hydroelectric potential and the problem of building small hydropower plants in Bukovica. The Prime Minister noted that that the Government will give a strong impetus to the implementation of very important and realistic plans for the development of this municipality.

Earlier this week, PM Marković put into operation a new Durmitor spring water Diva factory.

Deputy Prime Minister for Economic Policy and Financial System and Minister of Agriculture and Rural Development Milutin Simović, Minister of Economy Dragica Sekulić, President of the Municipal Assembly of Šavnik Jugoslav Jakić, Vice President of the Municipality Vlatko Vuković and Chief Administrator of the Municipality Milijana Ašanin also attended the meeting.

Read more about business in Montenegro at TMN's dedicated page.

24 Jul 2019, 12:50 PM

Mayor Ivan Vukovic spoke with Montenegrin Telekom’s CEO Dina Tsybulskaya on the future joint activities and projects of city administration and Telekom.

During the meeting, Vukovic said that the capital is interested in cooperation with Telekom on all projects that contribute to the development of the city and to a higher quality of life for citizens, especially when it comes to environmental protection and Smart City solutions. 

The Mayor presented to the guests the planned city administration projects in which Telekom, as a socially responsible company, could be a partner to the Capital, emphasizing that in the forthcoming period intensification of cooperation will be strengthened in order to realize concrete agreed on activities. 

"Telekom's wish is to gain the title of the smart city through joint activities with the Capital, thus registering on the European map of cities that enable their citizens to experience the benefits of the digital society in practice. We will continue to cooperate with the Capital in the future because Telekom, as part of the Deutsche Telekom Group, has advanced smart solutions, standards, and expertise for transforming Podgorica into a European smart city," said Dina Tsybulskaya, executive director of the Montenegrin Telekom. Telekom and the City of Podgorica have so far implemented smart parking and a smart system for monitoring air quality and noise levels, so new projects that were discussed at the meeting were a natural continuation of good and successful cooperation, it was stated from the company.

Text by Promo, on July 22nd, 2019, read more at Vijesti

23 Jul 2019, 22:08 PM

22 July 2019 - In the first quarter of this year, the banking system was stable, solvent, profitable and highly liquid. Both non-performing loans and interest rates continued to decline, according to the Central Bank of Montenegro. Namely, the Central Bank of Montenegro Council passed today the Decision on Amendments to the Decision on Minimum Standards for Liquidity Risk Management in Banks. The Central Bank of Montenegro explained that the proposed amendments to the Decision refer to its further alignment with the relevant EU regulations and guidelines of the European Banking Authority, reported CdM.

“The main novelty refers to the elimination of collateral – even the one categorized as the firs-class – which has been a requirement for loans. This means that if other criteria for approving a loan classified as ‘non-performing’ are met, it must be categorized as non-performing regardless of the type of collateral used for securing it. The proposed amendments ensure that the data on non-performing and restructured loans in the Montenegrin banking system are completely aligned with the data of the EU member states,” it was stated after the meeting of the Central Bank of Montenegro Council.

The Council considered and adopted the Report on Business and the Implementation of Central Bank of Montenegro Policy for May 2019, and it was noted that the activities of the Central Bank in this period were implemented in line with planned obligations defined by the 2019 Central Bank of Montenegro Program of Work.

In addition, the Central Bank of Montenegro has prepared the Information on introduction of instant payments and further development of payment activities in Montenegro, along with a comprehensive description of an intention to additionally modernize Montenegro’s payment system.

At this session, the Council also discussed other relevant issues that fall under its competencies.

Read more news about business in Montenegro at TMN's dedicated page.

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