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- Country Name: Montenegro
- Assets: EUR 516,689
- Profits: EUR 5,476
- Ownership: 91.5% NLB Group
- Date Modified: Jun-2015
Syndicated Analyses:Wikileaks Public Library of US Diplomacy "The Global Economic Crisis Hits Montenegro" 01-Apr-2009:
Montenegrins, historically distrustful of the banking system (reftel A), have been withdrawing deposits rapidly in the wake of the global crisis. In the last six months, roughly 300 million Euros -- a decrease of 6.5 percent since early 2008 -- in deposits have been withdrawn, putting aditional pressure on the liquidity of the domestic banking system.
On March 24, the Ministry of Finance announced a GoM-guaranteed 50 million Euros loan to the banking sector from German KfW bank and negotiations will begin this month with the European Investment Bank for another 100 million. The KfW loan was granted to Crnogorska Komercijalna Banka (CKB), NLB Montenegrobanka, and Opportunity Bank, and it will be earmarked specifically for loans to small and medium-sized entrepreneurship.