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Prva banka CG

Summary Details:

  • iconCountry Name: Montenegro
  • iconS&P Rating: N/A
  • iconMoody's Rating: N/A
  • iconFitch Rating: N/A
  • iconAssets: EUR 276,313
  • iconProfits: EUR 520
  • iconOwnership: 39.22% Aco Dukanovic,
    24.10% Elektroprivreda Crne Gore AD,
    2.41% Capital Invest DOO,
    2.19% Lovcen Osiguranje AD,
    1.89% P & G Agency,
    1.62% Miodrag Ivanovic,
    1.59% DOO Dusto Tivat,
    1.59% Pa – Zbirni Kastodi Racun,
    1.40% Monte Adria Broker-Diler AD,
    1.34% Stadion AD
  • iconDate Modified: Jul-2015

Syndicated Analyses:

BBC "Documents tarnish Montenegro's EU bid" 29-May-2015:
An investigation by the BBC and the Organised Crime and Corruption Reporting Project (OCCRP) has uncovered documents which cast serious doubt on plans for the tiny Balkan nation of Montenegro to join the European Union.
Montenegro's former Prime Minister, Milo Djukanovic, who is still president of the country's ruling party, was investigated by the Italian anti-mafia unit and faced charges over a billion-dollar cigarette smuggling operation based in Montenegro. Those charges were eventually dropped in 2009. As head of state, Mr Djukanovic had diplomatic immunity. Now documents seen by the BBC raise further concerns about the man described as the "father of the Montenegrin nation". An audit by accountants Price Waterhouse, carried out in 2010, raised questions about the running of the country's Prva Banka, or "First Bank", which is controlled by the Djukanovic family. The audit suggests that most of the money deposited at the bank came from public funds, while two thirds of the loans it made went to the Djukanovics and their close associates. Miranda Patrucic, a Sarajevo-based investigator for the OCCRP, told the BBC that the Djukanovics and their associates "treated the bank like an ATM machine. A wonderful source of cash."
Montenegro's dramatic coastline and walled cities have made it a magnet for foreign visitors. In 2008, the tourist board was involved in an invitation to Madonna to stage a concert in the coastal resort of Budva. The BBC has seen paperwork which shows that the Djukanovic-controlled bank paid the fee, $7.5m (£5m), even though it was unable to pay its own depositors on time because of a shortage of funds.
Anti-Corruption Portal of Montenegro "Montenegro bank chiefs suspected of corruption" 24-Dec-2012:
Nebojsa Medojevic, an opposition politician, said the action was selective, as another Montenegrin bank, Prva banka, ought to have been investigated first. Prva banka is controlled by the Djukanovic family. In May, a report by the Investigation of Organized Crime and Corruption Reporting Project and the BBC claimed that Prva banka was used to further the personal interests of the Djukanovic family and their associates.
Wikileaks Global Intelligence Files "Watchdog criticizes fight against corruption in Montenegro" 28-Oct-2011:
Prva Banka gets the money, Niksic Ironworks bankrupcy. [MONITOR] You claim that only Prva Banka Crne Gore [First Bank of Montenegro] benefited from the privatization of the Niksic Ironworks. How? [CALOVIC] The owner of the Ironworks deposited in that bank the money he should have invested in modernization. There were over 30 million euros in Prva bank in mid-February 2008, deposited as a performance bond for the implementation of the Ironworks investment programme. Prva bank approved multimillion euro loans to the owners of Ironworks, and, under one of the annexes to the Privatization Agreement signed by Branko Vujovic, the former economy minister, these loans are repaid from the funds that were to have been spent on buying new facilities and equipment, that is, from the performance bond. Thats is how Prva bank has been repaid; instead of using the funds from the performance bond for modernization, the overnment guaranteed the repayment of the multimillion euro loans to foreign banks and Ironworks went bankrupt.
Wikileaks Public Library of US Diplomacy "Corruption in Montenegro" 02-Sep-2009:
PM Djukanovic himself owns just under three percent of shares in the prominent local bank, Prva Banka. His brother has a nearly 47 percent stake in the bank, while and his sister has a one percent stake, giving the family controlling interest. Prva Banka was the only Montenegrin bank to benefit from a GoM bailout package (40 million Euros total) as a result of the global economic crisis.
Wikileaks Public Library of US Diplomacy "The Global Economic Crisis Hits Montenegro" 01-Apr-2009:
For some, chiefly Prva Banka, the global crisis has simply exacerbated existing problems caused largely by poor management. While the bank was able to repay a segment of the 44 million Euros loan they took from the GoM last fall (reftel A), they have requested an extension of three months to repay the remaining 33 million Euros, and many banking experts expect that the bank can only survive long term with a serious influx of foreign capital.
Wikileaks Public Library of US Diplomacy "New Conflict Of Interest Law: Improved, But Not Enough" 24-Feb-2009:
Montenegro's new Law on the Conflict of Interest, adopted in January, restricts the private business activities of public officials.
The law also appears to concern only public officials and members of their "household" (i.e. immediate family) - but not other relatives - and does not limit officials who place property or assets in a blind trust. These loopholes were brought into stark relief in the controversy surrounding Prva Banka, Montenegro's largest domestic bank, which has recently encountered severe financial difficulties. 10. (SBU) Prva Banka has strong links to family and friends of PM Milo Djukanovic. The PM's brother, Aco Djukanovic, who bought into the bank in 2007, is its largest shareholder. The PM's sister, Ana Kolarevic, has a small stake, and the managing board of the bank includes a number of Djukanovic cronies. In August 2007, Milo Djukanovic himself, who was then out of government, took a 1.5 million Euro loan from an obscure London bank to purchase shares in Prva Banka through his company Capital Invest. 11. (SBU) Critics contend that DPS officials encouraged state-owned companies (and private companies as well) to shift deposits to Prva Banka. The bank expanded rapidly, with assets growing from 29 million Euros in June 2006 to 546 million Euros in mid-2006. But the bank's allegedly lax lending practices - often to DPS cronies, according to critics - landed it in financial hot water when the global economic crisis began.
Wikileaks Public Library of US Diplomacy "Montenegro Weathering The Global Financial Storm" 07-Nov-2008:
On October 22 the Central Bank implemented measures to prevent potential problems in Prva Banka (First Bank), which was starting to show signs of a liquidity crisis. A temporary halt has been put on Prva's asset increases, except in cases which could strengthen the bank's liquidity (i.e. collecting deposits), and currently Prva is prohibited from trading on the capital market as well. Experts assess that the bank's liquidity problem is a result of rapid and uncontrolled growth of deposits, credits, and investments. (Note: Prva Banka's assets in June 2006 were 29 million Euros and grew to 546 million in 2008, leaving many to speculate how one bank in a small country could grow so much, so fast. End note.)

Deposits table:

CurrencySort DescTypeSort DescMaturitySort DescRateSort DescDate ModifiedSort DescView
USDTerm30.1%Nov-2015View
USDTerm60.15%Nov-2015View
USDTerm120.35%Nov-2015View
USDTerm240.4%Nov-2015View
GBPTerm30.1%Nov-2015View
GBPTerm60.15%Nov-2015View
GBPTerm120.35%Nov-2015View
GBPTerm240.4%Nov-2015View
EURTerm10.1%Nov-2015View
EURTerm31.5%Nov-2015View
EURTerm62.3%Nov-2015View
EURTerm92.35%Nov-2015View
EURTerm123.4%Nov-2015View
EURTerm183.45%Nov-2015View
EURTerm243.8%Nov-2015View
EURTerm364.4%Nov-2015View
CHFTerm30.1%Nov-2015View
CHFTerm60.15%Nov-2015View
CHFTerm120.35%Nov-2015View
CHFTerm240.4%Nov-2015View