Business Services
Banks
As a result of substantial reforms in the financial sector, the banking system in Serbia is widely assessed as sound and efficient. Due to banking mergers and bankruptcies since 2004, the total number of banks has been cut down from 47 to 39. Over the same period, the overall balance sheet has increased by 67% to around €9.8 billion, with an 11% rise in lending activities and strong financial performance in 2006. Furthermore, banks have participated with 44.3% in the overall GDP.
The ownership structure in the banking sector is dominated by foreign banks as indicated below:
- 21 banks in majority ownership of foreign shareholders,
- 9 banks in majority ownership of domestic private shareholders,
- 9 banks in majority ownership of the state.
By introducing a broad range of high-quality banking services, foreign banks bring the sector close to western standards, providing full support to the local business community and fuelling robust economic growth. The standard package of services available in most commercial banks includes:
- Deposit operations (all kinds of deposits),
- Credit operations,
- Foreign exchange and foreign currency transactions,
- Issuing operations (securities and credit cards),
- Treasury operations (money market foreign exchange),
- Custody operations (safekeeping and handling securities),
- Stock exchange related operations (purchase and sale of securities),
- Guarantee operations (extending warranties, guarantees, endorsements),
- Documentary operations,
- Electronic banking,
- Cash management,
- Intermediation (broker role in trading in securities),
- Purchasing and collection of claims,
- Other financial services,
- External payment operations and external loan operations.
During the last couple of years banks have recorded a continuous expansion of their organizational network as a result of their business activities and competition increase. Throughout 2004 and 2005 there were 394 business units, branches, and counters opened. By the end of 2005 there were 1,867 business units, branches and counters in total. Out of the existing banks the biggest growth has been achieved by the group of foreign banks, whilst state and private banks have decreased a number of operating units throughout 2005. This movement may be explained by the increase in banks that have been taken over by foreign owners in the period between 2003 and 2005.
For the list of commercial banks in Serbia click here.
Insurance Companies
Like the banking system in Serbia, the local insurance sector has seen strong recent growth. The total balance sheet of insurance companies amounted to about €559 million in March 2006, while the insurance premiums reached €114 million. Out of the total premium sum, non-life insurance accounted for 90.7%.
Currently, there are 17 players in the market, with 6 of them being foreign owned. Following the investment by Italian Generali Group in early 2006, other major global insurance companies are expected to start operations in the country, particularly through privatization and acquisitions.
For the list of insurance companies in Serbia click here.
Leasing Companies
Financial leasing services were recently introduced in Serbia. Out of 15 leasing services providers in the local market, 13 are foreign owned. Most leasing companies deal with both new and used equipment, as well as with commercial and passengers' vehicles. As a rule, a lease term may be between 2 and 5 years, with a minimum down payment ranging between 5% and 25% depending on the subject of lease.
For the list of leasing companies in Serbia click here.
Consulting Firms
Accounting, auditing and management consulting services in the country are offered by the Big 4 consultancies and a large number of other local and international firms. Based on the legislation in this field, accounting and auditing practice fully comply with the International Accounting Standards and International Financial Reporting Standards.
For the list of consulting firms in Serbia click here.
Law Offices
A full range of corporate legal services can be obtained at both international law firms' subsidiaries and local legal offices. Mergers and acquisitions, privatization, corporate restructuring, and other legal advisory services normally fall into their scope of activities.
For the law offices in Serbia, please contact The Bar Association of Serbia at: www.advokatska-komora.co.yu.
Real Estate Agencies
Driven by a steady rise on the demand side of the real estate market, supply of quality office space is forecast to grow sharply in the upcoming period. Real estate agents are available throughout the country to help corporate clients find appropriate solutions for their business locations.
Headhunting Agencies
Head-hunting agencies are located in major Serbian cities providing professional assistance in both staff recruitment and selection and human resources development.
For the list of head hunting agencies in Serbia click here.
