Skopje, 15 July 1999
Press release of the NBRM
FROM THE MEETING BETWEEN THE NATIONAL BANK OF GREECE AND THE NATIONAL BANK OF THE REPUBLIC OF MACEDONIA
The delegation of the National Bank of Greece led by the Deputy Manager, Mr. Apostolos Tamvakakis commenced its one-day visit to the Republic of Macedonia by meeting the Governor of the National Bank of the Republic of Macedonia, Mr. Ljube Trpeski. During the meeting, Mr. Tamvakakis presented the activities undertaken throughout the period of nearly two months, in which this Bank has had intensive negotiations for investment in Stopanska Banka a.d. Skopje. At this point, Mr. Tamvakakis emphasized the determination of the National Bank of Greece to continue its activities in the Republic of Macedonia. In addition, Mr. Tamvakakis said that, by the end of July 1999 the National Bank of Greece will formalize its announcements for investment in Stopanska Banka a.d. Skopje by approaching the National Bank of the Republic of Macedonia with the necessary documentation for receiving an approval for purchase of Stopanska Banka a.d. Skopje shares.
Governor Trpeski emphasized that the initiative of the National Bank of Greece is welcome and the announcement for entrance of this Bank in the financial sector of the Republic of Macedonia represents further strengthening of the already firmly established economic relations between Republic of Greece and the Republic of Macedonia. Governor Trpeski pointed out that the National Bank of the Republic of Macedonia, as an institution, which controls the banking institutions, especially emphasizes the continuous fulfillment of the criteria for sound and efficient operations. In that sense, the National Bank of the Republic of Macedonia in the procedure for licensing the request of the National Bank of Greece shall pay special attention to the Business Plan, which should contain the details of the future activities, directions and operational strategy of the new shareholders in Stopanska Banka a.d. Skopje.
Accordingly, Mr. Tamakakis expressed his belief that the National Bank of Greece shall develop a detailed plan for approaching the overall business community in the Republic of Macedonia, because, as he emphasized, their intention is to operate as a Macedonian bank. Main objective of the Bank, after the entrance of the foreign strategic investor, shall be to further development of retail banking, but it will also intensively work on developing the wholesale banking. The Bank will employ highly qualified staff and it will be computerized.
National Bank of Greece is a commercial bank, which offers various financial services in its country. The Bank's assets are in the amount of USD 5 billion and this year it expects USD 1 billion pre-taxed profits, as a group. The Bank quotes at the Greek stock exchange. National Bank of Greece has a network of 600 branches in Greece and 100 branches outside the country. Its regional orientation strategy is confirmed by its presence in Bulgaria, Albania and Romania.
At the end of the meeting, Governor Trpeski emphasized that with the announcement for entrance in the financial sector of the Republic of Macedonia, Republic of Greece will probably improve its position on the list of trading partners of the Republic of Macedonia, so from the third position on the side of the export and fourth position on the side of the import, it might take the first places, thus becoming the most important trading partner of the Republic of Macedonia.
Governor's Office