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Memorandum on Regional Banking Cooperation with the UBS

Memorandum of Understanding between the Association of Serbian Banks and Association of Montenegrin Banks was signed in Belgrade. The MoU was signed by the Secretary General Bratislav Pejaković and the Secretary General, Veroljub Dugalić. This MoU formalised good cooperation and made a new step forward to the support of business relationship. Together with the exchange of information on financial and banking laws and regulation, the further work will be on the increase in the prestige, image and confidence in the banking system, promotion of high standards and corporate governance in the banking industry and introduction with new banking technologies. In that respect, based on joint interest, fora, conferences, seminars, summits, workshops and other meetings will be organised.

The mission of the Association of Montenegrin Bank is to proactively anticipate the requirements of banks, follow-up new era, which implies to indicate, in timely manner, to the changes in the functioning of banks in the region and beyond by suggesting implementation of good practices, from the operational advancements to the digitalization. New technologies require new knowledge, where the Association engages renowned lectures from the EU and region, for current topics that tackle payment systems, SWIFT, Cyber of safety networks, international accounting standards, Basel principles and operational problems and all other similar topics that cover complex banking operations. In addition, it enables travel of bankers abroad for educational purposes. In that respect, in addition to the employees from the commercial banks, the representatives of the CBCG are invited to participate in all workshops that relate to regulators. The Association explains in media to business and other public operations of banks, where it also uses the magazine “The Bankar” as its tool. It is used as personal identification and presentation of Montenegrin banking industry to both the domestic institutions and foreign institutions, including European Commission, IMF Mission and the World Bank, diplomatic corps, and the like. The reactions of the readers indicate that the magazine “The Bankar” is informative and read. The Association is a member of and has very good connection with the European Banking Federation, International Banking Council and Inter-Balkan Forum, where it presents banking sector of Montenegro and is current with the harmonisation of EU legislation, and it has technical support for potential problems in its operations through international activity. Moreover, significant obligation of the Association reflects in the discussion on laws and enabling regulation influencing the operations of banks that is performed through 14 Committees that consist of bankers from specific areas and that are coordinated by the Association directly communicating with the CBCG and the Ministry of Finance. The representatives of the Association in the Deposit Protection Fund participate in providing financial data on the system stability. The Association does not differentiate between banks whether they are large, small, foreign owned or local, as all members have the same level of obligations and rights with both the Regulator and the Association, where all have the same objective – stable, liquid and profitable banking system that would follow up investments and economic and social development in qualitative manner. Direct communication with the CBCG is normal with regard to direct items, but the synergy of all members and the defined and harmonised position of all members of the Association makes any approach to the Regulator better as opposed to individual bank approach.