Offshore Banking in Montenegro

Published
Last updated 21 September 2017

Montenegro is a small country in Southeastern Europe, classified by World Bank as upper middle-income country. Montenegro is a service-oriented economy transitioning to a market system. Since 2002 Montenegro uses euro as its domestic currency unilaterally, though it is not an official member of the euro zone. Banking sector of Montenegro is characterized by relatively small size, small number of banks with wide business focus, high degree of concentration and high share of foreign capital.

Despite carrying substantial risks and lacking innovative banking products especially in private and investment banking, Montenegro is becoming an increasingly popular offshore banking destination for several reasons:

However, there are also several drawbacks in offshore banking of Montenegro:

Overview of Banking Sector of Montenegro

In 2016 there were 15 banks operating in Montenegro, including 5 domestic banks and 10 foreign-controlled banks. The foreign-controlled banks are originated from different European countries (Austria, Hungary, Italy, Serbia, Slovenia, Azerbaijan, France, Ukraine, Turkey).

Banking sector of Montenegro is highly concentrated: 5 largest banks comprise together about 65% of consolidated banking assets, each of the banks has market share of more than 10% of total banking assets. All of these banks are foreign-controlled.

In 2016 5 banks reported net loss, while the rest 10 banks reported net profit.

Banks in Montenegro operate as universal banks, providing a broad range of retail (savings products, current accounts, payment cards, consumer and business loans) and corporate banking (letters of credit, guarantees) products and services.

Investment banking solutions are provided by 3 banks (Hipotekarna banka AD Podgorica, Invest banka Montenegro AD Podgorica, Prva banka Crne Gore AD Podgorica) include securities trading and custody services. Private banking is offered only by Crnogorska komercijalna banka AD Podgorica.

NameCountry of OriginMarket ShareServicesClients
 Addiko Bank AD Podgorica Austria6.70%retail banking
corporate banking
residents
non-residents
 Atlas banka AD Podgorica Montenegro6.84%retail banking
corporate banking
residents
non-residents
 Crnogorska komercijalna banka AD Podgorica Hungary15.69%retail banking
private banking
corporate banking
residents
non-residents
 ERSTE Bank AD Podgorica Austria11.88%retail banking
corporate banking
residents
non-residents
 Hipotekarna banka AD Podgorica Italy11.31%retail banking
corporate banking
investment banking
residents
 Invest banka Montenegro AD Podgorica Montenegro1.22%retail banking
corporate banking
investment banking
residents
non-residents
 Komercijalna banka AD Budva Serbia2.93%retail banking
corporate banking
residents
 Lovćen banka AD Podgorica (new) Montenegro3.14%retail banking
corporate banking
residents
non-residents
 NLB Banka AD Podgorica Slovenia12.53%retail banking
corporate banking
residents
 NOVA BANKA AD Podgorica (new) Azerbaijan0.31%retail banking
corporate banking
residents
 Prva banka Crne Gore AD Podgorica Montenegro9.92%retail banking
corporate banking
investment banking
residents
non-residents
 Societe Generale banka Montenegro AD France11.88%retail banking
SME banking
corporate banking
residents
non-residents
 Universal Capital Bank AD Podgorica Montenegro3.06%retail banking
corporate banking
residents
non-residents
 Zapad banka AD Podgorica (new) Ukraine1.53%retail banking
corporate banking
residents
non-residents
 ZIRAAT Bank Montenegro AD Podgorica (new) Turkey1.06%retail banking
corporate banking
residents
non-residents
 

During the recent years, banks in Montenegro have been attracting deposits from both Montenegrin residents and non-residents, from both natural persons and legal entities. Non-resident deposits account for about 20% of total deposits, while deposits of foreign companies - about 10% of corporate deposits. Loans to non-residents comprise about 2-3% of total loans.

Resident and non-Resident Deposits in MontenegroCorporate Deposits in MontenegroResident and non-Resident Loans in Montenegro

Opening Bank Account in Montenegro

11 banks (ouf of 15) offer non-resident accounts, usually to both natural persons and legal entities.

Normally, the banks require the following documents to open a non-resident account for a natural person:

Montenegrin banks do not allow online account opening, and it's necessary to visit a branch of the chosen bank; all of the banks provide online banking services to access the account.

NameDocumentsProcedureRemote AccessWebsite Languages
 Addiko Bank AD Podgoricapassport
ID card
online banking
mobile banking
Montenegrin
 Atlas banka AD Podgoricapassport
ID card
PEP form
online bankingEnglish
Montenegrin
Russian
 Crnogorska komercijalna banka AD Podgoricapassport
ID card
visit CKB counteronline banking
SMS banking
call center
English
Montenegrin
 ERSTE Bank AD Podgoricapassport
ID card
1. online application form
2. phone call
3. branch visit
online bankingSerbian
 Invest banka Montenegro AD Podgoricapassport
ID card
PEP form
branch visitonline bankingEnglish
Montenegrin
 Lovćen banka AD Podgorica (new)passport
ID card
PEP form
branch visitonline bankingEnglish
Montenegrin
 Prva banka Crne Gore AD Podgoricapassport
ID card
PEP form
branch visitonline bankingEnglish
Italian
Montenegrin
 Societe Generale banka Montenegro ADpassport
ID card
PEP form
branch visitonline banking
mobile banking
SMS service
English
Montenegrin
 Universal Capital Bank AD Podgoricaonline bankingEnglish
Montenegrin
 Zapad banka AD Podgorica (new)passport
ID card
PEP form
USA citizen/resident/taxpayer form
branch visitonline banking
mobile banking
English
Montenegrin
 ZIRAAT Bank Montenegro AD Podgorica (new)passport
ID card
PEP form
online bankingEnglish
Montenegrin
Turkish
 

See Also

Economy and Banking Sector of Montenegro

List of Banks in Montenegro

External Links

Central Bank of Montenegro