Regulatory Alerts2007-04-02
Decision on Terms and Conditions of Granting and Revoking Consent Regarding Opening Branches or Setting up Representative Offices of Banks Abroad
The Governor of the National Bank of Serbia issued this Decision to establish the specific terms and conditions for granting and revoking consent for Serbian banks to open branches or set up representative offices abroad. The regulation mandates that founding banks submit detailed applications including financial standing, operational plans, and nominee qualifications, with the central bank required to render a final decision within 30 days. Furthermore, the Decision imposes ongoing obligations on banks to provide annual operational reports, notify immediate changes or cessation of operations, and submit proof of foreign registration within one year to maintain valid consent.
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