Tutunska Banka

Tutunska Banka’s takeover in 2000 by Nova Ljubljanska Banka (NLB) of Slovenia has proven to be a godsend. Since the takeover, Tutunska has become one of Macedonia’s largest and most profitable banks and, as a result of this achievement, it wins the award.

Tutunska Banka’s success has been driven in large part by considerable capital investment by NLB. In 2002 alone, the Slovenian bank capitalised Tutunska to the tune of E38.5m, enabling the latter to expand its network of retail branches to 19 from seven and capture a 16% share of the local corporate lending market. Other benefits include the implementation of high quality standards for staff and products, a modern IT infrastructure and electronic banking.

Along with its impressive expansion in the past three years, Tutunska Banka has consistently had a strong performance – and 2002 was no different. The bank expanded net profit 11% and lifted its ROE to 15% from 13.2% in 2001. Its cost-to-income ratio rose somewhat but it is still relatively low at 54.8%.

CEO Gjorgji Jancevski said: “Since it was established, Tutunska Banka AD Skopje has maintained its continuous dynamic course of growth, performing a highly conservative banking service and building a profile as a major player in the financial developments in Macedonia. The bank is the main financial partner in the development and support of SMEs, a leader in the retail lending area and one of the most successful promoters of Macedonian businesses in foreign markets.

“Tutunska Banka is one of the largest and the best bank by performance in the Republic of Macedonia and one of the most successful banks in the Nova Ljubljanska Banka Group.

“We have implemented new work quality standards, Western business management practice, new technological solutions, new products and the know-how of our strategic and business partners, which by itself guarantees that the bank will continue to produce good results in the future.”

PLEASE ENTER YOUR DETAILS TO WATCH THIS VIDEO

All fields are mandatory

The Banker is a service from the Financial Times. The Financial Times Ltd takes your privacy seriously.

Choose how you want us to contact you.

Invites and Offers from The Banker

Receive exclusive personalised event invitations, carefully curated offers and promotions from The Banker



For more information about how we use your data, please refer to our privacy and cookie policies.

Terms and conditions

Join our community

The Banker on Twitter