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KOSOVO Finance & Banking ProCredit Bank Kosovo Kosovo’s First Bank Supporting Economic Growth ProCredit Bank Kosovo achieved very strong results last year, boosting its profits by an impressive 107%. Philip Sigwart, CEO, explains that the bank also increased its assets by 27% to reach €549 million, and that customer deposits also grew, totalling some €550 million at present. The bank’s return on equity is around 50%, and 2008 should be another good year. “Our results show that business can be done successfully in Kosovo. It’s all about commitment. Of course our business is about making a profit, but most importantly it is about contributing to Kosovo’s economic development,” Philip Sigwart says. ProCredit has a 40% share of the local banking market. ProCredit was established in 2000 as Micro Enterprise Bank to finance Kosovo’s expanding economy. It was re-branded to ProCredit Bank in 2003 and is now majority owned by ProCredit Holding based in Frankfurt, Germany. “Many people told us we were crazy to set up a bank immediately after the war, but we worked hard to make the bank a success and now we are reaping the fruits,” Philip Sigwart says. He adds that Kosovo’s banking sector should fare well in the current global financial crisis since local banks are financed fully by local deposits, and deposits exceed loans. ProCredit is ready to serve international companies and investors seeking opportunities in Kosovo. The bank offers financing as well as Kosovo’s most extensive branch network (60 branches by the end of 2008), and the country’s biggest ATM network. “Our infrastructure is top notch, especially for the Balkan region,” Philip Sigwart says. The bank, which already serves some 300,000 retail customers, anticipates continued strong growth driven by Kosovo’s expanding private sector. ProCredit’s competitive edge is that, as the country’s first bank, it is known for its commitment to the local economy. “That is the reason why our main focus is on retail customers and on small and medium sized enterprises, which are the drivers of economic growth. We focus very much on responsible banking, which is one of our core principles,” Philip Sigwart explains. Philip Sigwart urges foreign investors to look into opportunities in Kosovo. He says, “Doing business here is more straightforward than in many other countries in the region because Kosovo’s regulatory environment was created with the help of European and international advisors. Secondly, many Kosovars worked abroad during the war years and learned skills they have brought home. Finally, Kosovo is in the heart of Europe. Hop on a plane and come have a look!” ProCredit Bank, Kosovo Nena Tereze str. 16 10000 Prishtina, Kosovo Tel.: +381 38 555777 Fax: +381 38 248777 www.procreditbank-kos.com 26
KOSOVO Finance & Banking Dukagjini Group Insurance Leader Expanding Product Portfolio The Dukagjini Group demonstrates the growth potential of Kosovo’s private sector. Ever since it was founded by Mr. Ekrem Lluka in 1987 as a printing house and trade enterprise, the group has evolved along with the Kosovar economy and is now active in a wide range of sectors. It has won a number of awards, including the International Award for Quality and Business Prestige 2004. Dukagjini Insurance, the group’s insurance division, was licensed in February 2002 to provide compulsory third party liability (TPL) coverage for motor vehicles and has steadily expanded its offerings. It now has around 30 non TPL insurance products in its portfolio and has earned a 19% share of the local market becoming the market leader. In 2006, Slovenian based reinsurance firm Sava Reinsurance, which has an A- rating from Standard and Poor’s, acquired a 51% stake in Dukagjini, which demonstrates the Kosovo company’s growth potential. “Our long term strategy is to further develop non TPL products like health, property, engineering, liability and other forms of insurance,” says Fatmir Gashi, General Director of Dukagjini Insurance. He adds, “We already have a private pension fund operating and are waiting for the government to pass laws opening the market for investment funds.” Dukagjini Insurance achieved profits of €418,000 in 2007 and anticipates that these profits will more than double to around €1 million this year. The company welcomes partnerships with EU insurance firms. As Mr. Fatmir Gashi explains, “Through our association with Sava Re, we have already shown our strategy of co-operating and working with EU companies. We can provide EU companies with world class insurance services for their investments in Kosovo, and the Dukagjini Group can also provide logistics support, advice for new investors in Kosovo and in the same time we are open to possible partnership opportunities as well. Dukagjini Insurance has established branches throughout Kosovo and has earned a very strong reputation in the market. Dukagjini Square Nëna Terezë 33 10000 Prishtina, Kosovo Tel: +381 38 225 385 Fax: +381 38 225 384 info@insurancedukagjini.com www.insurancedukagjini.com Dukagjini Insurance and other companies in the Dukagjini Group are also known for their exemplary corporate citizenship. In July this year, Dukagjini Group made a commitment to provide €160,000 over two years to the American Councils for International Education’s program in Kosovo, the Kosovo American Education Fund (KAEF), which will offer scholarships to promising Kosovars to get a master’s level education at select American universities. Projects like these illustrate Dukagjini’s commitment to Kosovo’s future. 27
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Page 4 and 5: KOSOVO Introduction Institutions of
Page 6 and 7: KOSOVO Introduction Kosovo’s Fact
Page 8 and 9: Currency Kosovo’s close relations
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Page 18 and 19: Improved Stability and Measured Gro
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Page 30 and 31: KOSOVO Trade & Industry Free trade
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Page 57 and 58: KOSOVO Energy & Mining Lydian Inter
Page 59 and 60: KOSOVO Environment & Spatial Planni
Page 65 and 66: • The Industry Has Several String
Page 67 and 68: KOSOVO Tourism to Its Bow Pointing
Page 69 and 70: With special thanks to:

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