Annual Report 2010 03 August 2011 - Banka Qendrore e ...

Annual Report 2010
CBK
proves the CBK open policy towards foreign investment, without violating the legal
requirements.
CBK strategy in the area of financial institutions licensing is focused on attraction of
investors having good financial situation, who fulfill the ethical and professional criteria to
be fit and proper for shareholders and management, who are capable of run an approach
towards a prudent development of the business in order to protect clients’ interest, thus
facilitating strengthening of the financial system and enhancement of reliability on it.
Licensing and Methodology Directorate in its licensing and regulating activity for
commercial banks, insurance companies, intermediaries, supplementary pension funds and
other financial and non-financial institutions, is guided by principles which are in
compliance with the European Union directives and the best international practice, as
presented under “Core Principles for Effective Banking Supervision” published by the Bank
for International Settlements (BIS), and Core Principles for Effective Insurance
Supervision published by the International Association of Insurance Supervisors (IAIS).
Licensing activity of financial supervision during 2010 included changes in opening new
bank branches and other financial institutions in Kosovo; changes in structure of ownership
and shareholding capital of banks and insurance companies; increasing services and
banking products and insurances; amendment of normative acts, such as statutes of banks
and insurance companies; changes and new appointments of administrators and senior
management of banks and insurance companies, expansion of exchange bureaus network
and money transfer agencies network.
Banks and insurance companies constantly worked in expanding their activities towards
diversification of baking and insurance products, offering numerous investment and
selection opportunities to their clients. During 2010, eight (8) banks with 321 branches and
sub-branches continued to exercise their activities, whereas in insurance market there have
been eleven (11) insurance companies, ten (10) non-life insurance companies and one life
insurance company.
The CBK Governing Board approved during 2010 a preliminary license for the insurance
company “Grawe Kosova” for life insurance, as well as the change in ownership structure of
the insurance company “Dardania”.
a) Microfinance Institutions
By the end of 2010, thirteen (13) microfinance institutions and eight (8) other non-bank
financial institutions were operating in Kosovo. During 2010, upon the request of the
institutions and pursuant to legal applicable regulative, the registration of “Cordaid” as
microfinance institutions with is head office in Gjakova and “PTK” as non-bank financial
institution with is head office in Prishtina has been withdrawn.
b) Insurance Intermediaries
By the end of 2010, there have been four (4) insurance intermediaries. Upon the request of
the institutions and pursuant to legal applicable regulative, the licenses of Insurance
Intermediaries “Intel Broker” and “Intel Service“ with their head offices in Prizren,
“Incoming” L.L.C and “Nic Holding” L.L.C with their head offices in Prishtina, were
withdrawn.
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