NBS governor: Mirabank plans to invest USD 5 bln in Serbia

BELGRADE - National Bank of Serbia (NBS) Governor Jorgovanka Tabakovic has said that after having received a preliminary bank founding permit, Mirabank from the United Arab Emirates will now receive a final operating license and invest USD 5 billion in Serbia over the next three years.

"Their plans are ambitious as they plan to invest five billion dollars over the next three years. However, they do not plan services for the population in the first two years," Tabakovic told reporters after a meeting with bankers and economists at the Serbian Association of Economists on Wednesday.

She stressed that the UAE Bank would operate under the rules applied in Serbia.

"Their expectations are high, and ours are real. We will help them like all the other banks to adapt to this market and to make sure that the economy is the first to derive benefit from its operation," said Tabakovic.

The NBS Executive Board gave the preliminary approval for the foundation of the bank from the UAE in August. It will operate under the name of Mirabank, Belgrade joint-stock company.

The founder is a member of the international conglomerate known as the Royal Group with the seat in Abu Dhabi, UAE, and this is the first greenfield investment in Serbia's banking sector since 2008.