Kissing told agency MINA-business that clients always had the opportunity to convert CHF to Euros, that option was always available, even when the exxchange rate of EUR/CHF was above 1,2.
„That is possible now, too. Of course, I am interested in finding a long term solution that serves the interest of both clients and the bank. There are suggestions which are already ‘on the table’ and talks with the regulator and the Government. We are open for discussion where we present our position”, – said Kissing as a comment on a proposal which is currently in parliamentary procedure, for CHF to be converted to Euros, with the interest rate of 8,2%.
Kissing said that Advent and EBRD bought Hypo Group because they see it as an attractive market and a good business opportunity, and Advent is famous for buying and building businesses, while it doesn’t go into financial engineering in order to sell later.
“So, we see a good chance to build business and use this moment for the proper return of the Group to the market and to put strong focus on our business with individuals and small and medium enterprises. These are the main reasons why we do it – building a business that will be profitable and developing it further, and after several years we will see how and which direction we will choose, by then with a new and better organization” – stated Kissing.
From Hypo Alpe Adria Bank was announced earlier that business in Montenegro will be continued according to the plan and that they expect to realize more than 50 million Euros in loans this year. In upcoming years, just like for the whole Group, with time there will be an adjustment of the existing sales channels and business network, which includes expanding to attractive local markets where it is financially recommendable.
„I read a big business article in Frankfurter Allgemeine Zeitung about the underwater cable towards Italy and I think it is crucial to have stable political and regulatory ambient. It is important that investment decisions are made with a dose of certainty, that tax regulations don’t change often. And also, it is very important to have the support of an efficient administration, for example if you’re applying for a license, to have the support of an administration in a clear and fast way” – said Kissing when speaking about Montenegrin potential for investment.
Asked to comment the decision of the Central Bank of Montenegro (CBM) to limit interest rates, Kissing said that it depends on the level of the interest rate that they will set.
„When a temporary measure of this kind was implemented earlier it didn’t affect us because we had lower interest rates anyway. We’re not in that kind of (price) market so I’m pretty relaxed knowing the way we do business in Montenegro – unless of course some unreasonable requests emerge, but I don’t expect this to happen” – said Kissing.
“Currently in Hypo Alpe Adria Bank in Montenegro the interest rate for cash loan is at 8,99% which is lowest on the market. When the previous limitation happened at 14%, our bank had interest rates of 12 and 11.5%.”
According to Kissing, the Group is considering a change of its name.
„We are aware of the brand and herritage that we have, we are currently considering options for what to do with the brand, with the name. Decision will be made by the end of the year, or at the beggining of the next, but is definitely in agenda” – said Kissing.
