Financial Services

Global Banking & Capital Markets Sector
Global Financial Services Sector
Global Insurance Sector
Global Investment Management & Real Estate Sector


Macedonian Financial Sector


Banking market


 
The banking system in Macedonia currently consists of 18 private banks, 9 savings houses and the State-owned Macedonian Bank for Development Promotion.

The three largest banks - Komercijalna Banka, Stopanska Banka Skopje (National Bank of Greece is the main shareholder) and NLB Tutunska Banka (NLB Group is the main shareholder) dominate in the banking system, holding together more than 60% of the total market activities.

 

Behind these three large banks, the market is still highly fragmented but it has undergone a significant transformation over the past two years and a majority of the local banks having been acquired by foreign investors. The most recent transactions were the acquisition by Demir-Halk Bank (Nederlands) over 60% of the shares of Export and Credit Bank AD Skopje and by Steiermaerkische Bank und Sparkassen AG, from Austria of 100% of the shares in Investbank AD Skopje.

Insurance market


The insurance market is still young with a strong development potential. The insurance market consists of 13 insurance companies, 12 insurance broker companies and 5 insurance representation companies. Recent market entrants are Grawe and Winner Insurance Group, Austrian based companies. The most significant insurance companies on the market are QBE Macedonia, Vardar Insurance, Evroins Insurance, Tabak Insurance, Eurolink Insurance and other companies.

Leasing Companies


The Law on Leasing was enacted in 2002. The Ministry of finance issues licences for performing financial leasing. As of April 2010 there are nine actively operating leasing companies in Macedonia. The foreign capital is dominant in the overall ownership structure. Six companies are with 100% foreign capital. The leasing market is still under-developed compared to most other countries in CEE, but satisfactory results and continuing development are registered.


How PwC can help you


PwC is the clear leader in the Macedonian banking industry, serving over 10 financial institutions in the country, and has a team of specialists who can help financial services organisations turn challenges into opportunities. Our staff has in-depth knowledge of the norms and rules of the National Bank of Macedonia and requirements of local and international accounting regulations.

We specialise in providing services to clients in the following industry sectors:
 

  • Banking & Capital Markets
  • Insurance
  • Investment Management & Real Estate