Background

Founded in June 1979 as the legal successor to the Export Credit and Insurance Fund, Yugoslav Bank for International Economic Cooperation - Yugoslav Bank became the axis of the newly established comprehensive national exports support system. In conformity with a special Law, the Yugoslav Bank was structured as a specialized financial institution for promotion of industral cooperation, capital projects implementation and other forms of long term economic cooperation between Yugoslav companies and their foreign partners. The export support was provided through re-financing of export credits granted by local commercial banks, co-financing agreements concluded with foreign financial institutions as well as through rendering of export credit insurance against non-commercial risks.

Till early 1990s, the Yugoslav Bank was the first and only national export credit agency in the regions of East, Central and South East Europe. It was entitled to organize and support participation of Yugoslav companies in foreign projects financed by international and regional developmnet financial institutions (i.e. World Bank Group: IBRD, IDA and IFC; Interamerican Development Bank; African Development Bank and Saudi Fund). The Bank had cooperation agreements concluded with the world’s leading export credit agencies and held the observer status in the Berne Union, the international association of export credit and investment insurers.

In 1989, in the eve of market and ownership transformation processes in the local banking sector, the Yugoslav Bank was the first financial institution in the former SFRY to be established as a shareholding company.

Acting under the Law on Banks since 1997 and being licensed to perform all banking operations within corporate and retail banking, both in local and international markets, the Yugoslav Bank for International Economic Cooperation - JUBMES banka has developed into a universal commercial bank.

In accordance with its strategic development orientation, in the national banking/financial services sector JUBMES banka took the place of a universal financial institution, providing to its clients a wide variety of traditional commercial banking products and services (i.e. accepting deposits, granting loans and guarantees, payment operations, retail operations, legal/financial consulting etc.). Responding to the challenges of dynamic and growing competitive local and regional financial markets, the Bank has concurrently improved the offered E-banking service and launched state-of-the-art investment banking products and services. Special attention in the Bank has been given to development of new tailor-made products and services primarily designed to meet the needs of corporate clients target group, trade financing and financial support to export operations as well as rendering of technical and expert assistance in the area of collection of local claimants’ commercial claims against foreign debtors.

Such orientation requires development of contemporary systems and procedures of supervision and risk management as well as the employees profiled for rendering a variety of banking products and implementation of modern IT and telecommunications systems supporting business operations. Furthermore, our business strategy requires establishing of various cooperation relationships with international financial institutions (i.e. EIB; Italian Development Cooperation, etc.), primarily to provide additional financial sources to enable implementation of Bank’s clients’ development projects.

For last several decades JUBMES banka has been cherrishing and promoting the concept of corporate social responsibility. In March 2008 the Bank joined the UN Global Compact and continued its persistent engagement in the activities of this global initiative and its national network in Serbia.