The Central Bank of Montenegro reported that its Council has begun work in a new composition and has rejected an application for an operating licence for the credit institution Zeren Bank AD Podgorica. The Council took the licensing decision after a review process found the applicant had not met conditions prescribed by law. The meeting, chaired by Governor Irena Radovic, was the first attended by newly appointed external Council members Tamara Backovic, Srdan Milic, Šuco Orahovac, and Ismet Hadžic. The Council also appointed Šuco Orahovac and Tamara Backovic to the Audit Committee from among Council members who are not Central Bank of Montenegro employees, with the committee tasked with overseeing internal controls and financial reporting, compliance with applicable rules, and the effectiveness and efficiency of internal audit activities.
Central Bank of Montenegro 2026-01-12
Central Bank of Montenegro Council starts work in new composition and rejects Zeren Bank licence application
The Central Bank of Montenegro's Council, now with new external members, rejected Zeren Bank AD Podgorica's operating licence application due to unmet legal conditions and appointed Šuco Orahovac and Tamara Backovic to the Audit Committee to oversee internal controls and compliance.