Banking pluralism is much better for clients because they have much better offer. Banks compete among themselves how to reach clients, how to improve the service, prices, etc. On the other hand, when bank market is consolidated and when there are fewer banks that competition is decreasing and for this reason services offered to clients are not on an adequate level, Vojislav Lazarevic, Chairman of the Executive Board at “Addiko Bank” says for “BIZLife”, adding that it will be better for banking sector to keep the current number of banks.
“However, I expect that consolidation of few more banks will happen, and thus we will have an adequate number of banks for our market, and this will not affect prices and level of service. In my opinion, any further enlargement would lead to decrease in offer and increase in prices of services. We have examples in large European countries where there are three, four of five banks that hold 90 to 95 percent of the market. Consequently, that leads to decrease in innovation and higher prices of services,” he says.
“In 2017 “Addiko Bank” recorded a positive business result that amounted to RSD1.2 billion after taxation. Financial indicators improved in all segments, profitable business was achieved, as well as strengthening of a stable position on Serbian financial and interbank market. We succeeded thanks to the straightforward banking concept and simplification of business processes through comprehensive digitization, clear communication, simple and direct products and services that we offer to meet the everyday needs of our clients. We can proudly emphasize that we achieved a positive financial result after several years and re-established a trend of profitable business, with the aim of further strengthening of the position of “Addiko Bank” on the Serbian market, within successful business of “Addiko Group” in the entire region,” Lazarevic says.
Source: BIZLife magazin
Writes: Milovan Miličković