Introduction

modification date 18 January 2019

The essential requirements for the establishment of a bank are defined in Article 30(1) of the Banking Law. Under the said provision, a bank may be established if:

1.    the bank has been provided with the following: 

a.    its own funds commensurate to the type of banking activities expected to be conducted and to the scale of the intended activity,
b.    premises equipped with appropriate technical facilities for the proper safekeeping of funds and valuables held at the bank, taking into consideration the scope and type of its banking activities;

2.    the founders provide a guarantee of sound and prudent management of the bank,

3.    the persons proposed as members of the supervisory board and management board at the bank meet the qualification requirements set forth in statutory law,

4.    the bank’s business plan for the period of at least three years submitted by the founders indicates that the activity will be safe for the funds held at the bank.