Estimated expenses that should be taken into the account in process of formation of a commercial bank in Montenegro are given below.
Expenses are projected on the ground of experience of participants in process of setting up of a commercial bank in Montenegro.
Certain equipment can be either purchased or leased; in that regard, strategy of the bank's founder will affect expenses arising from that position.
Therefore, the following figures must not be taken into the account in a way to be binding or definitive ones.
| Position | Expense (VAT included) |
|---|---|
| Legal services (all fees included) | €70-150k (front-end) |
| Escrow account, opened by a Montenegrin commercial bank (founding capital = €6 million) | €20-30k (front-end) |
| System software (operating system based on Microsoft, antivirus, security licenses etc.) | €40-80k (purchase) |
| Applicative software (core banking services application) | €250-800k (purchase) |
| Hardware (servers, servers room equipment, disaster recovery site equipment, work stations, security & communication equipment, intranet equipment etc.) | €250-500k (purchase) |
| Internet & intranet infrastructure | €5-10k (purchase) |
| SWIFT (international payment gateway) infrastructure | €25-40k (purchase) |
| Furniture & fire-proof lockers | €30-50k (purchase) |
| Bank's brending (registration of a trademark) | €5-10k (purchase) |
| Bank's website, integration with the document management system | €10-15k (purchase) |
| System software (maintenance) | €3-5k/monthly |
| Applicative software (maintenance) | €5-10k/monthly |
| Hardware (maintenance) | €3-6k/monthly |
| SWIFT interface (maintenance) | €5-10k/monthly |
| Workforce (gross salaries, all taxes included) | €40-60k/monthly |
| Security services (protection of the bank's assets and workforce) | €2-5k/monthly |
| Corporate governance (permanent boards membership) | €3-5k/monthly |
| External audit ("Big Four") | €60-90k/per annum |
| Inland payment operations expense (indicative, service provided by the CBoM) | €2-5k/monthly |
| International payment operations expense (indicative, service provided by corresponding banks) | €5-15k/monthly |
| The CBoM annual controls | €50-60k/per annum |
| Service provided by the Protection of Deposit Fund (indicative) | €3-5k/monthly |
| Business premises renting (500 m2, VAT included) | €10-15k/monthly |
| Telecommunications & internet services | €2-4k/monthly |
| Mobile phones, ground phone lines | €1-2k/monthly |
| Insurance policies (bank's assets & workforce) | €1-2k/per annum |
| Electric energy, water supply, municipality fees, maintenance of business premises and building, cleaning | €2-3k/monthly |
| Accommodation of foreign managers (renting of apartment, per one manager) | €500-800/monthly |
| Office supplies | €300-500/monthly |
Next phase: Risk Management
