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|
|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|
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