(na engleskom i srpskohrvatskom)
=== ENGLISH ===
ARTEL GEOPOLITIKA by www.artel.co.yu
office@...
Date:21 February 2003
The Book of Borka Vucic: BANKING - CHOICE OR DESTINY
The book "BANKING - CHOICE OR DESTINY?" is
the first monograph published by Udruzenje gradjana CER.
This association is also editing the
monthly journal "Geopolitika"
already for two years.
The book is written in latin letters,
the format is B-5 (17x24 cm), the
volume is 328 pages, with more
than 200 illustrations;
black&white and colour
photographs, facsimiles, tables,
extracts, "tumbstones" of loans,
bonds and other placements.
The book can be ordered at the address:
E-mail: bvcycha@...
Fax: +381 11 367 17 99
Price: $12 or 12?
Zepter Bank, Bulevar Mihajla Pupina 117, 11070 Novi
Beograd, Serbia & Montenegro
540100-17250647 Udruzenje gradjana Cer
Extracts from the foreword, preface, reviews, synopsis
etc.
... It is uncommon that a Banker writes a book about
banking, most of the time it is done by governors of
Central Banks. This is probably due to business
confidentiality. The testimony of Borka Vucic of the period
of four decades, as seen in the book "Banking, a choice or
destiny", is therefore of interest to readers, especially for
those with good intentions and to those who are
uninformed of the happenings in our imperiled country.
... Indeed, the author defends and presents Yugoslav
banking during the development period of transformation
from the plan economy to market economy, with facts,
rarely seen documents and photographs. This especially
relays in respect to efforts and achieved results on the
international segment.
... Of interest are also parts of the book which talk about
connecting commercial banks, especially the Beogradska
Banka, with international institutions, with intentions to
apply investment programs as well as the rapid adjustment
to modern models of capital markets. This explains the fact
that Beogradska Banka, as well as some other Yugoslav
banks, were among the top 1000, 500 and 100 listed banks
on the World, European and East-European markets.
[photo] President of the Republic of Cyprus George Vassilliou opens
a new building of Beogradska banka, Nicosia,in May 1991
[photo] With Tassos Papadopoulos, Nicosia, 1991
[photo] Kikis Lazarides, Chairmain of the Cyprus Popular Bank (in
the middle), Andreas Philipou of the Central Bank and the
Governog (right)
[photo] With the Serbian Patriarch Mr. Pavle and the Cypriot
Archbishop Mr. Chrisostomos
... The period of UN-sanctions and the financial blockade
are illustrated with the Bank's efforts to survive. An
impression of constant straggle appears and determination
to use allowed models in order to comply with sanctions
and at the same time to comply with Yugoslav legal
procedures and those of countries and markets where it
was possible and legal.
... While reading the book, the reader receives a strong
impression about a woman banker - a professional, who
cuts through this men's world of extraordinary and
influential experts, sometimes in very hard circumstances.
... The author still carries the spirit of optimism after
leaving the position of the President of the Yugoslav
largest bank. She writes a book, maintains contacts with a
large circle of friends, experts of banks, companies and
from various institutions of the country and abroad.
[photo] A visit of David Rockefeller, Chairman of the Chase
Manhattan Bank, New York, 1979 (B. Zoric, B. Vucic, D.
Rockefeller, B. Kostic)
[photo] With the Director of Barclay`s Bank, Mr. Michael London
and his deputy, Mr. G. Miller
[photo] With Edward Palmer, the Executive President of Citybank,
New York
[photo] Signing the contract with EXIM Bank, Washington for the
purchase of the plane DC - 10
... Although an aged person, she learned to use the PC and
the internet. She likes to help and maintain contact with
Yugoslavs abroad-Diaspora, which she appreciates it very
much.
... Involvements in the activities of The Fund for
Supplemental Education of Young Farmers are of most
interest to the author as well as a fast integration of 120
farmers into the program for specializing in 2002/03 in
Austria, Germany, Denmark, Ukraine, Canada, Australia
and the Republic of South Africa.
... Since her early youth, carried by curiosity of spirit,
persistency and consistency, she walked along the path of
her choice and her destiny and along the hard and
complicated paths of banking, constantly learning and
simultaneously teaching others, always advancing and
enabling others to advance.
... Life destiny was often cruel to her, but despite of all, she
remained always strong, surprising even those who know
her very well, how she is able to absorb her energy and
strength.
... The book is distincted by plenty of information,
important and interesting data and a string of didactical
and ingenious events, all presented in a direct, simple and
clean language style. The book is entirely a reflection of
her personality, her life approach and believes and
therefore it presents a precious testimony.
... This book, written by Borka Vucic, is therefore not only
a book about a woman banker and the banking profession
but also a wonderful story about our people.
Serbia needs tolerance and reconciliation of the Left and
the Right block, of the Karadjordjevic and the Obrenovic
dynasties, Communists and Non-communists, Chetnics
and Partisans, Believers and Non-believers, the North and
the South, Ideologists and the Practical, the Capital and
the Province.
Our homeland needs harmony and unity, respect of
history, traditions and continuity
in accordance with the course of a modern and humane
civilization.
CONTENT
FOREWORD 9
THE REASON WHY I AM WRITING A BOOK 13
CHILDHOOD, EDUCATION AND FAMILY
o My Grandfathers Dragic and Simeun 23 o Encounter at
the Drinking Fountain 25 o Entrance Examination in
Obrenovac 27 o Challenge of the City Life 29 o German
Occupation and Joining Partisans 31 o Story about the
Faculty and Professional Orientation 35
II BANKING WAYS AND CROSSWAYS
o Overture for the Banker 41 o Krajger's Favourable Evaluation 41
o High Level Practice 44 o Misunderstandings with the Chief 45
o Establishment of the Economic Bank of the Republic of
Serbia in 1961 46 o Orientation to the Market, and
International Operations 47 o Field Work 48
III CHALLENGE OF THE INTERNATIONAL
CAPITAL MARKET
o Opening to International Market 53 o A Visit to a London Broker 55
o Good Intentions of "Great Banker" 56 o An Englishman
and the Plum Brandy 58 o Airline Business with the EXIM Bank 61
o European Continental Partners - HERMES and COFACE 63
IV THE INTERNATIONAL MONETARY FUND
AND THE WORLD BANK
o Integration in International Organizations 67 o Activities
of the IMF and World Bank's Delegates and of Other Important Guests 68
o The World Bank Projects 69 o Structural Adjustment Loan (SAL) 70
o World Experience of a Man from Jagodina 71 o Visits of
the International Monetary Fund and the World Bank to Belgrade 71
o The Anglo-Yugoslav Bank 72 o In the Summer House
of the Obrenovic Dynasty Near Smederevo 77 o Visit to
Mr. David Rockefeller 78 o What Meant the Beogradska
Banka Guarantee for the "Sava" Centre and the
"Intercontinental" Hotel 79 o The "Sava" Centre 80 o
Clinton's Speech - Malum omen 82
V TRACKING WORLD TRENDS
o Tendencies of Bank Integration Processes 87 o Merger of
Banks 88 o Facing Reality 90 o Belgrade Bank Group 90 o
Consolidation of Banks within the Beogradska Banka
System 92 o The First Borrowing Worth $ 50 Million and
Repayment Ahead of Schedule 97
o International Payment Transactions 98 o Financial
Market in the Country 99 o Restored Confidence 99 o The
War Bank 102 o E-75 Motorway /Novi Sad-Belgrade Section/ 104 o
Public Loan for Economic Development of the Republic of
Serbia 105 o "Old" Foreign Currency Savings 107
o The Donor Bank 109
VI OPENING STATEMENTS
AT THE MEETINGS OF BEOGRADSKA BANKA a.d.
o Shareholders Regularly Furnished with Information 173
o Opening Statement at the Seventh Meeting of
Beogradska Banka a.d. held on 12 June 1998 173 o
Opening Statement at the Tenth Meeting Session of
Beogradska Banka a.d. held on 14 December 1999 124
VII FOREIGN LOANS AND DEVELOPMENT
o Syndicated Loans, Public and Private Placements 137 o
New President of the Bank - Slobodan Milosevic 145 o
Long-term Loan Worth $ 700 Million 148 o Our
Economic and Financial Cooperation with Kuwait 148 o
The Falcon on the Emir's Shoulder 150 o Our Delegation
in Kuwait at the Conference of Potential Investors 752 o
The Joke and the Truth about Slobodan Milosevic's
Knowledge of English 153 o Significant Syndicated Loans
155 o Linking Theory and Practice 158 o A Junior
Colleague from Austria 159 o Recommendation for the
International Banking Summer School 160
o Experiences with the General Manager 160
VIII BEOGRADSKA BANKA - CYPRUS,
OFF-SHORE BANKING UNIT (BB COBU)
o Orientation to Financial Cooperation with the Middle East 165
o Ideal Location 165 o Cyprus - Divine Gift for Businesses 166
o Off-shore Companies 167 o Cooperation with Law Office Tassos
Papadopoulos and Renown Audit Company Price Waterhouse 169
o Cooperation with Banks in Mixed Ownership 170
-Successful Business Performance 177 o The President of
Cyprus Attending the Opening of the New Premises 173 o
Sky Promotion of BB COBU 176
o The Chance Which Should Not Be Missed 177
IX SANCTIONS OF THE UNITED NATIONS
o Operations Getting Worse 157 o Unjustifiably Frozen Assets 157
o Accusations with no Grounds but with Evil Intention 152
o Continuity of Success 152 o Control without Remarks 153
o Facing Temptation with Two Ladies 155 o Futile Effort 155
o A Bank for Some Other Times 155 o English Impoliteness 159
o American Welcome 190 o The Truth about Frozen Assets in America 190
X YUGOSLAV PEOPLE IN CYPRUS
o Activities of Businessmen and Bankers 195 o
Motherland in the Heart 196 o A Loyal and Compact
Team 201 o A Non-Banking Success 202 o Gratitude to
the Cypriot People 202 o The Ambassador's Statement 204
XITHE WORLD ECONOMIC FORUM
o Meeting in Salzburg in 1998 211
XII HELP FROM THE DIASPORA
o Assembly and Councils of the Diaspora 217 o Great
Success of the First Assembly 220 o A Visit to a Farmer's
Holding 223 o Thin Layers of Dough from Valjevo in Paris 223 o
Customs Duties, Citizenship and Additional Training 225
o The Serbian Home - Decision of the Assembly 225 o
The Serbian Memorial -Srboslov 225 o Small- and
Medium-Size Projects - A Farmer Seeking the Rain 226
XIII HOLDING POSITION OF FEDERAL MINISTER
o Federal Minister for Coordination with International
Financial Institutions 231 o Main Tasks that Occupied Me
234 o Banking and Financial Market in Yugoslavia-
Constraints and Possibilities in Post-Sanctions and
Post-NATO Aggression Period 238
XIV FUND FOR SUPPLEMENTAL EDUCATION
OF YOUNG FARMERS
o Support to Young Rural Population 249 o Requirements
for Loan Disbursement 251 o Education Centres 251 o
Financial Operation of the Fund 253
XV REFLECTION IN THE PUBLIC MIRROR
o Others about Me, and I about Myself 257
XVI MY "LEAVING" THE POSITION
OF PRESIDENT OF BEOGRADSKA BANKA
o Destiny of the Biggest Development Bank 295 o Raid by
Unknown Persons 296 o Difficulties in Providing the
Meeting Hall 298 o Attempt of Raid and Take-Over of the
Bank 299
EPILOGUE 311
EPILOGUE
Immediately after the first edition of this book was
published in late August 2002, it was presented to the
public in Belgrade, Novi Sad and Krupanj (my native
town). The second and third editions followed soon.
The book presentations were very well attended and in the audience
were sitting mostly young people, holders of high academic titles,
bankers, diplomats, journalists as well as many other friends of
mine. The book was presented by Prof. Dr. Oskar Kovac,
Prof. Dr. Zora Zakic, Radovan Pesikan, M.Sc., Merima
Rankovic, Editor-in-Chief of the Jugoslovenska Knjiga,
Dragutin Matanovic, a businessman, and Dr. Slavko
Mrdovic, a surgeon, from our Diaspora in Switzerland.
They all underlined the message the book conveys and the
topicality of its testimony about the development of the
Yugoslav banking and economy over a rather long
historical period of time.
[photo] Presentation on Kolarac university, August 2002
Serbian media also covered this event by a number of
interesting and positive reviews of the book published in
several dailies, weeklies and periodicals {Politika, Glas
Javnosti, Vecernje novosti, Nacional, Svedok, llustrovana
poli-tika, Nin, Selo, Telegraf, EU market) as well as in TV
programmes.
The English edition is intended for my business partners,
bankers and numerous friends all over the world. I believe
that many of my countless colleagues and friends abroad
will recognize themselves in this book.
It is precisely at this point in time that I wish my book to
be a part of a broader programme of intellectual
self-defense and protection against malicious
manipulations coming from a number of both local and
foreign circles.
Presently, the current regime in my country is
thunderously announcing that the "reforms' and the
transition process it is implementing represent a final shift
from the Soviet-type centrally and administratively
planned economy to the one market oriented. I, therefore,
feel it necessary to emphasize that the centrally planned
economy was abandoned in the former Yugoslavia far
back during the 1950s. The beginning of my banking
career precisely coincided with the processes of transition
and orientation to the market economy and with the
linking with foreign money and capital markets. I very
well remember that in the course of the 1960s a
comparative study of market functioning was made in
Oxford in which Yugoslavia held a place between
Germany and Japan. Accordingly, Yugoslavia commenced
its market transition process immediately after the
economic enterprises were entrusted to workers to manage
them, in the period of the so-called workers'
self-management. As early as at the beginning of the
1950s the state domination started to decline gradually,
and the economic results Yugoslavia had achieved from
that moment on were so striking that the countries
currently undergoing transition can only dream of.
Yugoslavia was for years recording the fastest economic
growth in Europe and I remember very well (in 1962 our
country had a higher living standard than Italy) that in
terms of the rate of growth Yugoslavia was just after
Japan.
It is interesting that the transition process in the former
Yugoslavia is currently hardly ever mentioned, let alone
the results it had achieved, even by international
institutions involved in that process. For example, the
World Bank published a specific analysis of the transition
processes in all countries of the world; however,
Yugoslavia's efficient and effective transition carried out
back in the 1950s and later has not been mentioned at all.
Many eminent economic experts, whose views I fully
share, think that this is just the matter of a solely
ideological approach on the side of international
institutions whose only interest is to expand their activities
and to facilitate the companies from the west, in the first
place, to conquer new profitable markets.
By carefully analyzing the transition processes in the
countries which became independent by seceding from
Yugoslavia, one can note that no transition process is in
place there. Instead, one can speak of the process of
restoration of capitalism from the time of monarchial
Yugoslavia combined with the concept of cheap and hasty
privatization of good and market-oriented enterprises.
Similarly, in one of his interviews, Dr. Branko Horvat,*
Professor at the Faculty of Economics of Zagreb,
emphasized that "if the present-day situation in any of the
former republics is compared with the situation that
prevailed in Yugoslavia in the past, one can note that
everything has devalued and that the former Yugoslavia,
which was once on the top internationally, now has the
successors who are in the so-called Western Balkans. All
the countries that cannot join the European Union are
placed there". He thus concludes that all countries that
were part of Yugoslavia have over the last 10 years been
experiencing an economic crisis deeper than the one
recorded worldwide in the course of the 1930s.
Also interesting was the lecture delivered by Dr. Ivan
Ribnikar,* Professor at the Faculty of Economics of
Ljubljana, at the Milocer Seminar in September 2002. His
point was that the most important issue in transition is not
to allow any enterprise to fail if its problems can be settled.
Presenting Slovenia's experience, Dr. Ivan Ribnikar
pointed to the erroneousness of the idea of having
everything first "cleaned" in a country and then start again
from the very beginning. Slovenia saved everything it
could by implementing a persistent rehabilitation of the
bank and enterprise sector. Slovenian Government has not
liqudat-ed its own banks; instead it has consolidated them.
Therefore, the results Slovenia has achieved show that in
terms of business effectiveness Slovenia is holding the first
place, while in terms of invested foreign capital it is at the
very bottom. Western theoreticians, including international
financial institutions, the IMF and the World Bank did not
agree with this model; however, Slovenia has so far
managed to protect itself against such influences of theirs.
Since the new regime came to power in Serbia on 5
October 2000, the process of major socio-economic
changes has entirely neglected the continuity in all
segments of economy and finance. Everything is being
commenced from the very start. Such practice is neither
good for the processes in the country nor for cooperation
with foreign commodity and financial markets. For
example, the hasty decision on bankruptcy of four national
banks (Jugobanka AD, Beogradska Banka AD,
Investiciona Banka AD and Beobanka AD) is a major
failure on which history and future generations will surely
pass their judgement. What is already clear now - imposed
liquidation of these commercial banks caused immediate
suffocation of production and development. A standstill
and apathy are characterizing the development of one of
the most significant factors in the fight against
unemployment and for economic progress. On the other
hand, major decisions are made in the area of privatization
even before the appropriate legislation come into force,
which speaks a lot about the (irregularity of the
privatization process.
Support to agriculture is only declarative in nature and I
wish to ascertain that even during the hardest time of
economic and financial sanctions and international
isolation, the agricultural sector enjoyed more incentives
and support than it is the case nowadays. It is the major
and significant economic area which helped us survive in
all serious crises, wars and ten-year long sanctions
imposed by the international community and the USA,
including the NATO bombing.
Also, the role of domestic banks in development is
restricted, while foreign banks whose number is significant
and which are privileged in relation to local banks do not
engage in investment, which prevents realization of
positive transition trends.
Monographs of commercial bankers are rare, they are
more often written by central bank governors. This book is
my testimony of the events, facts, rarely published
documents and pictures covering the period of four
decades.
I have written the Banking - Choice or Destiny not only
to let the reader get the impression about me as a lady
professional banker fighting her way through the male
world of extraordinary and influential experts in,
sometimes, impossible circumstances. But at the same time
I defend in this book the Yugoslav commercial banking,
Beogradska Banka and their roles in development projects
in the country, particularly in cooperation with
international financial institutions and commercial banks
in implementing investment projects in infrastructure,
industry, agriculture, tourism, etc. Our commercial banks
were always able to quickly adapt to current capital
market models by establishing direct interest-based
relations with foreign commercial banks, funds and state
owned financial and insurance institutions (the EXIM
banks, ECGD, COFAS, HERMES, EDC, etc.) without
assistance by mediators. Our bankers acquired
specialisation and training in accordance with the
requirements of western banking, particularly in showing
the business performance of either banks or companies, as
well as in showing their audited balance sheets and profit
and loss accounts. Finally, we wanted to boast as
aggregate Yugoslav commercial banking at that time of
our regularity in repaying contracted international loans
and of a sustainable debt servicing ratio of the country.
I am proud that I can say that at that time which was
characterized by a severe bank competition internationally
my Beogradska Banka was on the list of 100 major world
banks and among the first 20 in Europe.
It is for this reason that today, when my thoughts flash
through numerous reminiscences about my engagement in
banking and finance during the past years, I am filled with
pleasure. It is true that the banking business has its strict,
precisely defined and exact rules and standards; however, it
is just these rules and standards that require
open-mindedness, listening with care and concentration to
every business partner, no matter whether a new or an old
one - and also making maximum efforts to help him. In
today's world of global and technological civilization there
are a great number of high quality and profitable projects
the implementation of which is waiting to be supported,
especially in small countries and those undergoing
transition. It is, therefore, important to have in such
countries sound and strong domestic banks as well as
highly professionally trained domestic bankers. It is
necessary for the development of Serbia, as it is also for
the creation of the conditions for as many job opportunities
as possible.
I belong, perhaps, to a different school of thought. I do
hope, however, that one of the priority tasks of another
and better government in Serbia will be to acknowledge
the continuity in the country's development and to show
more respect for its own human resources and positive
experiences.
The Author
=== SRPSKOHRVATSKI ===
ARTEL GEOPOLITIKA by www.artel.co.yu
office@...
Datum: 19. februar 2003. g.
Knjiga Borke Vucic: BANKARSTVO - IZBOR ILI SUDBINA
UVOD
Prva monografija u okviru Izdavackog plana Udru?enja gradana CER.
Ubraja se u memoarsku literaturu.
Pored uvoda, predgovora i autorovog objasnjenja o tome zasto pise
knjigu, sadr?aj ukljucuje 16 poglavlja i indeks imena.
Knjiga je stampana latincnim pismom, formata B-5 /17x24 cm/, obima 312
stranica, sa preko 200 ilustracija; crno-bele i kolor fotografije,
faksimili, tabele, izvodi, tumbstones /spomen ploce/ kredita,
obveznica i drugih plasmana.
Prvo izdanje, brosirano, stampano je u 500 primeraka.
Drugo izdanje, tvrdi povez, stampano je u 500 primeraka.
Knjiga se mo?e kupiti u mnogim knji?arama sirom
zemlje i naruciti na bvcycha@..., fax: +381 11 367 17 99.
Izvodi iz uvoda, predgovora, recenzija, sinopsisa i dr.
... Retko poslovni bankar pise knjigu o bankarstvu, to cesce
cine guverneri centralnih banaka. Verovatno zbog
poslovne tajne. Svedocanstvo Borke Vucic u periodu od
cetiri decenije u knjizi Bankarstvo, izbor ili sudbina zbog
toga je interesantno za citaoce, posebno dobronamerne i
nedovoljno upucene u dosadasnja zbivanja nase, po svemu
ugro?ene zemlje.
... Zaista, autor cinjenicama, retko videnim dokumentima i
slikama u svojoj knjizi prezentira i brani poslovno
bankarstvo Jugoslavije i Srbije u periodu razvoja od
planske ka tr?isnoj ekonomiji. To se narocito odnosi na
njihove napore i rezultate na medunarodnom segmentu.
... Zanimljiva je obrada povezivanja poslovnih banaka i
Beogradske banke sa medunarodnim finansijskim
institucijama na realizaciji investicionih projekata i
sposobnosti brzog prilagodavanja savremenim modelima
tr?ista kapitala. Zato je razumljivo da su se Beogradska
banka i jos neke jugoslovenske banke godinama nalazile na
listi medu hiljadu, petstotina i sto najvecih svetskih,
evropskih i istocno-evropskih banaka.
... Period sankcija OUN-a i finansijske blokade u knjizi se
ilustruju kroz velike napore Beogradske banke za
pre?ivljavanje. Posebno se stice utisak stalne borbe i
upornosti za koriscenje dozvoljenih modela u cilju
pridr?avanja sankcija i u skladu sa zakonskom procedurom
Jugoslavije i zemalja onih tr?ista gde je to bilo moguce i
legalno.
... Citajuci knjigu, citalac dobija sna?an utisak o ?eni
bankaru - profesionalcu, koja se probija u tom muskom
svetu izuzetnih i uticajnih strucnjaka u ponekad
nemogucim uslovima.
... Duh optimizma autor nosi u sebi i posle odlaska sa
mesta predsednika najvece banke Jugoslavije. Pise knjigu,
odr?ava kontakte sa velikim krugom prijatelja, strucnjaka
iz banaka, kompanija i raznih institucija u zemlji i svetu.
... Iako u poznim godinama naucila je da koristi kompjuter
i internet. Rado obavlja poslove i kontakt sa dijasporom
koju veoma uva?ava.
... Ipak najradije se ukljucuje u razgovor o aktiviranju
fonda za doskolovanje mladih seljaka i njihovo sto br?e
ukljucivanje u realizaciju programa za odlazak 120
kandidata na specijalizaciju u 2002./03. godini u Austriju,
Nemacku, Dansku, Ukrajinu, Kanadu, Australiju i Ju?nu
Afriku.
... Od rane mladosti, vodena radoznaloscu duha, upornoscu
i doslednoscu, isla je putem svoga izbora i svoje sudbine,
teskim i komplikovanim stazama bankarstva, stalno uceci i
istovremeno uceci druge, stalno napredujuci i istovremeno
omogucavajuci napredak drugima.
... ?ivotna sudbina je bila prema njoj cesto okrutna, ali je,
bez obzira, na sve ostala jaka, nepokolebljiva i sna?na
duhom, ostavljajuci one koji je poznaju u nedoumici odakle
crpi energiju i snagu.
... Njenu knjigu odlikuje obilje informacija, va?nih i
interesantnih podataka i niz poucnih i duhovitih
dogadanja, sve iskazano neposrednim, jednostavnim i
cistim jezickim stilom. Knjiga je u potpunosti odraz njene
licnosti, shvatanja i verovanja i otuda predstavlja
dragoceno svedocanstvo.
... Njena knjiga o ?eni bankaru otuda i nije samo knjiga
njoj i njenom pozivu vec je istovremeno i jedna divna prica
o nasem velikom narodu...
SADR?AJ
UMESTO PREDGOVORA 11
ZASTO PISEM KNJIGU 15
I
DETINJSTVO, SKOLOVANJE I PORODICA
* Deda Dragic i deda Simeun 25 * Susret na cesmi 27 *
Prijemni ispit u Obrenovcu 29 * Izazov gradskog ?ivota 30
* Nemacka okupacija i odlazak u partizane 32 * Prica o
fakultetu i profesionalno opredeljenje 36
II
BANKARSKI PUTEVI I RASKRSCA
* Uvertira za bankara 41 * Povoljna Krajgerova ocena 41
* Praksa na visokom nivou 44 * Nesporazumi sa sefom 45
* Osnivanje Privredne banke Republike Srbije 1961. godine
46 * Orijentacija na tr?iste i poslove sa inostranstvom 47 *
Terenski rad 48
III
IZAZOV ME?UNARODNOG TR?ISTA KAPITALA
* Otvaranje prema inostranom tr?istu 51 * U poseti
londonskom brokeru 53 * Dobronamernost "velikog
bankara" 54 * Englez i sljivovica 56 * Avio biznis sa
EXIM bankom 59 * Evropski kontinentalni partneri -
HERMES I COFACE 60
IV
ME?UNARODNI MONETARNI FOND I SVETSKA BANKA
* Ukljucivanje u medunarodne organizacije 63 * Aktivnost
delegata MMF-a i Svetske banke kao i drugih znacajnih
gostiju 64 * Projekti Svetske banke 65 * SAL kredit 66 *
Mondijalisticko iskustvo jednog Jagodinca 67 * Gostovanje
MMF-a i Svetske banke u Beogradu 67 * Anglo Yugoslav
Bank 68 * U starom letnjikovcu dinastije Obrenovic kod
Smedereva 73 * Elitne zvanice pod satorom 74 * Poseta
Davidu Rokfeleru 74 * Sta je znacila garancija Beogradske
banke za Centar "Sava" i "Interkontinental" 76 * Centar
"Sava" 77 * Klintonov govor - Malum omen (los
predznak) 78
V
NA TRAGU SVETSKIH TRENDOVA
* Tendencije integracije banaka 83 * Ukrupnjavanje
banaka 84 * Suocavanje sa realnoscu 86 * Beogradska
bankarska grupa 87 * Konsolidacija banaka u sistemu
Beogradske banke 90 * Prvo zadu?enje vredno 50 miliona
dolara i otplata pre roka 94 * Platni promet sa
inostranstvom 95 * Finansijsko tr?iste u zemlji 96 *
Vraceno poverenje 96 * Ratna banka 99 * Autoput E-75
/deonica Novi Sad-Beograd/ 101 * Zajam za privredni
razvoj Republike Srbije 102 * Stara devizna stednja 103 *
Banka - donator 105
VI
UVODNA IZLAGANJA SA SEDNICA SKUPSTINA
BEOGRADSKE BANKE a.d.
* Redovno informisanje akcionara 109 * Uvodno izlaganje
na VII sednici Skupstine Beogradske banke a.d., odr?anoj
12. juna 1998. godine 109 * Uvodno izlaganje na X sednici
Skupstine Beogradske banke a.d., odr?ane 14. decembra
1999. godine 119
VII
INOSTRANI KREDITI I RAZVOJ
* Konzorcijalni krediti, javni i privatni plasmani 131 *
Novi predsednik banke - Slobodan Milosevic 139 *
Dugorocni kredit vredan 700 miliona dolara 142 * Nasa
privredna i finansijska saradnja sa Kuvajtom 142 * Soko
na ramenu emira 144 * Boravak nase delegacije u Kuvajtu
na konferenciji potencijalnih investitora 146 * Sala i zbilja
o ucenju engleskog jezika Slobodana Milosevica 147 *
Znacajniji konzorcijalni krediti 149 * Spoj teorije i prakse
152 * Mladi kolega iz Austrije 153 * Preporuka za
Medunarodnu bankarsku skolu 154 * Iskustva sa
generalnim direktorom 154
VIII
"BEOGRADSKA BANKA - CYPRUS, OFFSHORE
BANKING UNIT" (BB COBU)
* Orijentacija finansijske saradnje sa bliskim istokom 159 *
Idealna destinacija 159 * Kipar - bo?ji dar za biznis 160 *
"Offshore" kompanije 161 * Saradnja sa advokatskom
kucom "Tassos Papadopoulos" i poznatim revizorom
"Price Waterhouse" 163 * Saradnja sa mesovitim bankama
164 * IICY International Investment Corporation for
Yugoslavia 165 * Uspesno poslovanje 166 * Predsednik
Kipra na otvaranju nove zgrade 167 * Nebeska promocija
"BB COBU" 169 * Sansa koja se ne propusta 170
IX
SANKCIJE OUN
* Pogorsanje poslovanja 173 * Bezrazlo?no zamrznute
devize 173 * Optu?be bez osnova ali i sa namerom 174 *
Besprekorni cash flow 174 * Kontinuitet uspeha 175 *
Kontrola bez primedbi 176 * U iskusenju sa damama 177 *
Napor bez uspeha 179 * Banka za neka druga vremena 180
* Engleska neuctivost 181 * Americka dobrodoslica 181 *
Istina o zamrnutim sredstvima u Americi 182
X
JUGOSLOVENI NA KIPRU
* Aktivnosti privrednika i bankara 187 * Domovina u srcu
188 * Odana i kompaktna ekipa 193 * Vanbankarski uspeh
193 * Hvala kiparskom narodu 194 * Ambasadorova izjava
196
XI
SVETSKI EKONOMSKI FORUM
* Sastanak u Salcburgu 1998. godine 201
XII
POMOC DIJASPORE
* Sabor i Saveti dijaspore 207 * Veliki uspeh na prvom
saboru 210 * Poseta seljackom gazdinstvu 213 * Valjevske
kore za pitu u Parizu 213 * Carine, dr?avljanstvo,
dopunska nastava 215 * Srpski dom - odluka Sabora 215 *
Srpski memorijal, Srboslov 215 * Mali i srednji projekti -
seljak tra?i kisu 216
XIII
NA MESTU SAVEZNOG MINISTRA
* Savezni ministar za koordinaciju sa medunarodnim
finansijskim institucijama 221 * Glavni poslovi koji su me
okupirali 223 * Bankarstvo i finansijsko tr?iste u
Jugoslaviji - ogranicenja i mogucnosti posle sankcija i
agresije NATO 227
XIV
FOND ZA DOSKOLOVANJE MLADIH POLJOPRIVREDNIKA
* Podrska mladoj seoskoj populaciji 237 * Uslovi koriscenja
kredita 239 * Obrazovni centri 239 * Finansijsko
poslovanje Fonda 241
XV
PEROM O MENI
* Dugi o meni i ja o sebi 245
XVI
MOJ "ODLAZAK" SA MESTA
PREDSEDNIKA BEOGRADSKE BANKE
* Sudbina najvece razvojne banke 289 * Upadanje
nepoznatih lica 290 * Teskoce sa obezbedenjem sale 295 *
Pokusaj upada i preuzimanje Banke 295
INDEKS IMENA 303
ZASTO PISEM KNJIGU
Verovatno ce se c
=== ENGLISH ===
ARTEL GEOPOLITIKA by www.artel.co.yu
office@...
Date:21 February 2003
The Book of Borka Vucic: BANKING - CHOICE OR DESTINY
The book "BANKING - CHOICE OR DESTINY?" is
the first monograph published by Udruzenje gradjana CER.
This association is also editing the
monthly journal "Geopolitika"
already for two years.
The book is written in latin letters,
the format is B-5 (17x24 cm), the
volume is 328 pages, with more
than 200 illustrations;
black&white and colour
photographs, facsimiles, tables,
extracts, "tumbstones" of loans,
bonds and other placements.
The book can be ordered at the address:
E-mail: bvcycha@...
Fax: +381 11 367 17 99
Price: $12 or 12?
Zepter Bank, Bulevar Mihajla Pupina 117, 11070 Novi
Beograd, Serbia & Montenegro
540100-17250647 Udruzenje gradjana Cer
Extracts from the foreword, preface, reviews, synopsis
etc.
... It is uncommon that a Banker writes a book about
banking, most of the time it is done by governors of
Central Banks. This is probably due to business
confidentiality. The testimony of Borka Vucic of the period
of four decades, as seen in the book "Banking, a choice or
destiny", is therefore of interest to readers, especially for
those with good intentions and to those who are
uninformed of the happenings in our imperiled country.
... Indeed, the author defends and presents Yugoslav
banking during the development period of transformation
from the plan economy to market economy, with facts,
rarely seen documents and photographs. This especially
relays in respect to efforts and achieved results on the
international segment.
... Of interest are also parts of the book which talk about
connecting commercial banks, especially the Beogradska
Banka, with international institutions, with intentions to
apply investment programs as well as the rapid adjustment
to modern models of capital markets. This explains the fact
that Beogradska Banka, as well as some other Yugoslav
banks, were among the top 1000, 500 and 100 listed banks
on the World, European and East-European markets.
[photo] President of the Republic of Cyprus George Vassilliou opens
a new building of Beogradska banka, Nicosia,in May 1991
[photo] With Tassos Papadopoulos, Nicosia, 1991
[photo] Kikis Lazarides, Chairmain of the Cyprus Popular Bank (in
the middle), Andreas Philipou of the Central Bank and the
Governog (right)
[photo] With the Serbian Patriarch Mr. Pavle and the Cypriot
Archbishop Mr. Chrisostomos
... The period of UN-sanctions and the financial blockade
are illustrated with the Bank's efforts to survive. An
impression of constant straggle appears and determination
to use allowed models in order to comply with sanctions
and at the same time to comply with Yugoslav legal
procedures and those of countries and markets where it
was possible and legal.
... While reading the book, the reader receives a strong
impression about a woman banker - a professional, who
cuts through this men's world of extraordinary and
influential experts, sometimes in very hard circumstances.
... The author still carries the spirit of optimism after
leaving the position of the President of the Yugoslav
largest bank. She writes a book, maintains contacts with a
large circle of friends, experts of banks, companies and
from various institutions of the country and abroad.
[photo] A visit of David Rockefeller, Chairman of the Chase
Manhattan Bank, New York, 1979 (B. Zoric, B. Vucic, D.
Rockefeller, B. Kostic)
[photo] With the Director of Barclay`s Bank, Mr. Michael London
and his deputy, Mr. G. Miller
[photo] With Edward Palmer, the Executive President of Citybank,
New York
[photo] Signing the contract with EXIM Bank, Washington for the
purchase of the plane DC - 10
... Although an aged person, she learned to use the PC and
the internet. She likes to help and maintain contact with
Yugoslavs abroad-Diaspora, which she appreciates it very
much.
... Involvements in the activities of The Fund for
Supplemental Education of Young Farmers are of most
interest to the author as well as a fast integration of 120
farmers into the program for specializing in 2002/03 in
Austria, Germany, Denmark, Ukraine, Canada, Australia
and the Republic of South Africa.
... Since her early youth, carried by curiosity of spirit,
persistency and consistency, she walked along the path of
her choice and her destiny and along the hard and
complicated paths of banking, constantly learning and
simultaneously teaching others, always advancing and
enabling others to advance.
... Life destiny was often cruel to her, but despite of all, she
remained always strong, surprising even those who know
her very well, how she is able to absorb her energy and
strength.
... The book is distincted by plenty of information,
important and interesting data and a string of didactical
and ingenious events, all presented in a direct, simple and
clean language style. The book is entirely a reflection of
her personality, her life approach and believes and
therefore it presents a precious testimony.
... This book, written by Borka Vucic, is therefore not only
a book about a woman banker and the banking profession
but also a wonderful story about our people.
Serbia needs tolerance and reconciliation of the Left and
the Right block, of the Karadjordjevic and the Obrenovic
dynasties, Communists and Non-communists, Chetnics
and Partisans, Believers and Non-believers, the North and
the South, Ideologists and the Practical, the Capital and
the Province.
Our homeland needs harmony and unity, respect of
history, traditions and continuity
in accordance with the course of a modern and humane
civilization.
CONTENT
FOREWORD 9
THE REASON WHY I AM WRITING A BOOK 13
CHILDHOOD, EDUCATION AND FAMILY
o My Grandfathers Dragic and Simeun 23 o Encounter at
the Drinking Fountain 25 o Entrance Examination in
Obrenovac 27 o Challenge of the City Life 29 o German
Occupation and Joining Partisans 31 o Story about the
Faculty and Professional Orientation 35
II BANKING WAYS AND CROSSWAYS
o Overture for the Banker 41 o Krajger's Favourable Evaluation 41
o High Level Practice 44 o Misunderstandings with the Chief 45
o Establishment of the Economic Bank of the Republic of
Serbia in 1961 46 o Orientation to the Market, and
International Operations 47 o Field Work 48
III CHALLENGE OF THE INTERNATIONAL
CAPITAL MARKET
o Opening to International Market 53 o A Visit to a London Broker 55
o Good Intentions of "Great Banker" 56 o An Englishman
and the Plum Brandy 58 o Airline Business with the EXIM Bank 61
o European Continental Partners - HERMES and COFACE 63
IV THE INTERNATIONAL MONETARY FUND
AND THE WORLD BANK
o Integration in International Organizations 67 o Activities
of the IMF and World Bank's Delegates and of Other Important Guests 68
o The World Bank Projects 69 o Structural Adjustment Loan (SAL) 70
o World Experience of a Man from Jagodina 71 o Visits of
the International Monetary Fund and the World Bank to Belgrade 71
o The Anglo-Yugoslav Bank 72 o In the Summer House
of the Obrenovic Dynasty Near Smederevo 77 o Visit to
Mr. David Rockefeller 78 o What Meant the Beogradska
Banka Guarantee for the "Sava" Centre and the
"Intercontinental" Hotel 79 o The "Sava" Centre 80 o
Clinton's Speech - Malum omen 82
V TRACKING WORLD TRENDS
o Tendencies of Bank Integration Processes 87 o Merger of
Banks 88 o Facing Reality 90 o Belgrade Bank Group 90 o
Consolidation of Banks within the Beogradska Banka
System 92 o The First Borrowing Worth $ 50 Million and
Repayment Ahead of Schedule 97
o International Payment Transactions 98 o Financial
Market in the Country 99 o Restored Confidence 99 o The
War Bank 102 o E-75 Motorway /Novi Sad-Belgrade Section/ 104 o
Public Loan for Economic Development of the Republic of
Serbia 105 o "Old" Foreign Currency Savings 107
o The Donor Bank 109
VI OPENING STATEMENTS
AT THE MEETINGS OF BEOGRADSKA BANKA a.d.
o Shareholders Regularly Furnished with Information 173
o Opening Statement at the Seventh Meeting of
Beogradska Banka a.d. held on 12 June 1998 173 o
Opening Statement at the Tenth Meeting Session of
Beogradska Banka a.d. held on 14 December 1999 124
VII FOREIGN LOANS AND DEVELOPMENT
o Syndicated Loans, Public and Private Placements 137 o
New President of the Bank - Slobodan Milosevic 145 o
Long-term Loan Worth $ 700 Million 148 o Our
Economic and Financial Cooperation with Kuwait 148 o
The Falcon on the Emir's Shoulder 150 o Our Delegation
in Kuwait at the Conference of Potential Investors 752 o
The Joke and the Truth about Slobodan Milosevic's
Knowledge of English 153 o Significant Syndicated Loans
155 o Linking Theory and Practice 158 o A Junior
Colleague from Austria 159 o Recommendation for the
International Banking Summer School 160
o Experiences with the General Manager 160
VIII BEOGRADSKA BANKA - CYPRUS,
OFF-SHORE BANKING UNIT (BB COBU)
o Orientation to Financial Cooperation with the Middle East 165
o Ideal Location 165 o Cyprus - Divine Gift for Businesses 166
o Off-shore Companies 167 o Cooperation with Law Office Tassos
Papadopoulos and Renown Audit Company Price Waterhouse 169
o Cooperation with Banks in Mixed Ownership 170
-Successful Business Performance 177 o The President of
Cyprus Attending the Opening of the New Premises 173 o
Sky Promotion of BB COBU 176
o The Chance Which Should Not Be Missed 177
IX SANCTIONS OF THE UNITED NATIONS
o Operations Getting Worse 157 o Unjustifiably Frozen Assets 157
o Accusations with no Grounds but with Evil Intention 152
o Continuity of Success 152 o Control without Remarks 153
o Facing Temptation with Two Ladies 155 o Futile Effort 155
o A Bank for Some Other Times 155 o English Impoliteness 159
o American Welcome 190 o The Truth about Frozen Assets in America 190
X YUGOSLAV PEOPLE IN CYPRUS
o Activities of Businessmen and Bankers 195 o
Motherland in the Heart 196 o A Loyal and Compact
Team 201 o A Non-Banking Success 202 o Gratitude to
the Cypriot People 202 o The Ambassador's Statement 204
XITHE WORLD ECONOMIC FORUM
o Meeting in Salzburg in 1998 211
XII HELP FROM THE DIASPORA
o Assembly and Councils of the Diaspora 217 o Great
Success of the First Assembly 220 o A Visit to a Farmer's
Holding 223 o Thin Layers of Dough from Valjevo in Paris 223 o
Customs Duties, Citizenship and Additional Training 225
o The Serbian Home - Decision of the Assembly 225 o
The Serbian Memorial -Srboslov 225 o Small- and
Medium-Size Projects - A Farmer Seeking the Rain 226
XIII HOLDING POSITION OF FEDERAL MINISTER
o Federal Minister for Coordination with International
Financial Institutions 231 o Main Tasks that Occupied Me
234 o Banking and Financial Market in Yugoslavia-
Constraints and Possibilities in Post-Sanctions and
Post-NATO Aggression Period 238
XIV FUND FOR SUPPLEMENTAL EDUCATION
OF YOUNG FARMERS
o Support to Young Rural Population 249 o Requirements
for Loan Disbursement 251 o Education Centres 251 o
Financial Operation of the Fund 253
XV REFLECTION IN THE PUBLIC MIRROR
o Others about Me, and I about Myself 257
XVI MY "LEAVING" THE POSITION
OF PRESIDENT OF BEOGRADSKA BANKA
o Destiny of the Biggest Development Bank 295 o Raid by
Unknown Persons 296 o Difficulties in Providing the
Meeting Hall 298 o Attempt of Raid and Take-Over of the
Bank 299
EPILOGUE 311
EPILOGUE
Immediately after the first edition of this book was
published in late August 2002, it was presented to the
public in Belgrade, Novi Sad and Krupanj (my native
town). The second and third editions followed soon.
The book presentations were very well attended and in the audience
were sitting mostly young people, holders of high academic titles,
bankers, diplomats, journalists as well as many other friends of
mine. The book was presented by Prof. Dr. Oskar Kovac,
Prof. Dr. Zora Zakic, Radovan Pesikan, M.Sc., Merima
Rankovic, Editor-in-Chief of the Jugoslovenska Knjiga,
Dragutin Matanovic, a businessman, and Dr. Slavko
Mrdovic, a surgeon, from our Diaspora in Switzerland.
They all underlined the message the book conveys and the
topicality of its testimony about the development of the
Yugoslav banking and economy over a rather long
historical period of time.
[photo] Presentation on Kolarac university, August 2002
Serbian media also covered this event by a number of
interesting and positive reviews of the book published in
several dailies, weeklies and periodicals {Politika, Glas
Javnosti, Vecernje novosti, Nacional, Svedok, llustrovana
poli-tika, Nin, Selo, Telegraf, EU market) as well as in TV
programmes.
The English edition is intended for my business partners,
bankers and numerous friends all over the world. I believe
that many of my countless colleagues and friends abroad
will recognize themselves in this book.
It is precisely at this point in time that I wish my book to
be a part of a broader programme of intellectual
self-defense and protection against malicious
manipulations coming from a number of both local and
foreign circles.
Presently, the current regime in my country is
thunderously announcing that the "reforms' and the
transition process it is implementing represent a final shift
from the Soviet-type centrally and administratively
planned economy to the one market oriented. I, therefore,
feel it necessary to emphasize that the centrally planned
economy was abandoned in the former Yugoslavia far
back during the 1950s. The beginning of my banking
career precisely coincided with the processes of transition
and orientation to the market economy and with the
linking with foreign money and capital markets. I very
well remember that in the course of the 1960s a
comparative study of market functioning was made in
Oxford in which Yugoslavia held a place between
Germany and Japan. Accordingly, Yugoslavia commenced
its market transition process immediately after the
economic enterprises were entrusted to workers to manage
them, in the period of the so-called workers'
self-management. As early as at the beginning of the
1950s the state domination started to decline gradually,
and the economic results Yugoslavia had achieved from
that moment on were so striking that the countries
currently undergoing transition can only dream of.
Yugoslavia was for years recording the fastest economic
growth in Europe and I remember very well (in 1962 our
country had a higher living standard than Italy) that in
terms of the rate of growth Yugoslavia was just after
Japan.
It is interesting that the transition process in the former
Yugoslavia is currently hardly ever mentioned, let alone
the results it had achieved, even by international
institutions involved in that process. For example, the
World Bank published a specific analysis of the transition
processes in all countries of the world; however,
Yugoslavia's efficient and effective transition carried out
back in the 1950s and later has not been mentioned at all.
Many eminent economic experts, whose views I fully
share, think that this is just the matter of a solely
ideological approach on the side of international
institutions whose only interest is to expand their activities
and to facilitate the companies from the west, in the first
place, to conquer new profitable markets.
By carefully analyzing the transition processes in the
countries which became independent by seceding from
Yugoslavia, one can note that no transition process is in
place there. Instead, one can speak of the process of
restoration of capitalism from the time of monarchial
Yugoslavia combined with the concept of cheap and hasty
privatization of good and market-oriented enterprises.
Similarly, in one of his interviews, Dr. Branko Horvat,*
Professor at the Faculty of Economics of Zagreb,
emphasized that "if the present-day situation in any of the
former republics is compared with the situation that
prevailed in Yugoslavia in the past, one can note that
everything has devalued and that the former Yugoslavia,
which was once on the top internationally, now has the
successors who are in the so-called Western Balkans. All
the countries that cannot join the European Union are
placed there". He thus concludes that all countries that
were part of Yugoslavia have over the last 10 years been
experiencing an economic crisis deeper than the one
recorded worldwide in the course of the 1930s.
Also interesting was the lecture delivered by Dr. Ivan
Ribnikar,* Professor at the Faculty of Economics of
Ljubljana, at the Milocer Seminar in September 2002. His
point was that the most important issue in transition is not
to allow any enterprise to fail if its problems can be settled.
Presenting Slovenia's experience, Dr. Ivan Ribnikar
pointed to the erroneousness of the idea of having
everything first "cleaned" in a country and then start again
from the very beginning. Slovenia saved everything it
could by implementing a persistent rehabilitation of the
bank and enterprise sector. Slovenian Government has not
liqudat-ed its own banks; instead it has consolidated them.
Therefore, the results Slovenia has achieved show that in
terms of business effectiveness Slovenia is holding the first
place, while in terms of invested foreign capital it is at the
very bottom. Western theoreticians, including international
financial institutions, the IMF and the World Bank did not
agree with this model; however, Slovenia has so far
managed to protect itself against such influences of theirs.
Since the new regime came to power in Serbia on 5
October 2000, the process of major socio-economic
changes has entirely neglected the continuity in all
segments of economy and finance. Everything is being
commenced from the very start. Such practice is neither
good for the processes in the country nor for cooperation
with foreign commodity and financial markets. For
example, the hasty decision on bankruptcy of four national
banks (Jugobanka AD, Beogradska Banka AD,
Investiciona Banka AD and Beobanka AD) is a major
failure on which history and future generations will surely
pass their judgement. What is already clear now - imposed
liquidation of these commercial banks caused immediate
suffocation of production and development. A standstill
and apathy are characterizing the development of one of
the most significant factors in the fight against
unemployment and for economic progress. On the other
hand, major decisions are made in the area of privatization
even before the appropriate legislation come into force,
which speaks a lot about the (irregularity of the
privatization process.
Support to agriculture is only declarative in nature and I
wish to ascertain that even during the hardest time of
economic and financial sanctions and international
isolation, the agricultural sector enjoyed more incentives
and support than it is the case nowadays. It is the major
and significant economic area which helped us survive in
all serious crises, wars and ten-year long sanctions
imposed by the international community and the USA,
including the NATO bombing.
Also, the role of domestic banks in development is
restricted, while foreign banks whose number is significant
and which are privileged in relation to local banks do not
engage in investment, which prevents realization of
positive transition trends.
Monographs of commercial bankers are rare, they are
more often written by central bank governors. This book is
my testimony of the events, facts, rarely published
documents and pictures covering the period of four
decades.
I have written the Banking - Choice or Destiny not only
to let the reader get the impression about me as a lady
professional banker fighting her way through the male
world of extraordinary and influential experts in,
sometimes, impossible circumstances. But at the same time
I defend in this book the Yugoslav commercial banking,
Beogradska Banka and their roles in development projects
in the country, particularly in cooperation with
international financial institutions and commercial banks
in implementing investment projects in infrastructure,
industry, agriculture, tourism, etc. Our commercial banks
were always able to quickly adapt to current capital
market models by establishing direct interest-based
relations with foreign commercial banks, funds and state
owned financial and insurance institutions (the EXIM
banks, ECGD, COFAS, HERMES, EDC, etc.) without
assistance by mediators. Our bankers acquired
specialisation and training in accordance with the
requirements of western banking, particularly in showing
the business performance of either banks or companies, as
well as in showing their audited balance sheets and profit
and loss accounts. Finally, we wanted to boast as
aggregate Yugoslav commercial banking at that time of
our regularity in repaying contracted international loans
and of a sustainable debt servicing ratio of the country.
I am proud that I can say that at that time which was
characterized by a severe bank competition internationally
my Beogradska Banka was on the list of 100 major world
banks and among the first 20 in Europe.
It is for this reason that today, when my thoughts flash
through numerous reminiscences about my engagement in
banking and finance during the past years, I am filled with
pleasure. It is true that the banking business has its strict,
precisely defined and exact rules and standards; however, it
is just these rules and standards that require
open-mindedness, listening with care and concentration to
every business partner, no matter whether a new or an old
one - and also making maximum efforts to help him. In
today's world of global and technological civilization there
are a great number of high quality and profitable projects
the implementation of which is waiting to be supported,
especially in small countries and those undergoing
transition. It is, therefore, important to have in such
countries sound and strong domestic banks as well as
highly professionally trained domestic bankers. It is
necessary for the development of Serbia, as it is also for
the creation of the conditions for as many job opportunities
as possible.
I belong, perhaps, to a different school of thought. I do
hope, however, that one of the priority tasks of another
and better government in Serbia will be to acknowledge
the continuity in the country's development and to show
more respect for its own human resources and positive
experiences.
The Author
=== SRPSKOHRVATSKI ===
ARTEL GEOPOLITIKA by www.artel.co.yu
office@...
Datum: 19. februar 2003. g.
Knjiga Borke Vucic: BANKARSTVO - IZBOR ILI SUDBINA
UVOD
Prva monografija u okviru Izdavackog plana Udru?enja gradana CER.
Ubraja se u memoarsku literaturu.
Pored uvoda, predgovora i autorovog objasnjenja o tome zasto pise
knjigu, sadr?aj ukljucuje 16 poglavlja i indeks imena.
Knjiga je stampana latincnim pismom, formata B-5 /17x24 cm/, obima 312
stranica, sa preko 200 ilustracija; crno-bele i kolor fotografije,
faksimili, tabele, izvodi, tumbstones /spomen ploce/ kredita,
obveznica i drugih plasmana.
Prvo izdanje, brosirano, stampano je u 500 primeraka.
Drugo izdanje, tvrdi povez, stampano je u 500 primeraka.
Knjiga se mo?e kupiti u mnogim knji?arama sirom
zemlje i naruciti na bvcycha@..., fax: +381 11 367 17 99.
Izvodi iz uvoda, predgovora, recenzija, sinopsisa i dr.
... Retko poslovni bankar pise knjigu o bankarstvu, to cesce
cine guverneri centralnih banaka. Verovatno zbog
poslovne tajne. Svedocanstvo Borke Vucic u periodu od
cetiri decenije u knjizi Bankarstvo, izbor ili sudbina zbog
toga je interesantno za citaoce, posebno dobronamerne i
nedovoljno upucene u dosadasnja zbivanja nase, po svemu
ugro?ene zemlje.
... Zaista, autor cinjenicama, retko videnim dokumentima i
slikama u svojoj knjizi prezentira i brani poslovno
bankarstvo Jugoslavije i Srbije u periodu razvoja od
planske ka tr?isnoj ekonomiji. To se narocito odnosi na
njihove napore i rezultate na medunarodnom segmentu.
... Zanimljiva je obrada povezivanja poslovnih banaka i
Beogradske banke sa medunarodnim finansijskim
institucijama na realizaciji investicionih projekata i
sposobnosti brzog prilagodavanja savremenim modelima
tr?ista kapitala. Zato je razumljivo da su se Beogradska
banka i jos neke jugoslovenske banke godinama nalazile na
listi medu hiljadu, petstotina i sto najvecih svetskih,
evropskih i istocno-evropskih banaka.
... Period sankcija OUN-a i finansijske blokade u knjizi se
ilustruju kroz velike napore Beogradske banke za
pre?ivljavanje. Posebno se stice utisak stalne borbe i
upornosti za koriscenje dozvoljenih modela u cilju
pridr?avanja sankcija i u skladu sa zakonskom procedurom
Jugoslavije i zemalja onih tr?ista gde je to bilo moguce i
legalno.
... Citajuci knjigu, citalac dobija sna?an utisak o ?eni
bankaru - profesionalcu, koja se probija u tom muskom
svetu izuzetnih i uticajnih strucnjaka u ponekad
nemogucim uslovima.
... Duh optimizma autor nosi u sebi i posle odlaska sa
mesta predsednika najvece banke Jugoslavije. Pise knjigu,
odr?ava kontakte sa velikim krugom prijatelja, strucnjaka
iz banaka, kompanija i raznih institucija u zemlji i svetu.
... Iako u poznim godinama naucila je da koristi kompjuter
i internet. Rado obavlja poslove i kontakt sa dijasporom
koju veoma uva?ava.
... Ipak najradije se ukljucuje u razgovor o aktiviranju
fonda za doskolovanje mladih seljaka i njihovo sto br?e
ukljucivanje u realizaciju programa za odlazak 120
kandidata na specijalizaciju u 2002./03. godini u Austriju,
Nemacku, Dansku, Ukrajinu, Kanadu, Australiju i Ju?nu
Afriku.
... Od rane mladosti, vodena radoznaloscu duha, upornoscu
i doslednoscu, isla je putem svoga izbora i svoje sudbine,
teskim i komplikovanim stazama bankarstva, stalno uceci i
istovremeno uceci druge, stalno napredujuci i istovremeno
omogucavajuci napredak drugima.
... ?ivotna sudbina je bila prema njoj cesto okrutna, ali je,
bez obzira, na sve ostala jaka, nepokolebljiva i sna?na
duhom, ostavljajuci one koji je poznaju u nedoumici odakle
crpi energiju i snagu.
... Njenu knjigu odlikuje obilje informacija, va?nih i
interesantnih podataka i niz poucnih i duhovitih
dogadanja, sve iskazano neposrednim, jednostavnim i
cistim jezickim stilom. Knjiga je u potpunosti odraz njene
licnosti, shvatanja i verovanja i otuda predstavlja
dragoceno svedocanstvo.
... Njena knjiga o ?eni bankaru otuda i nije samo knjiga
njoj i njenom pozivu vec je istovremeno i jedna divna prica
o nasem velikom narodu...
SADR?AJ
UMESTO PREDGOVORA 11
ZASTO PISEM KNJIGU 15
I
DETINJSTVO, SKOLOVANJE I PORODICA
* Deda Dragic i deda Simeun 25 * Susret na cesmi 27 *
Prijemni ispit u Obrenovcu 29 * Izazov gradskog ?ivota 30
* Nemacka okupacija i odlazak u partizane 32 * Prica o
fakultetu i profesionalno opredeljenje 36
II
BANKARSKI PUTEVI I RASKRSCA
* Uvertira za bankara 41 * Povoljna Krajgerova ocena 41
* Praksa na visokom nivou 44 * Nesporazumi sa sefom 45
* Osnivanje Privredne banke Republike Srbije 1961. godine
46 * Orijentacija na tr?iste i poslove sa inostranstvom 47 *
Terenski rad 48
III
IZAZOV ME?UNARODNOG TR?ISTA KAPITALA
* Otvaranje prema inostranom tr?istu 51 * U poseti
londonskom brokeru 53 * Dobronamernost "velikog
bankara" 54 * Englez i sljivovica 56 * Avio biznis sa
EXIM bankom 59 * Evropski kontinentalni partneri -
HERMES I COFACE 60
IV
ME?UNARODNI MONETARNI FOND I SVETSKA BANKA
* Ukljucivanje u medunarodne organizacije 63 * Aktivnost
delegata MMF-a i Svetske banke kao i drugih znacajnih
gostiju 64 * Projekti Svetske banke 65 * SAL kredit 66 *
Mondijalisticko iskustvo jednog Jagodinca 67 * Gostovanje
MMF-a i Svetske banke u Beogradu 67 * Anglo Yugoslav
Bank 68 * U starom letnjikovcu dinastije Obrenovic kod
Smedereva 73 * Elitne zvanice pod satorom 74 * Poseta
Davidu Rokfeleru 74 * Sta je znacila garancija Beogradske
banke za Centar "Sava" i "Interkontinental" 76 * Centar
"Sava" 77 * Klintonov govor - Malum omen (los
predznak) 78
V
NA TRAGU SVETSKIH TRENDOVA
* Tendencije integracije banaka 83 * Ukrupnjavanje
banaka 84 * Suocavanje sa realnoscu 86 * Beogradska
bankarska grupa 87 * Konsolidacija banaka u sistemu
Beogradske banke 90 * Prvo zadu?enje vredno 50 miliona
dolara i otplata pre roka 94 * Platni promet sa
inostranstvom 95 * Finansijsko tr?iste u zemlji 96 *
Vraceno poverenje 96 * Ratna banka 99 * Autoput E-75
/deonica Novi Sad-Beograd/ 101 * Zajam za privredni
razvoj Republike Srbije 102 * Stara devizna stednja 103 *
Banka - donator 105
VI
UVODNA IZLAGANJA SA SEDNICA SKUPSTINA
BEOGRADSKE BANKE a.d.
* Redovno informisanje akcionara 109 * Uvodno izlaganje
na VII sednici Skupstine Beogradske banke a.d., odr?anoj
12. juna 1998. godine 109 * Uvodno izlaganje na X sednici
Skupstine Beogradske banke a.d., odr?ane 14. decembra
1999. godine 119
VII
INOSTRANI KREDITI I RAZVOJ
* Konzorcijalni krediti, javni i privatni plasmani 131 *
Novi predsednik banke - Slobodan Milosevic 139 *
Dugorocni kredit vredan 700 miliona dolara 142 * Nasa
privredna i finansijska saradnja sa Kuvajtom 142 * Soko
na ramenu emira 144 * Boravak nase delegacije u Kuvajtu
na konferenciji potencijalnih investitora 146 * Sala i zbilja
o ucenju engleskog jezika Slobodana Milosevica 147 *
Znacajniji konzorcijalni krediti 149 * Spoj teorije i prakse
152 * Mladi kolega iz Austrije 153 * Preporuka za
Medunarodnu bankarsku skolu 154 * Iskustva sa
generalnim direktorom 154
VIII
"BEOGRADSKA BANKA - CYPRUS, OFFSHORE
BANKING UNIT" (BB COBU)
* Orijentacija finansijske saradnje sa bliskim istokom 159 *
Idealna destinacija 159 * Kipar - bo?ji dar za biznis 160 *
"Offshore" kompanije 161 * Saradnja sa advokatskom
kucom "Tassos Papadopoulos" i poznatim revizorom
"Price Waterhouse" 163 * Saradnja sa mesovitim bankama
164 * IICY International Investment Corporation for
Yugoslavia 165 * Uspesno poslovanje 166 * Predsednik
Kipra na otvaranju nove zgrade 167 * Nebeska promocija
"BB COBU" 169 * Sansa koja se ne propusta 170
IX
SANKCIJE OUN
* Pogorsanje poslovanja 173 * Bezrazlo?no zamrznute
devize 173 * Optu?be bez osnova ali i sa namerom 174 *
Besprekorni cash flow 174 * Kontinuitet uspeha 175 *
Kontrola bez primedbi 176 * U iskusenju sa damama 177 *
Napor bez uspeha 179 * Banka za neka druga vremena 180
* Engleska neuctivost 181 * Americka dobrodoslica 181 *
Istina o zamrnutim sredstvima u Americi 182
X
JUGOSLOVENI NA KIPRU
* Aktivnosti privrednika i bankara 187 * Domovina u srcu
188 * Odana i kompaktna ekipa 193 * Vanbankarski uspeh
193 * Hvala kiparskom narodu 194 * Ambasadorova izjava
196
XI
SVETSKI EKONOMSKI FORUM
* Sastanak u Salcburgu 1998. godine 201
XII
POMOC DIJASPORE
* Sabor i Saveti dijaspore 207 * Veliki uspeh na prvom
saboru 210 * Poseta seljackom gazdinstvu 213 * Valjevske
kore za pitu u Parizu 213 * Carine, dr?avljanstvo,
dopunska nastava 215 * Srpski dom - odluka Sabora 215 *
Srpski memorijal, Srboslov 215 * Mali i srednji projekti -
seljak tra?i kisu 216
XIII
NA MESTU SAVEZNOG MINISTRA
* Savezni ministar za koordinaciju sa medunarodnim
finansijskim institucijama 221 * Glavni poslovi koji su me
okupirali 223 * Bankarstvo i finansijsko tr?iste u
Jugoslaviji - ogranicenja i mogucnosti posle sankcija i
agresije NATO 227
XIV
FOND ZA DOSKOLOVANJE MLADIH POLJOPRIVREDNIKA
* Podrska mladoj seoskoj populaciji 237 * Uslovi koriscenja
kredita 239 * Obrazovni centri 239 * Finansijsko
poslovanje Fonda 241
XV
PEROM O MENI
* Dugi o meni i ja o sebi 245
XVI
MOJ "ODLAZAK" SA MESTA
PREDSEDNIKA BEOGRADSKE BANKE
* Sudbina najvece razvojne banke 289 * Upadanje
nepoznatih lica 290 * Teskoce sa obezbedenjem sale 295 *
Pokusaj upada i preuzimanje Banke 295
INDEKS IMENA 303
ZASTO PISEM KNJIGU
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