120 years ago, in 1901, Nikšićka štedionica was founded, as the first bank in Montenegro. It got its name from the city in which it was founded, and which was then writing new and different pages in its history.
Beginning of a more progressive society and city was also driving business growth, and foundation of Montenegro brewery „Onogost“ in 1896 and Prve nikšićke štedionice n 1901 also meant beginnings of industrial and banking capital At the same time, this was also a key moment which started a new chapter in further development of Niksic industry and society.
Promoter of Prva nikšićka štedionica and in effect the first bank in Montenegro, was Joco Petrović, renowned finance expert of the time. At the incorporation general meeting on 6 January 1901, interim board of directors included traders, craftsmen and aristocrats, who voted in favour of document titled „Saving Bank Rules“. According to these rules: „It is the Štedionice goal to develop and support saving and enhance trade and industry in the country by providing favourable credit conditions. Therefore, it will accept and pay interest on saved money from anyone and generate income by providing loans“.
Existence of several corporate governing bodies shows how serious the intention to set up the Štedionica was: Shareholders General Assembly, Board of Directors with management and Audit Committee.
On 5 March 1901, Montenegro’s king Nikola I Petrovic gave his official support to newly founded Prva nikšićka štedionica and the president of the State Council at the time, Božo Petrović, endorsed the „Saving Bank Rules“ with his signature.
After it stopped working during the Second World War, it continued its banking activity late towards the end of 1944 and within the system of National Bank of Yugoslavia. With separation between National Bank of Yugoslavia and National Accounting Service, new saving bank was formed in Niksic. To support the regional development in Montenegro, in 1961 Komunalna banka za opštine Nikšić, Šavnik and Plužine was formed. After its transformation, from 1966 the bank existed under a new name: Commercial Bank of Nikšić.
In 1967, Montenegro’s banking system was comprehensively integrated into Investicione banke Titograd. Komercijalna banka became a branch of the new system and maintained that status until 1978. In the same year, and in line with the new transformation of the banking system, Niksićka banka as formed, still within the Investicion banka Titograd, as the main bank in Montenegro. Nikšićka banka had significant independence: it constituted its corporate governance and played an important part in investment and other activities of the regional industry.
In 1990, once again there is a consolidation of almost all banks in Montenegro into a united system of Montenegrobanka Titograd. At that point, Nikšićka banka loses its independence, although it kept the main branch status. In that period, absence of active support to regional development was a result of moving the financial decision making elsewhere. This also stopped further growth of the bank.
After a long transformation of the banking system, on 28 February 1992, at the bank’s general meeting a decision was made to leave the Montenegrobanka system and operate independently under Nikšićka banka d.d. Nikšić name. In June 1995, its founders and shareholders transformed it into Nikšićka banka a.d. Nikšić, owned by its shareholders.
This name associated the bank with its local origins and character and in 2007 complete change of its visual identity took place. The bank became Prva Banka Crne Gore – founded in 1901. With these changes, the intention was to maintain the bank’s tradition, but also promote its activities in all parts of Montenegro. In addition, the bank’s headquarters moved to new location – Podgorica.
The building of Nikšić štedionica today
One share of Montenegro bank
One of the first Board of Directors of Prva Banka