So that a foreign bank may open up a subsidiary in Macedonia it must deposit 120 million denars into accounts of Macedonia-based banks, and have a license from an authorized supervision body for opening a subsidiary, evidence of adequate supervision of the founder bank, a list of shareholders with qualified share of the bank, as well as information on the identity, education and professional experience of the persons in charge of the subsidiary.
The possibility for a foreign bank to open up a subsidiary in Macedonia has been provided for in the new banking law draft, which has already passed the Government. In Finance Minister Trajko Slaveski's words, only top-class banks will be allowed to enter, thus limiting the possibility of having capital with dubious origin in the Macedonian banking sector.
