HVB Bank Serbia & Montenegro has become the first custody bank in Serbia to obtain a license from the Securities Commission to enlarge its scope of custody services. The bank plans on providing custody services to investment funds, organised and managed.
In December, the Law on Investment Funds became active; marking the first time the bank could organise and manage investment funds in Serbia. The Securities Commission was appointed the regulator of investment funds under the law.
In order for custody banks to provide services to investment funds they must be approved by the Securities Commission. HVB was the first authorised custodian bank on 25 January.