Bank of Moscow has increased the charter capital of its subsidiary Moskovska banka AD Beograd, Serbia, to 515.4mn Serbian dinars ($6.7mn). The move was taken due to the bank’s significant operations growth in 2011 and is aimed at further developing it in the medium term.

Bank of Moscow’s subsidiary has boosted lending operations with large companies, SMEs and individuals. In January-November 2011, Moskovska banka’s loan portfolio went up 79% and its resource base grew accordingly.

In 2011, Moskovska banka AD Beograd and Bank of Moscow jointly arranged $140mn worth of cross-border loans to major local companies.